COVID19 Impact Analysis on Electric Vehicle Communication Controller Market | Industry Share, Size, Trends and Growth Opportunities

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The adoption of electric vehicles has risen significantly over the past few years, owing to the surging air pollution levels and rising consumer awareness. Major concerns regarding electric vehicles in the past was their low range and speed, high charging time, and lack of adequate charging infrastructure. However, now due to technological advancements, the performance of electrical vehicles has been enhanced, resulting in their increasing adoption. This, in turn, has led to growing investments in the charging infrastructure across the globe. The vendors in the domain are further investing in efficient and smart charging systems.

It is due to these factors that the demand for electric vehicle communication controller (EVCC) is growing. EVCC is a major component for supporting communication between charger and car for rapid charging. The device acts as a gateway for exchanging information mutually through communication between the vehicle engine control unit and the external charger. EVCC can also work with Smart Grid for offering high-quality electric car information service. Attributed to these factors, the global electric vehicle communication controller market size is expected to attain a value of $553.4 million in 2024, increasing from $97.0 million in 2018, advancing at a 34.8% CAGR during the forecast period (2019–2024).

Apart from this, the demand for SECC is also predicted to increase significantly in the near future, which can be ascribed to the rising installation of charging stations for electric vehicles. The number of publicly accessible chargers around the globe rose from 105,360 in 2017 to 538,600 in 2018. Inductive and conductive charging is offered by these devices, between which, the requirement for conductive charging was higher in the past. This is because of the early adoption of these chargers for personal vehicles and their low price.

Get Detailed COVID-19 Impact Analysis on the Electric Vehicle Communication Controller Market : https://www.psmarketresearch.com/speak-analyst/electric-vehicle-communication-controller-market/Y292aWRfcXVlcnk=

The demand for inductive chargers is also projected to increase in the years to come, which is because these chargers facilitate rapid plug-in electric vehicle charging and hassle-free functioning. Owing to the fact that China accounted for over half of the global electric vehicle sales in 2018, the Asia-Pacific (APAC) region emerged as the largest EVCC market. Governments in the region are taking various initiatives for installing electric vehicle charging stations in their countries. The region accounted for over 65% share in the global electric vehicle charger installations.

Hence, the demand for EVCC is growing due to the need for faster charging solutions for electric vehicles.

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