The requirement for electric vehicles across the world is
increasing rapidly due to the growing levels of pollution. People are becoming
more and more aware regarding the degrading quality of the environment and thus
are opting for vehicles that do not emit harmful fumes. The governments around
the world are also providing support for increasing the adoption of electric
vehicles. A major problem regarding the adoption of electric vehicles was the
lack of electric vehicle charging infrastructure, which is why the governments
are providing subsidies and tax exemptions to the charging infrastructure
providers.
Attributed to these factors, the situation regarding
charging infrastructure for electric vehicles is improving, which is further
resulting in the growing demand for electric vehicle communication controller
(EVCC). According to a study conducted by P&S Intelligence, in 2018, the
global Electric Vehicle Communication Controller Market reached a value
of $97.0 million and is expected to generate $553.4 million in 2024, advancing
at a 34.8% CAGR during the forecast period (2019–2024). EVCC and supply
equipment communication controller (SECC) are two types of systems used in
electric vehicles, where EVCC implements a communication between the vehicle
and SECC, and SECC implements a communication between one or multiple EVCCs for
interaction with secondary actors.
When charging type is taken into consideration, the EVCC
market is bifurcated into inductive and conductive. Between these two, the
larger demand was created for conductive charging option during 2014–2018 and
the situation is projected to remain the same during the forecast period as
well. The primary reason for this is the early adoption and low price of
conductive chargers for personal vehicles across the globe. Furthermore,
plug-in electric vehicles, which make use of conductive chargers, are
dominating the electric vehicle domain at the present time. Because of this,
the installation rate of conductive chargers is more than that of inductive
chargers.
Attributed to the growing adoption of electric vehicles, the
investments in charging infrastructure are also increasing. In addition to the
installation of new charging infrastructure, the existing charging
infrastructure needs to be improved for easy accessibility and higher
efficiency. Companies in the domain are making use of government provisions for
producing electric vehicles and charging infrastructure, which is driving the
demand for EVCC. For example, Chargefox Pty. Ltd. received an investment of $15
million from different investors and the company will utilize this amount for
installing rapid electric vehicle chargers across Australia.
Among the different regions, namely Europe, Asia-Pacific
(APAC), North America, and Rest of the World, the highest demand for EVCCs was
created by the APAC region during 2014–2018. This was ascribed to the
increasing adoption of electric vehicles and installation of related charging
stations in China in recent years. Due to rising government support, decreasing
total cost of ownership, and surging environmental concerns, China is
witnessing a high requirement for electric vehicles, which, in turn is driving
the demand for EVCCs in the country. The fastest growth in demand for EVCCs is
predicted to be registered by Europe in the near future.
