In recent years, the deployment of electric vehicles has surged sharply, on account of the escalating air pollution levels and the implementation of stringent emission norms by the governments of several countries. This has subsequently pushed up the demand for electric vehicle charging infrastructure and facilities, which has, in turn, fueled the need for electric vehicle communication controllers. Moreover, many electric vehicle manufacturers and charging component producers are investing heavily in the development of efficient and smart battery charging devices.
The organizations are focusing on leveraging the government provisions and incentives to manufacture more efficient and high-capacity electric vehicles and charging stations. For example, an investment of $15 million, which included a grant of $6 million from the Australian Renewable Energy Agency (ARENA), was made by several investors in Chargefox Pty. Ltd. in October 2018. The organization will use this investment to deploy electric vehicle chargers all over Australia, which will consequently push up the demand for electric vehicle communication controllers in the nation in the coming years.
Apart from the aforementioned factors, the advent of advanced technologies, such as the vehicle-to-grid (V2G) technology, for the two-way management of the demand for electricity, is also predicted to generate lucrative growth opportunities for the players operating in the electric vehicle communication controller market. Owing to these reasons, the value of the market is predicted to rise from $97.0 million in 2018 to $553.4 million by 2024, while the market will demonstrate a CAGR of 34.8% from 2019 to 2024 (forecast period), as per the estimates of the market research company, P&S Intelligence.
