Press release
Emerging Trends to Drive Electric Vehicle (EV) Charger Converter Module Market Growth at 23% CAGR Through 2029
Electric Vehicle (EV) Charger Converter Module
Electric Vehicle (EV) Charger Converter Module Market Size Growth Forecast: What to Expect by 2025?
Recent years have witnessed substantial growth in the market size of the electric vehicle (EV) charger converter module. The market, which is projected to expand from $3.68 billion in 2024 to $4.54 billion in 2025, is expected to register a compound annual growth rate (CAGR) of 23.3%. This considerable growth during the historical period can be traced back to factors such as rising demand for electric vehicles, development of charging infrastructure, supportive government incentives and policies, increased consumer consciousness about environmental sustainability, and a growing network of charging stations.
How Will the Electric Vehicle (EV) Charger Converter Module Market Size Evolve and Grow by 2029?
The market size of the electric vehicle (EV) charger converter module is predicted to witness significant growth in the coming years. It is anticipated to reach $10.4 billion by 2029, with a compound annual growth rate (CAGR) of 23.0%. The predicted surge during the forecast period could be due to continuous enhancements in EV batteries, the proliferation of rapid charging networks, increasing investments in green energy, accelerated growth in EV sales, and the expansion of commercial EV fleets. Key trends shaping this forecast period include the adoption of electric vehicles, advancements in power semiconductor modules, silicon carbide (SiC) technology, the synergy with smart grids, and the integration of intelligent charging solutions.
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What Drivers Are Propelling the Growth of Electric Vehicle (EV) Charger Converter Module Market Forward?
The electric vehicle (EV) charger converter module market is projected to experience significant growth due to a predicted increase in the demand for charging infrastructure. This infrastructure, which includes a network of charging stations and corresponding equipment, facilitates the charging of electric vehicles. The surge in demand is influenced by several factors, such as the growing acceptance of electric vehicles, governmental support policies, developments in EV technology, and increasing concern for the environment. A critical part of the charging infrastructure, the EV charger converter modules, are expected to benefit from this growth. For example, numbers from the Edison Electric Institute (EEI), a representative body for all U.S. private electric enterprises, suggest a substantial rise in EVs on U.S roads. The prediction is an escalation from 2.4 million in 2021 to 26.4 million by 2030, necessitating approximately 12.9 million charging ports to support this expansion. As a result, the skyrocketing demand for charging infrastructure is set to stimulate the EV charger converter module market's growth.
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Which Emerging Trends Are Transforming the Electric Vehicle (EV) Charger Converter Module Market in 2025?
Primary players in the EV charger converter module market are prioritizing advancements in converter module tech, including power semiconductor modules, to boost the performance and efficiency of EV charging systems. Power semiconductor modules are compact, all-inclusive assemblies of power semiconductor devices crafted to effectively manage and convert electrical energy in multiple high-power uses. For example, in May 2022, Hitachi Energy, a firm based in Switzerland specializing in managing sustainable energy, unveiled RoadPak, a novel power semiconductor module for electric vehicles. The module uses cutting-edge silicon carbide (SiC) technology that facilitates quicker charging, increased reliability, and enhanced energy efficiency, which are vital for sustainable transport and international grid integration solutions. RoadPak was created to support faster charging, extended driving distances, and improved performance for all kinds of electric vehicles - from ordinary cars to heavy-duty trucks and high-speed racing cars.
What Are the Key Segments in the Electric Vehicle (EV) Charger Converter Module Market?
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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Who Are the Key Players Shaping the Electric Vehicle (EV) Charger Converter Module Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.
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