In-Depth Insights into the Electric Vehicle (EV) Charger Converter Module Market: Growth, Trends, and Opportunities for 2025-2034
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What Are the Projected Expansion Rates of the Electric Vehicle (EV) Charger Converter Module Market for the Next Decade?
There has been a remarkable growth in the market size of the electric vehicle (EV) charger converter module in recent years. It is projected to expand from a remarkable $3.68 billion in 2024 to a staggering $4.54 billion in 2025, indicating a compound annual growth rate (CAGR) of 23.3%. The surge during the historical period can be traced back to factors such as rising demand for electric vehicles, the development of charging infrastructures, government incentives and policies, heightened awareness among consumers about environmental sustainability, and the increasing network of charging stations.
In the forthcoming years, the electric vehicle (EV) charger converter module market is anticipated to experience formidable expansion, surging to $10.4 billion in 2029 with a compound annual growth rate (CAGR) of 23.0%. This growth during the forecast period can be ascribed to consistent enhancements in EV battery, the broadening of fast charging networks, increasing investments in renewable energy, a swift surge in electric vehicle sales, and enlarging electric vehicle fleets in commercial sectors. In the prediction period, the main trends will be electric vehicle adoption, advances in power semiconductor modules, silicon carbide (SiC) technology, smart grid integration, and the incorporation of intelligent charging solutions.
How Are the key drivers Contributing to the Expansion of the Electric Vehicle (EV) Charger Converter Module Market?
The expected growth of the electric vehicle (EV) charger converter module market can be attributed to the anticipated swell in demand for charging infrastructure. This refers to the system of charging stations and related equipment that facilitate the charging of electric vehicles (EVs). Factors contributing to the growing demand for charging infrastructure include the increased use of electric vehicles, encouraging government policies, advancements in EV technology, and an increased awareness of environmental issues. EV charger converter modules, necessary parts of this infrastructure, will see their market growth driven by this demand. For example, the Edison Electric Institute (EEI), a U.S. association of all investor-owned electric companies, reported that there will be a significant rise in the number of electric vehicles (EVs) on U.S. roads from 2.4 million in 2021 to 26.4 million by 2030. Consequently, around 12.9 million charging ports will be required to meet this growth. Therefore, the rising demand for charging infrastructure is set to fuel the growth of the electric vehicle (EV) charger converter module market.
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Which Companies Are Redefining the Future of the Electric Vehicle (EV) Charger Converter Module Market?
Major companies operating in the electric vehicle (EV) charger converter module market are:
• Mitsubishi Heavy Industries Ltd._x000D_
• Parker Hannifin Corporation_x000D_
• Wabtec Corporation_x000D_
• Voith GmbH & Co. KGaA_x000D_
• Akebono Brake Industry Co. Ltd._x000D_
What Trends Are Poised to Drive the Future Success of the Electric Vehicle (EV) Charger Converter Module Market?
Key players in the EV charger converter module market are concentrating their efforts on technological advancements, such as power semiconductor modules, to bolster the effectiveness and operation of EV charging systems. The power semiconductor module refers to a compact, combined assembly of power semiconductor devices engineered to proficiently manage and convert electrical energy in several high-power applications. For instance, Hitachi Energy, a Swiss firm specializing in sustainable energy management, introduced RoadPak in May 2022. RoadPak, an innovative power semiconductor module for electric vehicles, uses cutting-edge silicon carbide (SiC) technology. This allows for quicker charging, better reliability, and enhanced energy efficiency – critical factors for sustainable transportation and global grid integration solutions. The design of RoadPak aims to facilitate faster charging, expanded driving ranges, and improved performance for various electric vehicles, ranging from standard cars to heavy-duty trucks and high-end racing cars.
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Which Segments Play a Crucial Role in the Expansion of 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)
What Are the Leading Regions in the 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.
How Is the Electric Vehicle (EV) Charger Converter Module Market Classified and Defined in Market Analysis?
Electric Vehicle (EV) charger converter module is a critical component in the charging infrastructure of electric vehicles. It converts the electrical power from the charging station to a form suitable for charging the EV’s battery, ensuring efficient and safe energy transfer. The EV charger converter module plays a crucial role in the electric vehicle charging ecosystem by converting, regulating, and ensuring the efficient transfer of power from the grid to the vehicle’s battery.
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