What is Role of Electric Vehicle Communication Controllers in Defining 21st-Century Transport?

(MENAFN- P&S Market Research Reports) In 2018, the global electric vehicle communication controller market generated a revenue of $97.0 million. The market is predicted to reach a valuation of $553.4 million by 2024. According to the estimates of P&S Intelligence, a market research firm based in India, the market would progress at a CAGR of 34.8% between 2019 and 2024. The rising implementation of favorable government regulations regarding the installation of electric vehicle charging infrastructure is the biggest factor driving the market advancement.

With the soaring pollution levels and deteriorating air quality levels, the popularity of electric vehicles (EVs) is growing rapidly across the world. This is, in turn, boosting the demand for electric vehicle charging facilities and infrastructure. As a result, various governments, charging component providing organizations, and electric vehicle manufacturing companies are making huge investments in the deployment of proper EV charging infrastructure. They are investing heavily in efficient and smart battery charging systems.

As noted in the previous paragraphs, governments of numerous countries are stepping up efforts to increase the number of EVs on the roads. Among them is the federal government of the U.S., which is offering a tax credit of $2,500–$7,500on the purchase of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). Similarly, Norwegians do not have to pay the 25% value-added tax on buying EVs. In addition, EV owners in the country are exempt from tolls as well as enjoy free ferry rides and parking.

Sadly, the state of the charging infrastructure currently doesn’t mirror the progress that EVs have witnessed in their sales, with the number of charging stations deployed not enough to really speed up EV sales. This is why several countries have now taken up the initiatives to install EVSE, which would, in the years to come, result in a rapidly rising sale of SECCs. From 2017, the number of charging stations in operation in 2018 rose by 105,360.

So, as the sale of EVs, as well as the installation rate of charging stations, increase, courtesy government measures and consumers become more aware on the disadvantages of diesel- and petrol-fueled vehicles, the demand for EVCCs is set to rise massively.

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