EV Charger Converter Module Sales to Soar at a Staggering CAGR of 25.5% through 2034 Amid Rising Adoption of Electric Vehicles and Favorable Government Initiatives | Future Market Insights, Inc.

Wednesday, July 10, 2024 at 2:30pm UTC

NEWARK, Del, July 10, 2024 (GLOBE NEWSWIRE) -- The global EV charger converter module market value is projected to reach US$ 48,605.2 million by 2034, up from US$ 5,019.0 million in 2024. Over the forecast period, global sales of EV charger converter modules are slated to surge at a CAGR of 25.5%.

As per the latest analysis, the DC/DC converter segment is expected to dominate the global EV charger converter module industry through 2034. It will likely record a CAGR of 21.5% during the assessment period.

The global demand 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

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.

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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 Report

  • The global market for EV charger converter modules is set to total US$ 48,605.2 million by 2034.
  • By type, the DC/DC converter segment is poised to exhibit a CAGR of 21.5% through 2034.
  • By end-user, the commercial segment will likely expand at 23.1% CAGR through 2034.
  • East Asia is expected to account for a significant share of about 36.4% in 2024.
  • Demand in China is anticipated to surge at 24.3% CAGR from 2024 to 2034.
  • The United States is set to thrive at a CAGR of 23.0% through 2034.

“The EV charger converter module market is set to expand rapidly due to increasing adoption of electric vehicles (EVs). Technological advancements in battery efficiency and government initiatives promoting EVs will also create growth prospects for manufacturers through 2034.” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

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,
  • 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.

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.

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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

About the Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI)

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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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