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Driving Forces Behind The EV Charger Converter Module Market Growth: A Key Factor Shaping the Future of the Electric Vehicle (EV) Charger Converter Module Market in 2025
Electric Vehicle (EV) Charger Converter Module Market Share
A growing demand for charging infrastructure is anticipated to foster growth in the electric vehicle (EV) charger converter module market. Charging infrastructure refers to the network of charging stations and equipment that support EV charging. This demand is driven by the rise in EV adoption, government incentives, technological advancements, and increased environmental consciousness. EV charger converter modules are essential in converting power for charging stations. According to the Edison Electric Institute, the number of EVs on U.S. roads is expected to rise from 2.4 million in 2021 to 26.4 million by 2030, necessitating around 12.9 million charging ports. As such, the increasing need for charging infrastructure is expected to fuel the electric vehicle charger converter module market.
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What is the future CAGR of the electric vehicle (ev) charger converter module market, and how will it impact industry expansion?
The electric vehicle (EV) charger converter module market size has grown significantly in recent years. It will expand from $3.68 billion in 2024 to $4.54 billion in 2025, at a CAGR of 23.3%. This growth is driven by the increasing demand for electric vehicles, the expansion of charging infrastructure, government incentives and policies, rising consumer awareness of environmental sustainability, and the growing network of charging stations.
The electric vehicle (EV) charger converter module market is set to grow to $10.4 billion by 2029 with a CAGR of 23.0%. The growth is attributed to better EV batteries, the expansion of fast-charging networks, increased renewable energy investments, growing electric vehicle sales, and more commercial EV fleets. Trends include vehicle adoption, innovations in power semiconductors, use of silicon carbide (SiC) technology, smart grid integration, and intelligent charging solutions.
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What are the most significant trends transforming the electric vehicle (ev) charger converter module market today?
Companies in the EV charger converter module market are advancing technologies such as power semiconductor modules to improve EV charging systems. Power semiconductor modules efficiently manage electrical energy in high-power applications. In May 2022, Hitachi Energy, a Switzerland-based energy management company, launched RoadPak, a power semiconductor module using silicon carbide (SiC) technology to enable faster charging and higher energy efficiency for electric vehicles. The module is designed for electric cars, heavy-duty trucks, and high-performance vehicles, ensuring sustainable transportation and better grid integration.
Which key market segments comprise the electric vehicle (ev) charger converter module market and drive its revenue growth?
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 regions are at the forefront of electric vehicle (ev) charger converter module market expansion?
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.
Who are the leading players fueling growth in the electric vehicle (ev) charger converter module market?
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.
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What Is Covered In The Electric Vehicle (EV) Charger Converter Module Global Market Report?
•Market Size Forecast: Examine the electric vehicle (ev) charger converter module market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the electric vehicle (ev) charger converter module market for a structured understanding.
•Key Players Overview: Analyze major players in the electric vehicle (ev) charger converter module market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric vehicle (ev) charger converter module market.
•Segment Contributions: Evaluate how different segments drive overall growth in the electric vehicle (ev) charger converter module market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric vehicle (ev) charger converter module market.
•Industry Challenges: Identify potential risks and obstacles affecting the electric vehicle (ev) charger converter module market.
•Competitive Landscape: Review strategic developments in the electric vehicle (ev) charger converter module market, including expansions, agreements, and new product launches.
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