The EV charger converter module market is on an impressive growth trajectory, expected to surge at a remarkable CAGR of 25.5%, reaching an astounding USD 48,605.2 Million by 2034. This rapid expansion underscores the increasing demand for electric vehicle (EV) infrastructure as more consumers and businesses pivot towards sustainable transportation solutions.
The market’s growth is driven by advancements in charging technology, supportive government policies, and the global push for greener alternatives to traditional fossil fuel-powered vehicles.
As the EV Charger Converter Module Market continues to evolve, it promises to play a pivotal role in the widespread adoption of electric vehicles, shaping the future of transportation.
The global market for EV charger converter modules is set to grow robustly during the next ten years. This can be attributed to a combination of factors, including:
- Increasing acceptance and adoption of electric vehicles
- Favorable government policies and initiatives to promote adoption of electric vehicles
- Rising emphasis on energy efficiency and sustainability
- Ongoing advancements in EV charging technology
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EV charger converter modules have become essential components of charging systems that help efficiently convert electrical currents into energy for EV batteries. Thus, growing popularity and adoption of electric vehicles will likely play a key role in boosting market growth.
Large investments are being made to develop and expand EV charging infrastructure, especially across nations like the United States, Japan, China, and the United Kingdom. This is expected to propel demand for EV charger converter modules during the assessment period.
Consumer shifts towards e-mobility, government funding support, and technological developments in the charging solutions space will also drive the growth of this industry. Similarly, rising focus of nations on reducing carbon dioxide emissions and improving air quality will benefit the market.
Key Takeaways from the EV Charger Converter Module Market Report:
- The global market for EV charger converter modules is set to total USD 48,605.2 million by 2034.
- By type, the DC/DC converter segment is poised to exhibit a CAGR of 5% through 2034.
- By end-user, the commercial segment will likely expand at 1% CAGR through 2034.
- East Asia is expected to account for a significant share of about 4% in 2024.
- Demand in China is anticipated to surge at3% CAGR from 2024 to 2034.
- The United States is set to thrive at a CAGR of 0% through 2034.
Who is Winning?
The global EV charger converter module market is fragmented, with top players accounting for about 30% to 35% of the share. Nuteck Power Solutions Private Limited, Delta Electronics India, ABB Ltd., Shenzhen Mida EV Power Co., Ltd., Dana Limited, Axiom Energy Conversion, Siemens AG, Infineon Technologies AG, Robert Bosch GmbH, Toyota Industries Corporation, Denso Corporation, Shenzhen Infypower Co., Ltd., Mass-Tech, BHEL, and Phoenix Contact India Pvt. Ltd. leading EV charger converter module manufacturers and suppliers listed in the report.
Top players are concentrating on developing more compact and efficient converter modules to meet evolving needs of the electric vehicle segment. They also employ strategies like acquisitions, facility expansions, partnerships, acquisitions, and mergers to gain a competitive edge in the market.
Recent Developments:
- In December 2023, BorgWarner Inc. announced the acquisition of Eldor Corporation’s Electric Hybrid Systems business segment.
- In 2023, Siemens AG acquired Mass-Tech Controls’ EV division, enhancing its e Mobility offerings in India.
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Get More Insights:
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global EV charger converter module market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the global market potential, growth, and scope, the market is segmented based on product type, power rating, end-user, and region.
EV Charger Converter Module Market Segmentation:
By Product Type:
- DC/DC Converter
- AC/DC Converter
By Power Rating:
- 30 to 60 kW
- 60 to 120 kW
- 120 to 240 kW
- 240 to 400 kW
By End-user:
- Residential
- Commercial
- Public
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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