According to a new report, published by KBV research, The Global Electric Vehicle Communication Controller Market size is expected to reach $1.5 billion by 2031, rising at a market growth of 32.7% CAGR during the forecast period.
The Vehicle-based Communication Controller segment is leading the Global Electric Vehicle Controller Market, By System in 2023; thereby, achieving a market value of $986.8 million by 2031. This can be attributed to these controllers' critical role in managing in-vehicle communications, including interactions between the vehicle’s powertrain, battery management system, and external charging infrastructure. Thus, with the expanding demand for electric vehicles, there is a corresponding increase in the demand for advanced vehicle-based communication systems that facilitate seamless communication and improve vehicle performance.
The Wireless Charging segment is anticipating a CAGR of 33.9% during (2024 - 2031). Wireless charging, which allows electric vehicles to charge without physical connectors, is gaining attention for its convenience and potential to revolutionize the EV industry. Investments in wireless charging infrastructure are growing, particularly in urban areas and for luxury EV models. The electric vehicle communication controller market is anticipated to experience further growth soon as the wireless charging segment gains traction as the technology matures and adoption levels increase.
The Battery Electric Vehicle (BEV) segment generated highest revenue in the Global Electric Vehicle Communication Controller Market, By Electric Vehicle in 2023; thereby, achieving a market value of $844.4 million by 2031. Advanced communication controllers are necessary to regulate the interactions between BEVs, which are entirely electric vehicles that depend on electric power and charging stations and utility systems. The rising demand for zero-emission vehicles, supported by favorable government policies and incentives, has driven the growth of BEVs, thereby increasing the demand for communication controllers. BEVs' reliance on efficient communication systems for battery management and charging has made this segment the dominant force in the market.
The Commercial Vehicle segment is registering a CAGR of 33.7% during (2024 - 2031). The rise of electric commercial fleets, including buses, delivery vans, and trucks, has played a critical role in this growth. Governments and companies worldwide are transitioning to electric commercial vehicles to reduce emissions, meet sustainability goals, and lower operational costs. Companies like Amazon and UPS are electrifying their delivery fleets, while cities are increasingly investing in electric public transportation systems like buses and taxis. The commercial vehicle segment requires advanced EVCC systems to manage the communication between vehicles and the charging infrastructure, ensuring efficient fleet operations and minimizing downtime.
Full Report: https://www.kbvresearch.com/electric-vehicle-communication-controller-market/
The Europe region dominated the Global Electric Vehicle Communication Controller Market, By Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $534.6 million by 2031. The North America region is exhibiting a CAGR of 32.4% during (2024 - 2031). Additionally, The Asia Pacific region would be experiencing a CAGR of 33.3% during (2024 - 2031).
By System
By Charging
By Electric Vehicle
By Application
By Geography
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