CHICAGO, July 18, 2019 /PRNewswire/ -- According to the new market research report "Electric Vehicle Communication Controller Market by System (EVCC and SECC), Charging Type (Wired and Wireless), Electric Vehicle Type (BEV and PHEV), Vehicle Type (Passenger Car and Commercial Vehicle), Region - Global Forecast to 2027", published by MarketsandMarkets™, The global Electric Vehicle Communication Controller Market is projected to grow from USD 55 million in 2019 to USD 563 million by 2027, at a CAGR of 33.8%.
Browse in-depth TOC on "Electric Vehicle Communication Controller Market"
72 - Tables
43 - Figures
150 - Pages
Wireless (inductive) charging segment to grow faster than wired charging
The wireless charging segment is expected to grow exponentially in the future. Users want to get rid of wired connectivity because of its complexity and insecure interface. The wireless charging technology offers the freedom of quick and easy connectivity with a safe interface and user-friendly operation. The increasing "wireless charging" propensity of consumers is thus driving the market of wireless chargers for electric vehicles.
Further, in the cable charging technology, chargers had different designs or slots. Every charger has a different type of connector, which made it difficult at times to find a suitable charger. With the advent of wireless charging technology, this problem has also been fixed. The inductive charging market is in a nascent stage. However, significant investments in research and development of this technology will help to increase the efficiency without increasing the weight and price of the technology.
Currently, a wireless charger costs around USD 3,000. Evatran Group, Momentum Dynamics, WiTricity, and Qualcomm are some of the players offering wireless charging technology for EVs. The growing infrastructure of universally compatible fast chargers for electric vehicles is another key factor driving the wireless charging market.
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Commercial vehicle segment is expected to grow at the highest CAGR
The commercial vehicle segment is expected to be the fastest growing market. Increasing sales of electric buses, particularly in China, has contributed to the growth of the electric bus segment. In the near future, several countries are expected to replace their existing fuel-based bus fleet with electric buses. The increasing trend of replacement of fossil fuel-based public transport fleet with electric buses will drive the growth of electric commercial vehicles during the forecast period.
Additionally, the growth of e-commerce, logistics, and shared mobility will drive the growth of electric commercial vehicles during the forecast period. Electric vans will witness significant growth in Europe and Asia owing to their extensive use in businesses. The market for EVCC is expected to grow significantly in the commercial vehicle segment as these vehicles are used for transporting and delivering heavy loads over long distance and require high range and reliability. EVCC will play a crucial role in these vehicles as it will help in fast charging of the vehicle.
Europe: Germany is expected to lead the European market
Europe is a key region in the global EVCC market. The region comprises developed economies such as France, Germany, Spain, and the UK and has stringent emission regulation standards to cope with rising emissions. Several countries in the region are promoting electric vehicles by providing huge incentives. The demand for electric vehicle communication controllers has increased tremendously due to the focus on zero or low emission vehicles in the region. Infrastructural developments and industrialization in developed economies have opened new avenues, creating several opportunities for OEMs.
Germany is expected to lead the European market. Germany is increasingly focusing on reducing emission by promoting electric vehicles. To combat the exceedances of air pollutants, the German government is taking initiatives to promote electric vehicles.
For instance, the German government provides a grant of EUR 2,000 for BEVs and EUR 1,500 for PHEVs. Currently, the Environmental Bonus is made of two parts: one half financed by the government and the other half contributed by the car industry. This grant is given directly to the consumer.
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The global Electric Vehicle Communication Controller Market is dominated by major players such as LG Innotek (South Korea), Tesla (US), BYD Auto (China), Schneider Electric (France), and ABB (Switzerland).
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