Jersey City, NJ, Nov. 29, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global EV Charging Communication Unit Market - (By Vehicle Type (Passenger Vehicle, Commercial Vehicle), By Propulsion Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)), By Charging Type (Wired (Plug-In), Wireless (Inductive Charging)), By Current Type (Alternating Current (AC), Direct Current (DC)), By Component Type (Software, Hardware), By System Type (Electric Vehicle Communication Controller (EVCC), Supply Equipment Communication Controller (SECC))), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global EV Charging Communication Unit Market is valued at US$ 123.59 Mn in 2022, and it is expected to reach US$ 1,068.88 Mn by 2031, with a CAGR of 27.20% during the forecast period of 2023-2031.
Electric vehicles communicate with charging stations via a common interface. The vehicle charge communication unit must assist the most widely used AC and DC charging protocols worldwide. To evaluate charging stations and how they interact with different virtual electric vehicles, the Electric Vehicle Communication Controller (EVCC) is recreated. Smart charging stations can be swiftly constructed with the help of EV communication controllers, which are flexible. Three different controllers are available, and each one can accommodate two separate charge stations with various standards.
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The expansion of the market and the attraction of large investments have resulted from the global proliferation of charging infrastructure. Some expected technological advancements influencing the market include faster charging speeds, improved connection, and standardized charging protocols. To facilitate this growth trajectory, the government must implement regulations, incentives, and grants that promote the acquisition of electric vehicles and the establishment of charging stations.
However, though electric vehicle charging infrastructure is available, investments are not expected to proceed because of inconsistency. When these problems persist, it slows down the industry's revenue growth.
Recent Developments:
- In Nov 2023, Ford Motor Company has formally declared the acquisition of Auto Motive Power (AMP), a energy solutions provider. Ford incorporated AMP's sophisticated charging technology to optimize the electric charging infrastructure and battery management systems for its electric vehicle fleet.
- In Oct 2023, LG Innotek emerged as a global leader in the field of electric vehicle charging. The company is acknowledged in the industry for its important international standards-based patents on EV charger components. LG Innotek obtained patents for crucial electric vehicle (EV) and autonomous driving technologies.
List of Prominent Players in the EV charging communication unit market:
- Akka Technologies
- Auto Motive Power (AMP)
- 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.
- STMicroelectronics N.V.
- Vector Informatik GmbH
- Vitesco Technologies GmbH
- Tesla
- BYD Auto
- Schneider Electric
- ABB
- Vector
- Siemens
- Engie
- Mitsubishi Electric
- Wallbox
- Heliox
- Spark Horizon
- Leviton
- Blink Charging
- Clippercreek
- Other
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Market Dynamics:
Drivers:
The growing demand for the EV charging communication unit market is fueled by the improvement of fast charging technologies. The creation of more powerful batteries is anticipated to propel the need for communication controllers for electric vehicles. Electric vehicle communication controllers are expected to drive the market for these products due to the rising need for safe and convenient wireless charging and vehicle-to-grid (v2g) EV charging stations. Several companies have developed battery systems.
Challenges:
The prime challenge is strict regulations, a shortage of competent individuals and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the EV charging communication unit market. Construction and maintenance of charging stations for electric vehicles can be expensive, particularly in places with little foot traffic or inadequate electricity.
The equipment, installation, and electrical infrastructure changes required to construct a charging station result in a high initial cost. Particularly in outlying places lacking the essential grid infrastructure, the expense of enhancing the power supply and establishing the required infrastructure, such as high-power transformers or cabling, might be astronomical in certain instances. There has been an effect on the worldwide EV charging station industry from the COVID-19 pandemic on the automobile market. Restrictions on travel and tight lockdown procedures in many parts of the region caused many to put off buying electric vehicles because of the pandemic. Also, because most of the raw materials used in EV charging stations are also utilized in other electric vehicles, supply chain interruptions cause a scarcity in this area.
Regional Trends:
The North American EV charging communication unit market is anticipated to register a maximum market share in revenue. It is projected to grow at a high CAGR in the near future due to the rapid use of electric vehicles, an increase in government programs targeted at enhancing the infrastructure for charging stations, and a general trend toward greater investment in this area. Besides, Europe had a considerable share in the market due to several factors, including stricter government regulations, an influx of new startups providing wireless electric vehicle charging solutions, influential partnerships between these startups, and a surge in R&D spending, all of which add up to a growing market.
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Segmentation Of EV Charging Communication Unit Market-
By Vehicle Type-
- Passenger Vehicle
- Commercial Vehicle
By Propulsion Type-
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
By Charging Type-
- Wired (Plug-In)
- Wireless (Inductive Charging)
By Current Type-
- Alternating Current (AC)
- Direct Current (DC)
By Component Type-
- Software
- Hardware
By System Type-
- Electric Vehicle Communication Controller (EVCC)
- Supply Equipment Communication Controller (SECC)
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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