The global Electric Vehicle Communication Controller market size was estimated at US$ 61 million in 2019. The global Electric Vehicle Communication Controller market is forecast to reach US$ 1292 million by 2030 by growing a compound annual growth rate (CAGR) of 32% during the forecast period from 2021 to 2030.
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EVCC is a component that produces a gateway between the charging station and the car Engine Control Unit to transfer information such as charging data (ECU).
According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
COVID-19 Impact Analysis:
Due to the government-imposed lockdowns in various countries, consumer spending will remain low for the initial few months. Consumers’ buying preference has significantly altered the landscape of the market during the COVID-19 pandemic. People eliminated luxury items from their lists, which reduced the sales of automobiles.
Regardless, the electric vehicle market is foreseen to expand in the near future. People are becoming more aware of the negative consequences of pollution caused by automobiles.
COVID-19 would also have a negative impact on shared mobility. Hence, it would fuel the growth of the EV market and the EV communication controller market at the same time.
As people become more aware of the environment and cleaner technologies, their purchasing preferences may change toward electric vehicles.
Factors Influencing
The market for electric vehicle communication controllers has grown in response to the growing popularity of electric vehicles. Furthermore, the market for electric vehicle communication controllers is forecast to witness the same growth during the forecast period, owing to the growing government concerns about lowering carbon footprints. The Indian government has invested approximately Rs 10,000 crore for boosting the manufacturing of the Electric Vehicles (FAME) program, which would run for three years starting from 2019.
The demand for quick charging in EVs would present prominent opportunities for the market players during the analysis period. Plugless company began offering wireless charging for the Tesla Model S, BMW i3, Nissan Leaf. Furthermore, BMW is also preparing to launch a wireless charging pad for its 530e iPerformance hybrid car. Such advancements are expected to boost the growth of the global market for Electric Vehicle Communication Controller (EVCC).
The growing number of charging stations would fuel the growth of the global Electric Vehicle Communication Controller (EVCC) market. Tesla, Inc. recently set up 15,000 superchargers at approximately 1,600 charging stations. As EVCC is used for ECU communication with fast-chargers, the adoption of the technology is predicted to increase during the analysis period.
The lack of uniformity in charging infrastructure may slow down the growth of the global Electric Vehicle Communication Controller (EVCC) market.
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Geographic Analysis
Geographically, the Asia Pacific region would record the maximum revenue in the global Electric Vehicle Communication Controller (EVCC) market. The emerging countries in the region, mainly China, have been witnessed as the leading electric vehicle communication controller market in the region. There are around 2.3 million electric vehicles running on the roads of China.
Market Segmentation
System type
- Supply Equipment Communication Controller (SECC)
- EV Communication Controller (EVCC)
Vehicle type
- Plug-In
- Hybrid
- Battery Operated
Current type
- Alternating current (AC)
- Direct current (DC)
Charging type
- Wired Charging (Plug-In)
- Wireless Charging (Inductive Charging)
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Competitors in the Market
- Tesla, Inc.
- LG Innotek
- BYD Auto
- Schneider Electric
- ABB Ltd.
- Robert Bosch GmbH
- Ficosa International S.A.
- Mitsubishi Electric
- Siemens AG
- Vector
- Other prominent players
What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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