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Emerging Electric Vehicle (EV) Charger Converter Module Market share Trend 2025-2034: Advancements In Power Semiconductor Modules For Sustainable Transportation
Electric Vehicle (EV) Charger Converter Module Market share
There has been a significant increase in the EV charger converter module market size over recent years. The market is predicted to expand from $3.68 billion in 2024 to $4.54 billion in 2025, representing a compound annual growth rate (CAGR) of 23.3%. This growth during the historical period can be traced back to multiple factors such as the increased demand for electric vehicles, the expansion of charging infrastructure, government initiatives and policies, heightened consumer awareness regarding environmental sustainability, and the growth of the charging station network.
The market size for the electric vehicle (EV) charger converter module is predicted to witness a significant surge in the coming years. The market is projected to rise to $10.4 billion by 2029, with a compound annual growth rate (CAGR) of 23.0%. The growth projected in this period is due to ongoing advancements in EV battery technology, the proliferation of rapid charging networks, heightened investments in renewable energy, quick expansion in the sales of electric vehicles, and burgeoning electric vehicle fleets in the commercial sector. The forecast period will also see primary trends such as the increasing adoption of electric vehicles, developments in power semiconductor modules, Silicon Carbide (SiC) technology, incorporation with smart grids, and the integration of intelligent charging solutions.
What Are the Key Drivers Behind the Growth of the Electric Vehicle (EV) Charger Converter Module Market?
The expected rise in demand for charging infrastructure is projected to fuel the expansion of the electric vehicle (EV) charger converter module market. The term charging infrastructure encompasses the system of charging stations and associated equipment required for charging electric vehicles (EVs). The escalating demand for such infrastructure is triggered by factors such as increased electric vehicle adoption, supportive governmental regulations, advancements in electric vehicle technology and a heightened sense of environmental consciousness. EV charger converter modules, which are crucial components of the charging infrastructure, are set to benefit from this rise in demand. For instance, the Edison Electric Institute (EEI), a US-based organization that represents all investor-owned power companies, predicted in June 2022 that the number of electric vehicles (EVs) on U.S. roads will see a substantial leap - from 2.4 million in 2021 to 26.4 million by the end of 2030. This growth necessitates approximately 12.9 million charging ports, indicating a consequent surge in demand for charging infrastructure. This, in turn, will stimulate the growth of the electric vehicle (EV) charger converter module market.
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Who Are the Major Industry Players Fueling Electric Vehicle (EV) Charger Converter Module Market Expansion?
Major companies operating in the electric vehicle (EV) charger converter module market are 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.
Which Key Developments Are Influencing the Electric Vehicle (EV) Charger Converter Module Market?
Leading businesses in the EV charger converter module market are concentrating on advancements in converter module technology such as power semiconductor modules, to improve the efficacy and performance of EV charging systems. Power semiconductor modules are compact and integrated assemblies of power semiconductor devices that are engineered to efficiently handle and convert electrical energy in multiple high-power applications. For example, in May 2022, a power semiconductor module for electric vehicles featuring advanced silicon carbide (SiC) technology, named RoadPak, was launched by Hitachi Energy, a company based in Switzerland that is proficient in sustainable energy directing. RoadPak, which provides rapid charging, enhanced reliability, and amplified energy efficiency, is vital for sustainable transportation and worldwide grid integration solutions. This innovation has been designed to facilitate quicker charging, extend driving ranges, and optimize the performance of various electric vehicles, including regular cars, heavy-duty trucks, and superior racing cars.
How Is the Segmentation of the Electric Vehicle (EV) Charger Converter Module Market Defined?
The electric vehicle (EV) charger converter module market covered in this report is segmented -
1) By Product Type: Direct Current to Direct Current Converter (DC/DC), Alternating Current to Direct Current Converter (AC/DC)
2) By Power Rating: 30 to 60 kW, 60 to 120 kW, 120 to 240 kW, 240 to 400 kW
3) By End-user: Residential, Commercial, Public
Subsegments:
1) By Direct Current To Direct Current Converter (DC/DC): On-Board DC/DC Converters, Off-Board DC/DC Converters, High-Power DC/DC Converters For Fast Charging, Low-Power DC/DC Converters For Auxiliary Systems
2) By Alternating Current to Direct Current Converter (AC/DC): Level 1 AC/DC Converters (Slow Charging), Level 2 AC/DC Converters (Residential and Commercial Use), Level 3 AC/DC Converters (Fast Charging), Bidirectional AC/DC Converters (for Vehicle-to-Grid Applications)
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What Is the Leading Region in the Electric Vehicle (EV) Charger Converter Module Market?
Asia-Pacific was the largest region in the electric vehicle (EV) charger converter module market in 2024. The regions covered in the electric vehicle (EV) charger converter module market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Electric Vehicle (EV) Charger Converter Module Global Market Report?
- Market Size Analysis: Analyze the Electric Vehicle (EV) Charger Converter Module Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Vehicle (EV) Charger Converter Module Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Vehicle (EV) Charger Converter Module Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Vehicle (EV) Charger Converter Module Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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