Europe Set to Witness Boom in Electric Vehicle Communication Controller Sales in Coming Years
The escalating air pollution levels and the rapid environmental degradation all over the world are the major factors fueling the popularity of electric vehicles. Moreover, with the surge in electric vehicle deployment in several countries, the demand for proper electric vehicle charging infrastructure, including charging stations, is growing rapidly, which is, in turn, propelling the requirement for electric vehicle communication controllers. Electric vehicle manufacturing companies and charging component developers are making huge investments in efficient and smart battery charging systems.
Because of the above-mentioned factors, the demand for electric vehicle communication controllers is surging sharply, which is, in turn, driving the advancement of the global electric vehicle communication controller market. According to the estimates of P&S Intelligence, a market research company based in India, the value of the market will grow from $97.0 million in 2018 to $553.4 million by 2024. Furthermore, the market is predicted to advance at a CAGR of 34.8% between 2019 and 2024.
Geographically, the sales of electric vehicle communication controllers are predicted to boom in Europe in the forthcoming years. This will be due to the surging deployment of electric vehicles and electric vehicle charging stations in the region. Moreover, the ballooning sales of electric cars in the region are also fueling the rapid expansion of the electric vehicle communication controller market in Europe. As per reports, the sales of electric cars grew by around 33% in Europe from 2017 to 2018.
Therefore, it can be said without any hesitation that the demand for electric vehicle communication controllers will skyrocket all over the world in the upcoming years, mainly because of the growing requirement for electric vehicle charging facilities and stations, on account of the rising deployment of electric vehicles in various countries.
Source: P&S Intelligence
