EV Charger Converter Module Market

EV Charger Converter Module Market Outlook from 2024 to 2034

The global EV charger converter module market size reached US$ 4,054.3 million in 2023 and is expected to total US$ 5,019.0 million by 2024. Global sales of EV charger converter modules are anticipated to rise at a staggering 25.5% CAGR during the next ten years. By 2034, the total market valuation will likely reach US$ 48,605.2 million.

Demand for EV charger converter modules is predicted to remain high in the commercial segment. The latest EV charger converter module market analysis predicts the commercial segment to thrive at 23.1% CAGR during the forecast period.

Key EV Charger Converter Module Market Highlights

Market to Expand Nearly 9.7X through 2034

The global EV charger converter module market is set to expand around 9.7X through 2034, amid an 8.7% rise in estimated CAGR compared to the historical one. Rapid penetration of electrification in the automotive sector is a prominent factor expected to drive demand for EV charger converter modules.

Key Factors Propelling EV Charger Converter Module Market Growth include

• Increasing adoption of electric vehicles as a sustainable and environmentally friendly transportation option
• Government incentives and mandates for clean transportation
• Expansion of charging infrastructure
• Advancements in technology leading to improved efficiency and faster charging times
• Growing environmental awareness among consumers

Latest EV Charger Converter Module Industry Trends

• Rising need for faster and more efficient charging solutions
• Growing emphasis on energy efficiency and sustainability

East Asia Remains Hub for EV Charger Converter Module Manufacturers

As per the latest analysis, East Asia is expected to retain its dominance in the global industry during the forecast period. It will likely hold around 36.4% of the global EV charger converter module market share in 2024. This is attributed to the following factors:

• Government Support and Policies: East Asian countries like China, Japan, and South Korea have implemented ambitious policies and incentives to promote electric vehicles (EVs) and charging infrastructure. Substantial government investments, tax incentives, and subsidies for EV adoption and charging infrastructure development are stimulating market growth. China's "New Energy Vehicle" subsidy program, Japan's 'Electric Vehicle Road Map' initiative, and South Korea's 'Green New Deal' are prime examples of government support driving market expansion.
• Technological Advancements: East Asia, particularly China, Japan, and South Korea, is renowned for its technological innovation in the automotive and electronics sectors. Continuous advancements in EV technology, including improvements in battery efficiency, charging speeds, and converter module performance, have bolstered market growth.
• Rapid Urbanization and Infrastructure Development: East Asia's rapid urbanization, particularly in cities like Beijing, Tokyo, and Seoul, is increasing the need for sustainable transportation solutions. Governments and local authorities in these regions are investing heavily in building charging infrastructure, including public charging stations and fast-charging networks, to support the growing population of electric vehicles. This infrastructural development, coupled with the region's dense urban environment, creates a conducive market environment for EV charger converter modules, contributing to robust market growth in East Asia.

DC/DC Converters Witnessing Significant Demand

As per the report, DC/DC converter segment is expected to dominate the global EV charger converter module market with a volume share of about 61.3% in 2024. DC/DC converters are directly compatible with the DC output of electric vehicle batteries. This direct compatibility streamlines the charging process and enhances efficiency, making DC/DC converters indispensable in electric vehicle charging systems.

DC/DC converters typically exhibit higher efficiency and performance than AC/DC converters. They minimize energy losses during charging, resulting in faster charging times and reduced energy consumption, thereby attracting more users with fewer conversion stages involved.

DC/DC converters play a crucial role in fast-charging infrastructure, enabling high-power DC charging directly to the vehicle's battery. The dominance of DC/DC converters is expected to strengthen further as the demand for fast-charging solutions grows.

EV Charger Converter Module Market Overview

• EV charger converter modules are becoming popular amid rapid transition toward electric vehicles. These converter modules are necessary components of charging systems that help efficiently convert electrical currents into energy for EV batteries.
• There are mainly two types of EV charger converter modules: DC-DC converters and AC/DC converters. Rising demand for these products will likely foster growth of the EV charger converter module market through 2034.
• Availability of converter modules in different power ratings depending on their applications in residential, commercial, and public charging stations is expected to support market expansion.
• Consumer shift toward e-mobility, government funding support as well as technological developments in charging solutions space are anticipated to fuel EV charger converter module sales.
• There is also a rising demand for EV charger converter modules from countries interested in reducing carbon dioxide emissions and improving air quality. This will likely boost market revenue during the next ten years.
• The projected growth in electric vehicles worldwide guarantees continued vitality for converter modules due to rising need for charging infrastructure

Nikhil Kaitwade

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Historical Performance Vs. EV Charger Converter Module Sales Outlook

Global sales of EV charger converter modules grew at a CAGR of 16.8% between 2019 and 2023. Total market revenue reached about US$ 4,054.3 million at the end of 2023. In the forecast period, the worldwide EV charger converter module industry is set to thrive at a CAGR of 25.5%.

The global electric vehicle charger converter module market witnessed steady growth between 2019 and 2023. This was due to gradual adoption of electric vehicles, charging infrastructure expansion, evolving regulations, and technological advancements.

Future Scope of the EV Charger Converter Module Market

Over the forecast period, the global market for EV charger converter modules is set to register stupendous growth, totaling a valuation of US$ 48,605.2 million by 2034. The future scope of the EV charger converter module industry looks promising owing to increasing environmental concerns and advancements in electric vehicle technology.

As more countries and consumers embrace electric vehicles, there will be a surge in demand for charging infrastructure, including converter modules, to support the growing EV ecosystem. This is expected to foster sales growth during the assessment period.

Continued innovations in converter module technology, such as improved power electronics and advanced charging algorithms, will enhance charging efficiency and reduce charging times. The development of wireless charging technology and bidirectional charging capabilities will open up new opportunities and further propel market growth, catering to evolving consumer preferences and requirements in the electric vehicle market.

Key Market Dynamics

• Innovations in Fast Charging Technology Propelling Market Growth

Innovations in fast charging technology stand out as a unique driver propelling the growth of EV charger converter module market. Fast charging technology enables rapid charging of electric vehicles, significantly reducing charging times and enhancing convenience for EV owners.

As advancements in fast charging technology continue, converter modules capable of supporting higher charging speeds and power outputs will be in high demand. This demand is driven by the increasing preference for fast charging solutions among electric vehicle users, especially for long-distance travel and urban commuting.

The development of ultrafast charging stations capable of delivering high power outputs, such as 350 kW or more, demonstrates the market's shift toward faster and more efficient charging solutions. Innovations in fast charging technology will play a crucial role in driving the growth of the EV charger converter module industry in the future.

• Integration of Renewable Energy Sources to Support Market Expansion

The integration of renewable energy sources is set to support expansion of the EV charger converter module market. The synergy between electric vehicles and renewable energy becomes increasingly prominent as the world transitions toward sustainable energy solutions.

Converter modules play a vital role in managing the interface between renewable energy sources such as solar and wind power and electric vehicle charging infrastructure. They contribute to reducing carbon emissions and promoting environmental sustainability by enabling the integration of renewable energy into charging networks.

Advancements in smart grid technology facilitate dynamic energy management, optimizing the utilization of renewable energy for electric vehicle charging. This driver is expected to gain momentum as governments and organizations worldwide prioritize clean energy initiatives, resulting in a surge in demand for converter modules tailored for renewable energy integration.

• Emergence of V2G (Vehicle-To-Grid) Technology Boosting Global Market

The emergence of V2G (Vehicle-to-Grid) technology presents a unique driver propelling the EV charger converter module market growth. V2G technology allows electric vehicles to not only consume energy from the grid but also to return excess energy back to the grid when needed.

Converter modules play a crucial role in enabling bidirectional power flow between electric vehicles and the grid, facilitating V2G functionality. This technology offers several benefits, including grid stabilization, peak demand management, and revenue generation for EV owners through grid services.

As V2G adoption increases, the demand for converter modules capable of supporting bidirectional power flow will grow, driving market expansion. Regulatory support and pilot projects demonstrating the feasibility and benefits of V2G technology contribute to its adoption, further fueling the growth of the EV charger converter module market.

Key Factors Restraining EV Charger Converter Module Market Growth

• Supply Chain Disruptions

Supply chain disruptions, including material shortages, transportation challenges, and manufacturing delays, adversely affect the production and distribution of converter modules. The semiconductor shortage, in particular, impacts the availability of crucial components used in converter module manufacturing, leading to production bottlenecks and increased lead times.

The deployment of charging infrastructure, essential for electric vehicle adoption, may experience delays, hindering market growth. Automotive manufacturers have faced production cuts and delays due to semiconductor shortages, affecting the supply of electric vehicle components, including converter modules. Hence, the combination of supply chain disruptions and semiconductor shortages poses significant risks to the growth trajectory of the EV charger converter module market.

Country-wise Insights

The table below shows the estimated growth rates of the top key countries. China, the United States, and Germany are set to record high CAGRs of 24.3%, 23.0%, and 21.6%, respectively, through 2034.

China to Remain the Leading Market for EV Charger Converter Module Manufacturers

As per the latest analysis, China is set to remain a lucrative market for EV charger converter module manufacturing companies. This can be attributed to booming electric vehicle sector. Sales of EV charger converter modules in China are projected to soar at a CAGR of 24.3% during the forecast period.

• China stands at the forefront of the global electric vehicle market, with a robust infrastructure and supportive government policies driving growth. The Chinese government's subsidies, incentives, and mandates for electric vehicle adoption have spurred demand for charging infrastructure, creating abundant opportunities for manufacturers in the EV charger converter module industry.
• Recent government initiatives, such as China's 'New Energy Vehicle' subsidy program and 'Made in China 2025' strategy, prioritize the development and adoption of electric vehicles and associated infrastructure. This will likely propel EV charger converter modules during the assessment period.
• Factors like urbanization, rising disposable incomes, and environmental awareness fuel the demand for electric vehicles and charging infrastructure in China. This, in turn, is expected to positively impact EV charger converter module sales, offering lucrative opportunities for manufacturers to capitalize on the growing demand.

Increasing Electric Vehicle Adoption Fueling Demand in the United States

The United States EV charger converter module market is poised to exhibit steady growth, with overall demand rising at 23.0% CAGR. This is attributable to rising adoption of electric and hybrid vehicles in the nation.

• Rising EV ownership triggered by factors like government incentives, increasing environmental concerns, and declining battery costs is expected to boost the growth of the EV charger converter industry in the United States.
• When it comes to electric vehicle adoption, the United States leads from the forefront. The nation is witnessing high adoption of EVs, creating a need for charging infrastructure, including converter modules within charging stations.
• As more consumers switch to electric vehicles, there is a growing need for EV charger converter modules, presenting abundant opportunities for manufacturers in the United States.
• Government initiatives and infrastructure investments further bolster the United States’ position as a promising market for EV charger converter modules. Federal and state level incentives, tax credits for electric vehicle purchases, and funding for charging infrastructure expansion encourage electric vehicle adoption and support the development of charging technologies.
• Strong presence of electric vehicle giants like Tesla is expected to improve the United States’ EV charger converter module market share through 2034.

India Poised to Offer Abundant Opportunities for Module Manufacturers

The EV charger converter module market in India is poised to thrive at a robust CAGR of 19.2% throughout the forecast period. It will likely hold a significant share of the South Asia Pacific industry by 2034.

• India's EV charger converter module market is experiencing rapid growth, driven by several key factors. One such factor is the increasing government initiatives to promote electric mobility, including subsidies, incentives, and infrastructure development.
• With high adoption of electric vehicles, the consumption of converter modules is increasing rapidly across India. The nation's focus on reducing carbon emissions and transitioning to cleaner transportation options further accelerates market growth.
• India's growing urban population, rising disposable incomes, and improving charging infrastructure contribute to the surge in demand for electric vehicles and associated charging solutions, including charger converter modules.
• As electric vehicle adoption continues to rise, particularly in densely populated urban areas, India is poised to become a leading consumer of EV charger converter modules in the near future.

Growing Demand for Electric Vehicles Boosting Japan’s Market

Japan’s EV charger converter module market is projected to rise at 20.3% CAGR during the forecast period. This can be attributed to rising popularity of electric mobility in the country and favorable government support.

• In Japan, the consumption of EV charger converter modules is on the rise due to several factors. The country's strong automotive industry and technological innovation contribute to the increasing adoption of electric vehicles (EVs) and associated charging infrastructure. Japan's commitment to reducing carbon emissions and promoting sustainable transportation further drives market growth.
• Government incentives, such as subsidies for EV purchases and investments in charging infrastructure, encourage consumer adoption of EVs. Japan is embracing electric mobility, making it a leading consumer of EV charger converter modules.
• As the demand for EVs continues to grow, Japan's market for converter modules is expected to expand further, offering significant opportunities for manufacturers and stakeholders in the EV charger converter module sector.

Category-wise Insights

The section below shows the DC/DC converter segment leading the EV charger converter module industry. It is projected to thrive at 21.5% CAGR during the forecast period. Based on end-users, the commercial segment will likely exhibit a CAGR of 23.1% through 2034.

DC/DC Converter Modules Remain Highly Sought-after Products in the Market

Based on product type, the global electric vehicle (EV) charger converter module market is segmented into DC/DC converter and AC/DC converter. Among these, demand is expected to remain high for DC/DC converter modules.

As per the latest analysis, the DC/DC converter segment is expected to grow at a CAGR of 21.5% during the forecast period. Hence, it will continue to remain a key revenue-generation category in the market.

• The DC/DC converter segment holds the highest share in the EV charger converter module market due to several factors like direct compatibility with electric vehicle (EV) batteries, streamlining the charging process, and enhancing efficiency.
• DC/DC converters typically exhibit higher efficiency and performance compared to AC/DC converters, resulting in faster charging times and reduced energy consumption.
• In fast charging applications, DC/DC converters are preferred for their ability to deliver high power outputs directly to the EV battery, facilitating rapid charging.
• With electric vehicles becoming more sophisticated, demand for efficient and reliable power conversion is expected to increase significantly. This will likely fuel demand for DC/DC converter modules.
• Rising importance of DC/DC converters in other applications like voltage regulations and maintaining constant power supply will also fuel their demand.

Commercial Segment Set to Retain its Market Dominance through 2034

As per the latest report, the commercial segment will likely maintain its leading position during the forecast period. It is anticipated to grow at a CAGR of 23.1% from 2024 to 2034. This can be attributed to several factors.

• Commercial entities like charging station companies, fleet operators, and public transportation authorities are early adopters of EVs. This, in turn, is expected to drive demand for EV charger converter modules in the commercial segment.
• Commercial charging stations utilize fast chargers, which require converter modules, thereby driving their demand.
• Rising focus on grid stability and power management in commercial charging stations will likely boost segment growth through 2034.
• Businesses are motivated by the growing demand for electric vehicle charging services, particularly as more companies transition their fleets to electric. Commercial establishments can leverage charging infrastructure to attract customers, enhance their brand image, and comply with sustainability goals.
• Commercial charging stations are often strategically located in high-traffic areas, making them accessible to a wide range of users, including employees, customers, and the general public.

Competitive Landscape

The global market for EV charger converter modules is fragmented, with leading 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 manufacturers of EV charger converter modules listed in the report.

Key EV charger converter module companies are heavily investing in research and development to create innovative EV charger converter modules. They are also implementing strategies like facility expansions, acquisitions, distribution agreements, partnerships, and mergers to strengthen their footprint.

Recent Developments in EV Charger Converter Module Market

• In 2022, Hitachi Energy introduced RoadPak, a game-changing power semiconductor module for EVs. The new high-performance power electronics are expected to take e-mobility to the next level.
• In December 2023, BorgWarner Inc. completed acquisition of Eldor Corporation’s Electric Hybrid Systems business segment, enhancing its product portfolio and expanding into high-voltage power electronics.
• In November 2023, EG Group secured a deal to acquire Tesla's ultra-fast charging units for its evpoint business in the United Kingdom and Europe.
• In May 2023, Siemens AG announced the acquisition of Mass-Tech Controls' EV division, enhancing its e Mobility offerings in India. The acquisition aims to meet the surging demand for EV charging infrastructure, expanding Siemens' local market presence and potentially creating an export hub.

Key Coverage in the Global RV Charger Converter Module Market Research Report

• Adjacent Study on Global EV Charging Infrastructure Module Market, Electric Vehicle Charging System Module Market, and EV Charger Converter Unit Market
• Latest Electric Vehicle Charger Power Module Market Trends
• List of Top EV Charging Solution Providers in India
• Growth Prospects for Electric Vehicle Charger Module Market
• Expected EV Charger Module Market Size
• Top Players in the Electric Vehicle Charging Module Market
• Drivers for EV Charging Station Converter Market
• Power Module for EV Charger Market Opportunities
• Global Power Module for EV Charger Market
• EV Charger Module Manufacturers in China, Japan, and other Countries
• Current Automotive Power Modules Market Size
• Popular Energy-efficient Converters for Electric Vehicle Charging Stations
• Detailed Analysis of the Shifting Currents of the Electric Vehicle Charging Market

EV Charger Converter Module Market Scope

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