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Rising Demand For Power-Driven Vehicles Will Boost Electric Vehicle Communication Controller Market

Industry Synopsis

The electric vehicle communication controller market is anticipated to witness the fastest growth rate over the forecast period. This is a major component that supports communication between charger and car for rapid charging of the power-driven car. Thus, its rising demand from automotive sector will boost product demand in the forecast period.  

Increasing investment by major players for the development of enhanced products such as Electric Vehicle Supply Equipment (EVSE) in accordance with fast-charging solutions will thrust business outlook in the forecast period. In addition, developing charging stations across the globe will boost product demand in the coming years. For instance, governments across the globe are collaborating with automotive producers and original equipment manufacturers (OEMs) for development of fast-charging stations.

Factors such as lack of technologically enhanced charging infrastructure and rising awareness regarding wireless charging safety will show a negative impact on overall industry growth. However, stringent policy by government for installing new charging stations is a major challenge for industry growth.

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Rising government initiatives in developing economies like India by offering financial incentives such as tax benefits and subsidies for buying EVs will create novel opportunities for industry growth in the forecast period. For instance, the Government of India is offering several schemes like Faster Adoption and Manufacturing of Electric Vehicles in India (FAME India) scheme to adopt electric vehicles under the National Electric Mobility Mission Plan (NEMMP) 2020.

Electric Vehicle communication controller industry is categorized based on product type, applications, and regions. Based on the region, the U.S. holds the largest revenue share in North American region. The high growth is attributable to the presence of key manufacturers like Ford Fusion Energy PHEV, Tesla Model S, Nissan Leaf, and Chevrolet Volt. The electric vehicle communication controller (EVCC) product segment is anticipated to account for the largest revenue share on account of its ability in rapid charging of the vehicle transporting heavy loads over a long distance.

Prominent players of the electric vehicle communication controller market include BYD, LG Innotek, ENGIE, ABB, Tesla, Ficosa, and Siemens. These players have strong distribution networks across the globe. To sustain their market position, these manufacturers have adopted strategies like agreements & contracts, novel product manufacturing, and collaborations. However, BYD and Tesla have expected the growth potential of the industry in the coming years.
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