PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1351123
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1351123
According to Stratistics MRC, the Global Electric Vehicle Communication Controller Market is accounted for $187.83 million in 2023 and is expected to reach $1599.82 million by 2030 growing at a CAGR of 35.8% during the forecast period. An Electric Vehicle Communication Controller (EVCC) is a crucial component in electric vehicle (EV) charging infrastructure. It serves as a communication interface between the electric vehicle and the charging equipment. The EVCC keeps track of the energy consumed during the charging process. It incorporates safety features to ensure that the charging process is carried out securely. The EVCC can log charging session data, including start and stop times, energy consumption, and charging parameters.
According to the U.S. Department of Transportation, charging stations will be located every 50 miles throughout the corridor. The project is funded by the Bipartisan Infrastructure Act, which has given USD 7.5 billion in federal financing for a nationwide network of 500,000 public EV chargers.
As the popularity of EVs continues to grow, there is a greater need for reliable and efficient charging infrastructure to support the expanding fleet of electric cars and trucks. Governments, organizations, and individuals are increasingly focused on reducing carbon emissions and combating climate change. Efficient charging systems help transition away from fossil fuels, which contribute to air pollution and greenhouse gas emissions. They allow for better management of intermittent energy generation and help reduce the reliance on non-renewable energy sources. Further, fast charging networks, cost savings, technological advancements and enhancing grid resilience factors are propelling the market growth.
Electric Vehicle Communication Controllers (EVCCs) are subject to various stringent regulations and standards to ensure their safety, interoperability, and functionality within electric vehicle charging infrastructure. With the increasing integration of digital technology in EVCCs, cybersecurity standards are becoming increasingly important. EVCCs must comply with local, regional, and national regulations governing electric vehicle charging infrastructure. Manufacturers and developers of EVCCs must undergo rigorous testing and certification processes mandatorily which hinders the market demand.
Governments around the world are implementing policies and incentives to promote EV adoption. These initiatives often include funding for EV charging infrastructure development, tax incentives, rebates, and emissions reduction targets. A robust charging infrastructure is necessary to support the growing number of EVs on the road. The push for EV infrastructure drives innovation in areas such as charging technology, grid management, and energy storage, spurring technological advancements that can benefit other sectors as well. Thus, the growing innovations and developments of EV infrastructure is fuelling the market growth.
The initial cost of owning an electric vehicle is higher than that of a conventional vehicle. The high initial cost makes it unaffordable for many prospective purchasers, limiting EV demand. This price disparity is mostly due to the costly battery technology utilized by EVs. The installation of EV charging stations necessitates particular technological safety. Electric vehicles must meet rigorous safety standards and undergo extensive testing to ensure they are as safe as traditional vehicles. This involves additional engineering and testing costs. All these costs together make the vehicle expensive and restraints the market growth.
The COVID-19 pandemic has had both direct and indirect impacts on the electric vehicle (EV) industry, including components like Electric Vehicle Communication Controllers (EVCCs). The pandemic disrupted global supply chains, affecting the production and availability of electronic components. Manufacturing facilities faced closures, reduced capacity, or shifts in production priorities due to lockdowns, social distancing measures, and workforce disruptions. The pandemic underscored the need for resilient and adaptable technologies. This could drive innovation and development in EVCCs to make charging infrastructure more robust and capable of withstanding disruptions.
The wireless charging segment is estimated to have a lucrative growth, due to rise in the adoption of driverless and ridesharing EVs. In countries such as China and the U.S., there has been a rising demand for driverless EVs that mostly use wireless charging technology. Furthermore, various automotive manufacturers and OEMs are engaging in R&D activities to develop EVCC for wireless charging solutions. Additionally, its reduced physical wear and tear, convenience and ease of use, automated charging process and reduction in charging infrastructure costs factors are fuelling the segment demand.
The commercial vehicle segment is anticipated to witness the fastest CAGR growth during the forecast period, due to rising demand for commercial EVs such as trucks, vans, and buses from e-commerce, logistics, and public transport agencies. Governments of various countries are focusing on the replacement of fuel-based bus fleets with electric buses. Furthermore, companies such as Siemens AG; ABB, Ltd.; and Schneider Electric are focusing on the development of inverted pantographs for commercial vehicles, which is further propelling market demand.
North America is projected to hold the largest market share during the forecast period owing to growing number of key strategic initiatives and funding in the field of electric vehicle charging stations. As well as there are growing government initiatives for EV charging infrastructure and rapid adoption of electric vehicles, especially in the US and Canada. North America is a regional hub for many renowned OEMs known for delivering quality and high-performance vehicles. OEMs in North America such as Tesla and GM focus on the development of faster, cleaner, and high-performance electric vehicles. Various services offered by electric vehicle infrastructure providers have increased the adoption rate of electric vehicles in the US.
Europe is projected to have the highest CAGR over the forecast period. This region has strict government regulations. The governments of developing economies in this region have recognized the growth potential of the electric vehicle market and, hence, have taken different initiatives to attract major OEMs to manufacture electric vehicles in domestic markets. Also, there is emergence of major startup companies developing wireless electric vehicle charging solutions, and major key strategic partnerships between them as well as rising Research and Development (R&D) activities which are driving revenue growth of the market in this region.
Some of the key players profiled in the Electric Vehicle Communication Controller Market include: Mitsubishi Electric, LG Innotek, Siemens, BYD Auto, Schneider Electric, ABB Limited, Ficosa, Robert Bosch, Vector, Tesla, Efacec, Engie, Hyundai, Vertexcom and Versinetic Limited.
In April 2023, Schneider Electric, a global leader in the digital transformation of energy management and automation, has announced the launch of the EVlink Home charger. The charger incorporates new features aimed at making at-home charging easier to install and more cost-effective to use.
In April 2023, Mitsubishi Electric Corporation has developed a technology to detect serious physical conditions experienced by people driving automobiles, such as loss of consciousness, by estimating pulse rate, changes in blood pressure and other biometric data collected with a contactless Driver Monitoring System (DMS) camera, which the company has already launched to detect driver distractions and drowsiness.