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EV Charger Converter Module Market Report 2024 - EV Converter Module Market Trends And Growth
EV Charger Converter Module Market
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According to The Business Research Company's, The electric vehicle (EV) charger converter module market size has grown exponentially in recent years. It will grow from $2.99 billion in 2023 to $3.68 billion in 2024 at a compound annual growth rate (CAGR) of 23%. The growth in the historic period can be attributed to growing demand for electric vehicles, expansion of charging infrastructure, government incentives and policies, increasing consumer awareness about environmental sustainability, growing network of charging stations.
The electric vehicle (EV) charger converter module market size is expected to see exponential growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 23.1%. The growth in the forecast period can be attributed to continued improvements in EV battery, expansion of fast charging networks, rising investments in renewable energy, rapid growth in electric vehicle sales, expansion of electric vehicle fleets in commercial. Major trends in the forecast period include adoption of electric vehicles, innovation in power semiconductor modules, silicon carbide (SiC) technology, integration with smart grids, integration of smart charging solutions.
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Market Drivers and Trends:
A surge in demand for charging infrastructure is expected to propel the growth of the electric vehicle (EV) charger converter module market going forward. Charging infrastructure refers to the network of charging stations and associated equipment that support the charging of electric vehicles (EVs). The rising demand for charging infrastructure is driven by the increasing adoption of electric vehicles, supportive government policies, advancements in EV technology, and heightened environmental awareness. EV charger converter modules are essential components within charging infrastructure, converting. For instance, in June 2022, according to the Edison Electric Institute (EEI), a US-based association representing all investor-owned electric companies, the number of electric vehicles (EVs) on U.S. roads is forecast to increase significantly, from 2.4 million in 2021 to 26.4 million by 2030, necessitating approximately 12.9 million charging ports to accommodate this growth. Therefore, a surge in demand for charging infrastructure will drive the growth of the electric vehicle (EV) charger converter module market.
Major companies operating in the EV charger converter module market are focusing on innovations in converter module technology, such as power semiconductor modules, to enhance the efficiency and performance of EV charging systems. A power semiconductor module is a compact, integrated assembly of power semiconductor devices designed to manage and convert electrical energy in various high-power applications efficiently. For instance, in May 2022, Hitachi Energy, a Switzerland-based company that specializes in sustainable energy management, launched RoadPak, a pioneering power semiconductor module for electric vehicles featuring advanced silicon carbide (SiC) technology for faster charging, enhanced reliability, and improved energy efficiency, essential for sustainable transportation and global grid integration solutions. RoadPak is designed to enable faster charging, longer driving ranges, and enhanced performance for all types of electric vehicles - from regular cars to heavy-duty trucks and high-performance racing cars
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Major Key Players of the Market:
Robert Bosch GmbH, Siemens AG, Denso Corporation, Schneider Electric SE, ABB Ltd., Toyota Industries Corporation, Eaton Corporation, TE Connectivity Ltd., TDK Corporation, Infineon Technologies AG, Delta Electronics Inc., BorgWarner Inc., PHOENIX Contact GmbH & Co. KG, Bharat Heavy Electricals Limited, Leviton Manufacturing Co. Inc., Vicor Corporation, Kempower Oy, Tritium Pty Ltd, Axiom Energy Conversion Pvt. Ltd., IES Synergy, BRUSA Elektronik AG, Nuteck Power Solutions Private Limited, Mida EV Power Co. Ltd., Dana TM4 Inc., Mass-Tech Controls Pvt. Ltd.
Electric Vehicle (EV) Charger Converter Module Market 2024 Key Insights:
• The electric vehicle (EV) charger converter module market size is expected to see exponential growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 23.1%.
• Driving Forces Behind The EV Charger Converter Module Market Growth
• Advancements In Power Semiconductor Modules For Sustainable Transportation
• Asia-Pacific was the largest region in the electric vehicle (EV) charger converter module market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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