EV Charging Communication Unit Market Share, Size, Trends, Industry Analysis Report, By System Type; By Vehicle Type; By Propulsion Type; By Charging Type; By Current Type; By Component Type; By Region; Segment Forecast, 2024 - 2032
- Published Date:Feb-2024
- Pages: 115
- Format: PDF
- Report ID: PM4688
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Global EV charging communication unit market size was valued at USD 143.67 million in 2023. The market is anticipated to grow from USD 171.30 million in 2024 to USD 1102.07 million by 2032, exhibiting the CAGR of 26.2% during the forecast period
EV Charging Communication Unit Market Overview
The increasing demand for quick and dependable charging solutions, standardization and interoperability initiatives, and the growing popularity of electric vehicles have all contributed to the market's recent rapid expansion for EV charging communication units. The growing popularity of electric vehicles is the primary driver of this market. Globally, governments and regulatory agencies are promoting the transition to electric vehicles by offering financial incentives, setting targets for reducing emissions, and making investments in infrastructure for charging. As a result, the number of EVs on the market is rising quickly, increasing the need for communication units and other charging infrastructure.
- For instance, in November 2023, Ford Motor officially announced the purchase of energy solutions business Auto Motive Power (AMP). Ford optimized the electric charging infrastructure and battery management systems for its fleet of electric vehicles by implementing AMP's advanced charging technology.
To Understand More About this Research: Request a Free Sample Report
The global market for EV charging communication units is undergoing significant changes due to the widespread adoption of electric vehicles (EVs) worldwide. This increasing preference for EVs among consumers and businesses has created a greater need for fast and efficient charging solutions, directly boosting the demand for EV charging communication units market development.
Moreover, the widespread expansion of charging infrastructure globally has become a key factor stimulating growth, drawing substantial investments, and widening the market's reach. Expected technological progress, including faster charging rates, enhanced connectivity, and standardized charging standards, is set to play a significant role in shaping the market. Supportive government policies, incentives, and grants that encourage EV adoption and the expansion of charging infrastructure are essential for this growth trend. Furthermore, important trends such as the incorporation of smart charging solutions and their consequent influence on energy management are crucial in shaping the future of the EV charging communication unit market growth.
EV Charging Communication Unit Market Dynamics
Market Drivers
Rising adoption of electric vehicles is projected to spur the product demand.
The increasing demand for electric vehicles (EVs) is expected to drive market growth in the forecast period. Governments are providing attractive incentives and policies to boost EV sales, such as low registration costs, reduced selling prices, and free charging infrastructure at multiple stations. Many governments also offer subsidies that exempt EVs from import, purchase, and road taxes. These subsidies have led to increased EV production in the automotive industry. Governments have also made substantial infrastructure investments and implemented supportive policies. As the adoption of electric vehicles continues to rise, the demand for EV charging communication units is expected to increase accordingly.
Market Restraints
Restricted geographic distribution and infrastructure availability
There is a lack of infrastructure for EV charging stations in a number of places, especially in rural or underdeveloped areas. There is less of a need for EV charging communication devices as a result of EV owners finding it challenging to find convenient locations to charge their cars. Moreover, even in areas with EV infrastructure, its distribution might not be consistent. Because of this, certain locations have a lot of charging stations, while others have very few or none at all. This unequal distribution can discourage the adoption of EVs and reduce the need for communication equipment that monitors and improves the charging procedures.
Report Segmentation
The market is primarily segmented based on system type, vehicle type, propulsion type, charging type, current type, component type and region.
|
By System Type |
By Vehicle Type |
By Propulsion Type |
By Charging Type |
By Current Type |
By Component Type |
By Region |
|
|
|
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
EV Charging Communication Unit Market Segmental Analysis
By System Type Analysis
- The Electric vehicle communication controller (EVCC) segment led the industry market with a substantial revenue share in 2023. As the electric vehicle (EV) industry grows, the Electric Vehicle Communication Controller (EVCC) has become crucial. It facilitates communication between EVs and charging infrastructure, optimizing charging, ensuring secure authentication, streamlining billing, and potentially supporting vehicle-to-grid (V2G) integration. The EVCC's expected dominance in the EV charging communication unit market demand stems from its vital role in ensuring the smooth operation of charging networks. With the increasing adoption of EVs and the complexity of charging infrastructure, the EVCC's role is becoming more significant. Its ability to enable intelligent charging strategies, ensure compatibility, and establish standard communication protocols positions it as a critical element in the future of EV charging ecosystems.
By Charging Type Analysis
- The wired (Plug-in) segment holds the largest revenue share of the market in 2023 and is likely to continue its market position throughout the forecast period. The prominent market share of wired charging solutions can be credited to several factors that highlight their significance. With the expansion of the electric vehicle (EV) market, wired (plug-in) options have emerged as the preferred choice due to their reliability, established infrastructure, and efficient charging capabilities. These solutions cater to a broad spectrum of consumer needs, ranging from home charging setups to public charging stations. The continued dominance of wired (plug-in) solutions in the EV charging communication unit market is anticipated, driven by their established presence and ongoing technological advancements.
By Current Type Analysis
- Based on current type analysis, the market has been segmented on the basis of alternating current (AC) and direct current (DC). The alternating current segment held a dominant market share in revenue share in 2023. AC is the most widely used form of electricity globally and is the most effective means of transmitting electricity over long distances. This quality makes it the preferred option for EV charging infrastructure, as it allows for the installation of charging stations in more locations.
- Direct current (DC) segment is anticipated to grow at healthy rate over the future, DC is more efficient for charging EVs, as it can deliver more power to the battery in a shorter time frame. This makes it ideal for fast charging scenarios, such as at public stations or workplaces. However, DC installations are more costly to set up and run compared to AC, which is why they are less common. The prevalence of AC solutions in the electric vehicle charging communication unit market is expected to endure due to their established infrastructure and continuous technological advancements.
EV Charging Communication Unit Market Regional Insights
The North America region dominated the global market with the largest market share in 2023
The North America region dominated the global market with the largest market share in 2023 and is expected to maintain its dominance over the anticipated period. The growing investment in and strategic initiatives aimed at enhancing the infrastructure for electric vehicle (EV) charging stations, along with the rise in government programs dedicated to improving this infrastructure, can be credited for this trend. Additionally, the rapid adoption of EVs is contributing significantly to the expansion of charging station networks.
The Asia Pacific region is expected to be the fastest growing region, with a healthy CAGR during the projected period. China dominates the global market for EV charging communication units market demand. The nation has taken the lead in the development and use of electric cars (EVs) and the infrastructure needed for charging them. China has a leading position in the global EV market due to its quick economic growth, pro-electric mobility government policies, and commitment to cutting emissions. In the upcoming years, it is anticipated that the China market for EV charging communication units would continue to expand quickly. This is because of the Chinese government's ongoing backing, the expansion of the EV market there, and the involvement of important firms.
Competitive Landscape
The EV charging communication units market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Akka Technologies
- Auto Motive Power (AMP) (Ford)
- BYD Auto
- 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.
- Siemens
- Tesla
Recent Developments
- In October 2023, LG Innotek became a world authority on the topic of charging electric vehicles. The business is well-known in the sector for its significant patents on EV charger components that are based on worldwide standards. LG Innotek acquired important patents for autonomous driving and electric vehicle (EV) technologies.
- In April 2023, LG Innotek revealed the successful creation of a "5G-V2X Cellular Module" based on Qualcomm's chip and vehicle-to-everything (V2X) reception, which greatly enhanced long-distance data transmission. This technology is a component of 5G mobile communication technology that facilitates data transmission and reception between vehicles and pedestrians, vehicles and infrastructure, and vehicles and vehicles (V2V, V2P, and V2I).
- In January 2022, Continental Engineering Services developed a smart charging robot that would simplify and improve the practicality of filling up electric vehicles in the future.
Report Coverage
The EV Charging Communication Unit market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, system type, vehicle type, propulsion type, charging type, current type, component type and their futuristic growth opportunities.
EV Charging Communication Units Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 171.30 million |
|
Revenue forecast in 2032 |
USD 1102.07 million |
|
CAGR |
26.2% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
|
Segments covered |
By System Type, By Vehicle Type, By Propulsion Type, By Charging Type, By Current Type, By Component Type, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The EV Charging Communication Unit Market report covering key segments are system type, vehicle type, propulsion type, charging type, current type, component type and region.
EV Charging Communication Unit Market Size Worth $1102.07 Million By 2032
EV charging communication unit market exhibiting the CAGR of 26.2% during the forecast period
North America is leading the global market
key driving factors in EV Charging Communication Unit Market are Rising adoption of electric vehicles
