New York, NY, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “EV Charging Communication Unit Market Share, Size, Trends, Industry Analysis Report, By System Type; By Vehicle Type; By Propulsion Type; By Charging Type; By Current Type; By Component Type; By Region; Segment Forecast, 2024 - 2032" published by Polaris Market
The global EV charging communication unit market size and share is currently valued at USD 143.67 million in 2023. It is anticipated to generate an estimated revenue of USD 1102.07 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 26.2% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- How do EV Chargers Communicate? How Big is EV Charging Communication Unit Market Size/Share?
An electric vehicle (EV) and a charging station can communicate more easily due to an EV charging communication unit (CCU). Data transmission and reception between the EV and the charging station, including the charging rate, battery level, and session cost, are handled by the CCU. In order to guarantee the security of the charging procedure, the CCU is also involved. Usually found in the EV's charging port is the CCU. It's a tiny electronic device with memory, communication interfaces, and a microprocessor. An essential component of the EV is the CCU.
Additionally, the CCU is in charge of ensuring the security of the charging process. In the majority of electric vehicles, the CCU is located next to the charging outlet. Furthermore, the EV charging communication unit market is expected to be shaped by technological advancements such as faster charging rates, improved connection, and standardized charging protocols.
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EV Charging Communication Unit Market Key Companies
- Akka Technologies
- Auto Motive Power (AMP) (Ford)
- BYD Auto
- Continental AG
- Dana Limited
- Ficosa Internacional SA
- Hyundai Mobis
- LG Innotek
- Mitsubishi Electric Corporation
- Neusoft Corporation
- Qualcomm Technologies, Inc.
- Robert Bosch GmbH
- Sensata Technologies, Inc.
- Siemens
- Tesla
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Key Highlights
- The market for EV charging communication devices has recently expanded rapidly, driven by factors such as the growing popularity of electric vehicles, standardization, and interoperability initiatives, and the growing desire for reliable and fast charging solutions.
- The EV charging communication unit market segmentation is mainly based on vehicle type, system type, charging type, propulsion type, component type, current type, and region.
- North America dominated the market with the largest share in 2023.
Market Developments
Growth Drivers:
- Increased Adoption of Electric Vehicles: The growing demand for electric cars (EVs) is anticipated to propel the expansion of EV charging communication unit market growth throughout the projected period. Governments are offering incentives and regulations to encourage the sale of electric vehicles (EVs). These include decreased selling prices, no registration fees, and free infrastructure for charging at multiple stations.
- Government Subsidies: Several governments provide incentives that waive purchase, import, and road taxes for electric vehicles. The auto industry is now producing more electric vehicles as a result of these subsidies. Governments have also put supporting policies in place and invested a lot of money in infrastructure. The need for EV charging communication devices is predicted to develop in tandem with the growing popularity of electric automobiles.
Industry Trends:
- Government Regulations: Governments and regulatory bodies are encouraging the switch to electric vehicles by providing financial incentives, establishing pollution reduction goals, and investing in the infrastructure needed for charging. Consequently, there is a rapid increase in the number of EVs on the market, which raises the EV charging communication unit market demand and other infrastructure related to charging.
Restraints:
- Restricted Geographic Distribution and Infrastructure: Many locations need more infrastructure for EV charging stations, particularly in rural or undeveloped areas. Since it can be difficult for EV owners to locate convenient places to charge their cars, there is less of a need for EV charging communication devices. Moreover, the distribution of EVs may not be uniform even in places with infrastructure. As a result, some places have a large number of charging stations, while others have very few or nonexistent ones. This uneven distribution may deter EV adoption and lessen the requirement for communication devices that track and enhance charging protocols.
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Segmentation Overview
- The Electric Vehicle Communication Controller (EVCC) Sector Led with Substantial Revenue in 2023
The electric vehicle communication controller (EVCC) is becoming more and more important as the electric vehicle (EV) industry expands. It makes it easier for EVs and the infrastructure that supports them to communicate, which optimizes charging, ensures safe authentication, simplifies invoicing, and may even support vehicle-to-grid (V2G) integration. Due to its essential function in guaranteeing the seamless operation of charging networks, the EVCC is anticipated to dominate the demand for EV charging communication unit market.
- The Alternating Current Sector Holds a Dominant Market Share in 2023
The most common type of electricity utilized worldwide is AC, which is also the best option for long-distance electrical transmission. Because of this feature, which enables the installation of charging stations in more places, it is the recommended choice for EV charging infrastructure.
Moreover, the direct current (DC) sector is expected to expand at a beneficial rate over the future. Because DC can supply more power to the battery in a shorter amount of time, it is more effective while charging electric vehicles. For quick charging situations, including at public stations or places of employment, this makes it perfect.
EV Charging Communication Unit Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 1102.07 Million |
| Market size value in 2024 | USD 171.30 Million |
| Expected CAGR Growth | 26.2% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players | Akka Technologies, Auto Motive Power (AMP) (Ford), Continental AG, Dana Limited, Ficosa Internacional SA, Hyundai Mobis, and others. |
| Segments Covered | By System Type, By Vehicle Type, By Propulsion Type, By Charging Type, By Current Type, By Component Type, and region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Regional Insights
North America: With the biggest EV charging communication unit market share in 2023, the North American region led the market and is predicted to continue leading it for the anticipated duration. This trend can be attributed to the increasing amount of money invested in strategic initiatives meant to improve the infrastructure for electric vehicle (EV) charging stations, as well as the growth of government programs devoted to this infrastructure improvement.
Asia Pacific: The demand for EV charging communication units is dominated by China in the global market. When it comes to the creation and application of electric vehicles (EVs) and the infrastructure required to charge them, the country has seized the lead. China's rapid economic growth, pro-electric mobility legislation, and dedication to reducing emissions have given it a dominant position in the worldwide EV industry.
Browse the Detail Report “EV Charging Communication Unit Market Share, Size, Trends, Industry Analysis Report, By System Type; By Vehicle Type; By Propulsion Type; By Charging Type; By Current Type; By Component Type; By Region; Segment Forecast, 2024 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/ev-charging-communication-unit-market
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Key Questions Addressed in the Report:
- What is the expected EV charging communication unit market size?
Ans: The market size and share are currently valued at USD 143.67 million in 2023 and are anticipated to generate an estimated revenue of USD 1102.07 million by 2032.
- Which factors are driving the market demand?
Ans: The market for EV charging communication devices has recently expanded rapidly, driven by factors such as the growing popularity of electric vehicles, standardization, and interoperability initiatives, and the growing desire for reliable and fast charging solutions.
- Which region is leading the industry?
Ans: North America dominated the market with the largest share in 2023.
- What is the anticipated growth rate of the market?
Ans: The report notes that the EV charging communication unit market exhibits a robust 26.2% CAGR over the forecasted timeframe, 2024-2032.
Polaris Market Research has segmented the EV Charging Communication Unit market report based on system type, vehicle type, propulsion type, charging type, current type, component type, and region:
By System Type Outlook
- Electric Vehicle Communication Controller (EVCC)
- Supply Equipment Communication Controller (SECC)
By Vehicle Type Outlook
- Passenger Vehicle
- Commercial Vehicle
- Others
By Propulsion Type Outlook
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
By Charging Type Outlook
- Wired (Plug-In)
- Wireless (Inductive Charging)
By Current Type Outlook
- Alternating Current (AC)
- Direct Current (DC)
By Component Type Outlook
- Software
- Hardware
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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