Recent developments in the automotive industry underscore a rapid evolution. Such evolution emphasizes more on electric vehicle (EV) advancements, autonomous driving integration, and sustainability initiatives.
Moreover, the industry's focus on sustainability drives the surge in eco-friendly materials and manufacturing processes with focused advancement on self-driving technologies. The latest deep tech automotive market reports published by BIS Research showcases a dynamic landscape of the automotive sector defined by innovative shifts.
The EV charging communication units market has grown rapidly in recent years. As per the BIS Research report, the global EV charging communication unit market is expected to grow at a CAGR of 28.63% and reach 1,536.1 million by 2032. It was valued at $124.9 million in 2022.
This market is driven by the increasing adoption of electric vehicles, the need for fast and reliable charging solutions, and standardization and interoperability.
An EV charging communication unit (CCU) is an intermediary device enabling communication between an electric vehicle and a charging station. Its primary function involves transmitting and receiving essential data between the EV and the charging station. It also encompasses gaining details like the EV's battery status, the charging rate, and the expenses incurred during the charging session.
Currently, China holds the largest share of the global EV charging communication unit market I.e., $74.5 million in 2022 which expected to reach $72.1 million by 2032.
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, “the increasing adoption of electric vehicles and the development of charging infrastructure worldwide have driven this growth.”
Moreover, the growing demand for smart EV charging solutions enables EV drivers to manage their charging remotely, monitor their energy consumption, and schedule charging sessions at times when electricity prices are lowest. This is leading to a growing demand for EV charging communication units, which are essential for enabling smart EV charging solutions.
The additives market for EV adhesives and sealants is experiencing rapid expansion owing to the increasing adoption of electric vehicles.
As per the BIS Research projections, the global additives market for EV adhesives and sealants is expected to grow at a CAGR of 21.32% and reach $627.6 million by 2032. This market was valued at $91.4 million in 2022.
Leveling and flow agents led the EV adhesives and sealants additives market, holding the largest share in 2022. These additives are crafted to specifically handle surface properties of adhesives and coatings.
The ongoing implementation of ambitious policies is crucial for nurturing the expansion of the global electric vehicle industry. This growth is anticipated to significantly support the rise of the additives market for EV adhesives and sealants.
In terms of volume, China with a market share of $31.2 million dominated the additives market for EV adhesives and sealants in 2022 and is expected to remain the leader till 2032.
According to Dhrubajyoti Narayan, Principal Analyst at BIS Research, “Product manufacturers are investing heavily in research and development (R&D) to develop advanced additives that can meet the growing demand for improved EV life and performance.”
Additionally, companies are focusing on partnerships and collaborations with EV manufacturers to gain a competitive advantage in the market. As EVs gain traction worldwide, the EV adhesives and sealants additives market anticipates substantial growth in the years ahead.
