PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515385
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515385
Global Electric Vehicle (EV) Charging Communication Unit Market valued at USD 135.67 Million in 2023, expanding at a CAGR of 28.5% from 2024 to 2032.
A tiny electronic device in an electric vehicle's (EV) charging port, called a charging communication unit (CCU), acts as a translator between the EV and a charging station. This CCU transmits and receives data like battery level, charging speed, and session cost, all while ensuring a safe charging experience. It achieves this by housing a microprocessor, memory, and communication ports.
Global Electric Vehicle (EV) Charging Communication Unit Market- Market Dynamics
Increasing EV penetration and need to have reliable and fast charging infrastructure to propel market demand
The electric vehicle (EV) revolution is drastically reshaping the global market for EV charging communication units. Consumers and businesses alike are flocking to EVs, demanding faster and more convenient charging options. This surge in EV adoption directly fuels the growth of the communication unit market. Furthermore, the booming development of charging stations worldwide is acting as another key driver, attracting substantial investments, and expanding the market's reach. As technology advances, faster charging speeds, better connectivity, and standardised charging protocols are expected, all of which will significantly influence this market. Government support plays a vital role in this growth story. Policies, incentives, and grants that promote EV use and charging infrastructure development are crucial. Additionally, the integration of smart charging solutions, which optimize energy use, is another key trend shaping the future of this market. These intelligent charging systems will have a major impact on how EV charging communication units operate.
Global Electric Vehicle (EV) Charging Communication Unit Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 28.5% over the forecast period (2024-2032)
Based on Vehicle Type segmentation, Passenger vehicle segment is predicted to show maximum market share in the year 2023
Based on Propulsion Type segmentation, battery electric vehicles (BEVs) was the leading type in 2023
Based on Charging Type segmentation, Wired was the leading type in 2023
Based on Component segmentation, Hardware was the leading type in 2023
Based on System segmentation, Electric vehicle communication controller (EVCC) was the leading type in 2023
On the basis of region, APAC was the leading revenue generator in 2023 because of China.
The GLOBAL Electric Vehicle (EV) Charging Communication Unit Market is segmented on the basis of Vehicle Type, Propulsion Type, Charging, Component, System, and Region.
The market is divided into two categories based on Vehicle Type: Passenger and Commercial. In the coming years, the passenger car segment is expected to be a major driver for the EV charging communication unit market. This trend is likely to continue as more and more people choose electric vehicles for their everyday commutes. The rising number of EVs on the road will naturally lead to a greater need for CCUs. Additionally, the development of new technologies like smart charging is poised to further increase demand for these units. Smart charging allows EVs to be charged during off-peak hours when there's less strain on the power grid. The growing popularity of electric passenger cars, driven by a combination of government support, environmental concerns, and battery advancements, is expected to fuel the demand for the entire charging infrastructure, including CCUs.
The market is divided into two categories based on Propulsion: Battery Electric Vehicle (BEV) and Plug-In Hybrid Electric Vehicle (PHEV). The battery electric vehicle (BEV) segment currently reigns supreme in the EV charging communication unit market. Several factors solidify BEVs' position at the top. As electric vehicles gain traction, BEVs stand out as the leading players in the EV scene. Their dominance is fueled by breakthroughs in battery tech, supportive government policies, and a rising focus on environmental responsibility, all leading to a growing market share for BEVs. This leadership is expected to continue as the auto industry undergoes a fundamental shift towards eco-friendly transportation solutions. The need to build a strong charging infrastructure that caters specifically to BEVs further cements their role as the driving force behind the EV charging communication unit market.
Global Electric Vehicle (EV) Charging Communication Unit Market- Geographical Insights
Geographically, China currently reigns supreme in the global EV charging communication unit market. This leadership stems from their dominance in both EV production and adoption, along with the corresponding charging infrastructure. China's booming economy, government policies championing electric transportation, and a strong focus on emissions reduction have all fueled their position at the forefront of the global EV market. This dominance in the EV charging communication unit market is expected to continue its rapid growth trajectory in the coming years. Factors like continued government support, a thriving domestic EV market, and the presence of major players in the industry will propel this growth. Other countries like the U.S., Germany, Japan, and South Korea are poised to play a significant role in the future of this market. These nations are also making substantial investments in developing their EV industries and charging infrastructure.
Due to the rising demand and increasing adoption of E-Mobility in the present and future, the worldwide market for EV Charging Communication Unit Market is composed of both Domestic and International players and market leaders taking it to prestigious list of top upcoming markets in the world. Companies employ a diverse toolbox to get their products into customer hands. This includes their own websites, online marketplaces, brick-and-mortar stores, distributors, and even direct sales to consumers. For instance, in 2021, Dana Limited acquired Pi Innovo LLC, who was leading provider of such solutions.
In April 2023, LG Innotek displayed it has made significant strides in automotive communication with the development of their innovative "5G-V2X Cellular Module." This module leverages Qualcomm's chip technology to dramatically enhance long-distance data transmission and reception for vehicle-to-everything (V2X) communication. The technology itself is a 5G mobile communication solution that facilitates data exchange between vehicles (V2V), pedestrians (V2P), and roadside infrastructure (V2I).
GLOBAL ELECTRIC VEHICLE (EV) CHARGING COMMUNICATION UNIT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Auto Motive Power (AMP)
Continental AG
Akka Technologies
Dana Limited
Sensata Technologies, Inc.
Ficosa Internacional SA
Hyundai Mobis
LG Innotek
Mitsubishi Electric Corporation
Neusoft Corporation
Qualcomm Technologies, Inc.
Robert Bosch GmbH
STMicroelectronics N.V.
Vector Informatik GmbH
Vitesco Technologies GmbH
Others