In recent years, the deployment of electric vehicles has surged sharply, on account of the escalating air pollution levels and the implementation of stringent emission norms by the governments of several countries. This has subsequently pushed up the demand for electric vehicle charging infrastructure and facilities, which has, in turn, fueled the need for electric vehicle communication controllers. Moreover, many electric vehicle manufacturers and charging component producers are investing heavily in the development of efficient and smart battery charging devices.
The organizations are focusing on leveraging the government provisions and incentives to manufacture more efficient and high-capacity electric vehicles and charging stations. For example, an investment of $15 million, which included a grant of $6 million from the Australian Renewable Energy Agency (ARENA), was made by several investors in Chargefox Pty. Ltd. in October 2018. The organization will use this investment to deploy electric vehicle chargers all over Australia, which will consequently push up the demand for electric vehicle communication controllers in the nation in the coming years.
Apart from the aforementioned factors, the advent of advanced technologies, such as the vehicle-to-grid (V2G) technology, for the two-way management of the demand for electricity, is also predicted to generate lucrative growth opportunities for the players operating in the electric vehicle communication controller market. Owing to these reasons, the value of the market is predicted to rise from $97.0 million in 2018 to $553.4 million by 2024, while the market will demonstrate a CAGR of 34.8% from 2019 to 2024 (forecast period), as per the estimates of the market research company, P&S Intelligence.
Thus, the demand for electric vehicle communication controllers will soar in the coming years, primarily because of the increasing adoption of electric vehicles and the surging requirement for electric vehicle charging infrastructure across the world.
The global electric vehicle communication controller (EVCC) market size is expected to reach USD 436.5 million by 2026, registering a CAGR of 32.5% from 2020 to 2026, according to a new report by Radiant Insights, Inc.
Download Free Sample Report @ https://www.radiantinsights.com/research/electric-vehicle-communication-controller-market/request-sample On-going developments in wireless charging technology for EVs and associated safety concerns are significantly contributing to the growing demand for EVCC.
Various Original Equipment Manufacturers (OEMs) and automotive manufacturers have established partnerships for the development of EVCC and incorporating EVCC in wireless charging technology.
For instance, Enide, AB Volvo, Continental AG, and HELLA GmbH & Co. KGaA have collaborated on the UNPLUGGED project aimed at development of wireless charging technology.
Rise in the number of EVs is fueling the demand for Vehicle-to-Grid (V2G) technology, through which the automobiles can recharge their battery and simultaneously send back electric energy into the grid, when there is a surge in demand.
Governments in countries such as U.S., China, and Germany are collaborating with various academic institutions such as Sandia National Laboratories and the University of Delaware for the development of V2G technology.
