Global Electric Vehicle (EV) Charging Communication Unit Market

MARKET SCOPE:

The global Electric Vehicle (EV) Charging Communication Unit market is projected to grow significantly, registering a CAGR of 24% during the forecast period (2024 – 2032).

The EV charging communication units’ market has experienced rapid growth in recent years, propelled by the widespread acceptance of electric vehicles, a demand for efficient charging solutions, and the push for standardization and interoperability. The main catalyst for the market's expansion is the increasing adoption of electric vehicles. Governments and regulatory bodies across the globe are actively encouraging the shift towards electric mobility through incentives, emission reduction goals, and substantial investments in the development of charging infrastructure. Consequently, the burgeoning number of electric vehicles on the roads has led to a significant upswing in the demand for charging infrastructure, including communication units.

MARKET OVERVIEW:

Driver: The Electric Vehicle (EV) Adhesives and Sealants market is driven by the demand for efficient charging solutions.

The Electric Vehicle (EV) Charging Communication Unit market has witnessed substantial growth, driven by key factors such as the rising adoption of electric vehicles (EVs), the demand for efficient charging solutions, and a focus on standardization and interoperability. The primary driver behind this market surge is the increasing global adoption of EVs. Governments and regulatory bodies worldwide are actively promoting the transition to electric mobility through various incentives, emission reduction targets, and substantial investments in charging infrastructure development. This has resulted in a significant surge in the number of EVs on the road, creating a substantial demand for charging infrastructure, including communication units.

Opportunities: Electric Vehicle (EV) Charging Communication Unit is propelled by the global shift towards electric mobility.

An opportunity in this market lies in the continued growth of the electric vehicle market and the need for advanced communication units to support the expanding charging infrastructure. As the automotive industry witnesses a continued shift towards electric mobility, there is a growing need for efficient and reliable communication units that facilitate fast and standardized charging processes. Manufacturers and service providers have the opportunity to capitalize on this trend by innovating and providing solutions that meet the evolving requirements of the electric vehicle ecosystem.

COVID IMPACT:

The COVID-19 pandemic has indeed exerted its influence on the EV (Electric Vehicle) charging communication unit market, causing disruptions in global supply chains, manufacturing processes, and creating economic uncertainties. The unprecedented challenges during the pandemic led to delays in production, logistical constraints, and a temporary slowdown in the electric mobility sector. However, as the world embarks on the path to recovery, several factors indicate a positive outlook for the EV charging communication unit market. The disruptions caused by the pandemic affected various industries, including the electric vehicle market, leading to a temporary decline in demand and production. Many countries-imposed lockdowns and restrictions, impacting the movement of goods and creating challenges for manufacturers and suppliers. However, as economies gradually reopen and vaccination efforts progress, the automotive industry, including electric vehicles, is witnessing a resurgence.

The global emphasis on sustainable and clean transportation solutions remains a key driver for the electric mobility sector, even amid the pandemic recovery. Governments worldwide are prioritizing initiatives to reduce carbon emissions, combat climate change, and promote sustainable transportation. In this context, electric vehicles play a crucial role, and the EV charging communication unit market is an integral part of the ecosystem. As the focus on sustainability intensifies, there is an increased commitment to accelerating the adoption of electric vehicles. This commitment translates into a growing demand for efficient and reliable EV charging infrastructure, where the charging communication units play a pivotal role. These units facilitate secure communication between electric vehicles and charging stations, ensuring seamless charging processes and data exchange.

The recovery of the EV market presents an opportunity for the EV charging communication unit market to regain momentum. Manufacturers and stakeholders in the electric mobility landscape are adapting to the new normal, investing in technology, and enhancing infrastructure to meet the evolving needs of electric vehicle users. The commitment to sustainable transportation solutions, along with advancements in charging technology, positions the EV charging communication unit market to contribute significantly to the growth of the electric mobility landscape. In summary, while the COVID-19 pandemic posed challenges for the EV charging communication unit market, the recovery of the electric vehicle sector, coupled with a sustained focus on sustainability, creates favorable conditions for the market to rebound and actively contribute to the ongoing transformation of transportation towards cleaner and more efficient alternatives.

SEGMENTATION ANALYSIS:

The passenger vehicle segment is poised to exert significant influence on electric vehicle charging communication unit industry.

The passenger vehicle segment is poised to exert significant influence on the EV charging communication unit (CCU) market in the foreseeable future. This trend is expected to sustain its momentum, driven by the increasing preference for electric vehicles (EVs) as the primary mode of daily transportation. The continuous growth in EV registrations will consequently escalate the demand for CCUs. Moreover, the introduction of advanced technologies, including intelligent charging, is anticipated to further amplify the need for CCUs. Intelligent charging allows EVs to recharge during periods of low grid demand, effectively easing the strain on the grid. The gradual acceptance of electric passenger vehicles, propelled by factors such as heightened environmental awareness, government incentives, and advancements in battery technology, is projected to enhance the demand for associated charging infrastructure.

REGIONAL ANALYSIS:

The Asia Pacific region is set to witness significant growth during the forecast period.

China presently commands the largest share of the global EV charging communication unit market. The nation has emerged as a frontrunner in both the production and adoption of electric vehicles (EVs) and the corresponding charging infrastructure. China's swift economic advancement, governmental initiatives fostering electric mobility, and a steadfast commitment to emission reduction collectively contribute to its predominant standing in the global EV landscape. Anticipated to maintain robust growth, the China EV charging communication unit market is propelled by ongoing government backing, the expansion of the Chinese EV sector, and the active participation of key industry players. Other significant contributors to the global EV charging communication unit market in the foreseeable future include the US, Germany, Japan, and South Korea. These nations are actively investing in the evolution of the EV industry and the corresponding charging infrastructure.

COMPETITIVE ANALYSIS:

The global Electric Vehicle (EV) Charging Communication Unit market is reasonably competitive with mergers, acquisitions, and Vehicle launches. See some of the major key players in the market.

LG Innotek

• In April 2023, LG Innotek revealed the successful creation of a '5G-V2X Cellular Module' designed to enhance long-distance data transmission. The module is built on Qualcomm's chip and facilitates vehicle-to-everything (V2X) reception. This technology represents a 5G mobile communication solution supporting data transmission and reception across vehicle-to-vehicle (V2V), vehicle-to-pedestrian (V2P), and vehicle-to-infrastructure (V2I) scenarios.

Continental Engineering Services

• In January 2022, Continental Engineering Services (CES) introduced a smart charging robot that promises to simplify and enhance the practicality of future electric vehicle recharging.

ABB Ltd.

Siemens AG

Schneider Electric SE

Efacec Power Solutions

ENGIE Group

Delta Electronics, Inc.

Tritium Pty Ltd.

Signet EV Inc.

TGOOD Global Ltd.

Shenzhen SETEC Power Co., Ltd.

Alfen N.V.

EVBox Group

Leviton Manufacturing Co., Inc.

AeroVironment, Inc.

Tesla, Inc.

SCOPE OF THE REPORT:

By Vehicle Type

• Passenger Vehicle
• Commercial Vehicle

By Propulsion Type

• Battery Electric Vehicle (BEV)
• Plug-In Hybrid Electric Vehicle (PHEV)

By Charging Type

• Wired (Plug-In)
• Wireless (Inductive Charging)

By Current Type

• Alternating Current (AC)
• Direct Current (DC)

By Component Type

• Software
• Hardware

By System Type

• Electric Vehicle Communication Controller (EVCC)
• Supply Equipment Communication Controller (SECC)

By Region

• North America (the United States & Canada)
• Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)
• Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, and Latin America)

KEY REASONS TO PURCHASE THIS REPORT:

It provides a technological development map over time to understand the industry’s growth rate and indicates how the Electric Vehicle (EV) Charging Communication Unit market is evolving.

The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which Electric Vehicle (EV) Charging Communication Unit submarket will be the main driver of the overall market from 2023 to 2032.

It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.

It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2032 and which country will lead the market in 2032. Show more