Electric Vehicle Communication Controller Market Future Trends, Prominent Players, Industry Impact and Forecast by 2024

The global electric vehicle communication controller (EVCC) market is expected to generate a revenue of $553.4 million by 2024, increasing from $97.0 million in 2018, and is predicted to progress at a 34.8% CAGR during the forecast period (2019–2024), according to a report by P&S Intelligence. The major factors leading to the growth of electric vehicle communication controller market are rising investments in charging infrastructure and growing government support for deploying electric vehicle charging infrastructure.

When system is taken into consideration, the market is divided into SECC and EVCC, between which, the EVCC division held the major share of the market, in terms of volume, in 2018. The rising sales of plug-in electric vehicles (PEV) is creating high demand for EVCC. The adoption of these vehicles has been rising due to the supportive government policies in the form of incentives and subsidies. The SECC division is expected to advance at a faster pace during the forecast period due to the growing installation of charging stations.

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The development of advanced technologies, including vehicle-to-grid (V2G) for two-way electricity requirement management grid, is providing opportunities to the players operating in the EVCC market. As the utilization of electric vehicles is rising, the need for increased accessibility to charging ports is growing as well. Attributed to this, companies in the domain are focusing on developing advanced charging stations. The development of the V2G charging technology will decrease the load on electric grids, if multiple vehicles are connected for charging.

In conclusion, the demand for EVCC is growing due to the increasing adoption of electric vehicle and rising government support.

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Electric Vehicle Communication Controller Market to Reach $553.4 Million in 2024

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.  

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