Research Report: By System (EVCC, SECC), Charging Type (Conductive, Inductive), Geographical Outlook (U. S. , Canada, France, Germany, Netherlands, Norway, Portugal, Sweden, U. K. , Australia, China, India, Japan, South Korea, Brazil, Mexico) - Global Industry Trends and Growth Forecast to 2024.
New York, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Vehicle Communication Controller Market" - https://www.reportlinker.com/p05842890/?utm_source=GNW
How is Increasing Government Support for Adoption of Electric Vehicles Driving Electric Vehicle Communication Controller Market?
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 , in 2018, the global EVCC 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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