SAN FRANCISCO, Dec. 9, 2019 /PRNewswire/ -- The global electric vehicle communication controller market size is expected to reach USD 436.5 million by 2026, registering a CAGR of 32.5% from 2020 to 2026, according to a new report by Grand View Research, Inc. The market is driven by increasing adoption of electric vehicles (EV) and advancements in charging solutions. Prominent companies in the market, including Tesla, Inc. and LG INNOTEK, are focusing on development of advanced charging technology. Furthermore, rising demand for fast charging technology is fueling market growth.
Key suggestions from the report:
The Supply Equipment Communication Controller (SECC) communication controller segment is expected to grow significantly owing to rising need for safety while ensuring fast charging
The wireless charging technology segment is anticipated to register the highest CAGR over the forecast period owing to numerous benefits offered, such as full autonomy and convenience for EV passengers
The Battery Electric Vehicle (BEV) segment is anticipated to grow significantly over the next few years owing to growing initiatives by OEMs toward the development of EVCC for charging stations in cities
The commercial segment is expected to grow remarkably over the forecast period owing to rise in the adoption of EVCC in the fleet of logistic and public transport agencies
The Asia Pacific market is expected to grow significantly over the forecast period owing to increasing national standards for EV charging interfaces and communications protocols set by the National Energy Administration, China
Key players in the electric vehicle communication controller market are ABB, Ltd.; BYD Auto; Efacec; Ficosa; LG INNOTEK; Mitsubishi Electric; Robert Bosch LLC; Schneider Electric; Tesla, Inc.; and Vector.
On-going developments in wireless charging technology for EVs and associated safety concerns are significantly contributing to the growing demand for EVCC. Various Original Equipment Manufacturers (OEMs) and automotive manufacturers have established partnerships for the development of EVCC and incorporating EVCC in wireless charging technology. For instance, Enide, AB Volvo, Continental AG, and HELLA GmbH & Co. KGaA have collaborated on the UNPLUGGED project aimed at development of wireless charging technology. Rise in the number of EVs is fueling the demand for Vehicle-to-Grid (V2G) technology, through which the automobiles can recharge their battery and simultaneously send back electric energy into the grid, when there is a surge in demand. Increasing adoption of EVCC in the development of V2G technology is accelerating market growth.
Governments in countries such as U.S., China, and Germany are collaborating with various academic institutions such as Sandia National Laboratories and the University of Delaware for the development of V2G technology. Furthermore, the growing Public-Private Partnerships for the development of EVCC are expected to propel the market. In May 2012, the University of Delaware, Exelon Corporation, various OMEs, and the U.S. government established the Mid-Atlantic Grid Interactive Car Consortium (MAGICC) that focused on the development of EVCC for V2G. The MAGICC project was funded USD 200,000 by the Delaware Green Energy fund, USD 250,000 by Exelon Corporation, and USD 150,000 from Google LLC for R&D.
Grand View Research has segmented the global electric vehicle communication controller market based on system, charging type, electric vehicle type, application, and region:
EVCC System Outlook (Revenue, USD Thousand, 2015 - 2026)
Vehicle Based Communication Controller
Supply Equipment Communication Controller (SECC)
EVCC Charging Type Outlook (Revenue, USD Thousand, 2015 - 2026)
EVCC Electric Vehicle Type Outlook (Revenue, USD Thousand, 2015 - 2026)
Battery Electric Vehicle (BEV)
Plug-In Hybrid Electric Vehicle (PHEV)
EVCC Application Outlook (Revenue, USD Thousand, 2015 - 2026)
EVCC Regional Outlook (Revenue, USD Thousand, 2015 - 2026)
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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