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Electric Vehicle (EV) Charger Converter Module Market Report 2025-2034: Industry Overview, Trends, And Forecast Analysis
Electric Vehicle (EV) Charger Converter Module
What Is the Current Electric Vehicle (EV) Charger Converter Module Market Size and Its Estimated Growth Rate?
The electric vehicle (EV) charger converter module market has seen substantial growth in recent years. It will increase from $3.68 billion in 2024 to $4.54 billion in 2025, with a CAGR of 23.3%. This growth is due to rising EV demand, expansion in charging networks, supportive government policies, heightened environmental consciousness, and the growing number of charging stations.
The electric vehicle (EV) charger converter module market size is anticipated to expand exponentially over the next few years. It is projected to hit $10.4 billion by 2029, growing at a compound annual growth rate (CAGR) of 23.0%. This growth will be influenced by battery technology improvements, the development of fast-charging networks, increased investment in renewable energy, a surge in EV sales, and fleet electrification. Key trends will include innovations in power semiconductor modules, growing use of silicon carbide (SiC) technologies, smart grid integration, and the evolution of intelligent charging solutions.
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How Are Emerging Segments Shaping the Electric Vehicle (EV) Charger Converter Module Market Landscape?
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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Which Growth Factors Are Influencing Electric Vehicle (EV) Charger Converter Module Market Expansion?
A surge in demand for charging infrastructure is expected to drive the growth of the electric vehicle (EV) charger converter module market. Charging infrastructure includes networks of charging stations and equipment supporting EVs. The rise in demand is driven by the growing adoption of electric vehicles, government policies, technological advancements, and environmental awareness. EV charger converter modules are essential for converting electricity in these charging stations. For example, the Edison Electric Institute forecasted that the number of EVs on U.S. roads would increase from 2.4 million in 2021 to 26.4 million by 2030, requiring about 12.9 million charging ports. As the demand for charging infrastructure grows, so will the need for EV charger converter modules.
Who Are the Dominant Players Across Different Electric Vehicle (EV) Charger Converter Module Market Segments?
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.
What Trends Are Expected to Dominate the Electric Vehicle (EV) Charger Converter Module Market in the Next 5 Years?
Key players in the EV charger converter module market are concentrating on technological breakthroughs in converter modules, such as power semiconductor modules, to improve the effectiveness and capability of EV charging systems. A power semiconductor module is a small, integrated assembly of power semiconductor devices that efficiently manage and convert electrical energy for multiple high-power applications. For instance, Hitachi Energy, a Switzerland-based firm specializing in green energy management, in May 2022, unveiled RoadPak, an innovative power semiconductor module for EVs. This module utilizes advanced silicon carbide (SiC) technology for accelerated charging, increased dependability, and elevated energy efficiency, imperative for sustainable transport and worldwide grid integration solutions. RoadPak has been engineered to facilitate quicker charging, greater driving distances, and heightened performance for all kinds of electric vehicles, ranging from standard cars to heavy-duty trucks and high-speed racing cars.
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Which Geographic Regions Are Expected to Dominate the Electric Vehicle (EV) Charger Converter Module Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Vehicle (EV) Charger Converter Module Market?
2. What is the CAGR expected in the Electric Vehicle (EV) Charger Converter Module Market?
3. What Are the Key Innovations Transforming the Electric Vehicle (EV) Charger Converter Module Industry?
4. Which Region Is Leading the Electric Vehicle (EV) Charger Converter Module Market?
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