Global Electric Vehicle (EV) Charger Converter Module Market Size, Share, Revenue, Trends And Drivers For 2024-2033

Global Electric Vehicle (EV) Charger Converter Module Market Size, Trends, And Forecast 2024-2033

LONDON , GREATER LONDON , UK , August 29, 2024 /EINPresswire.com/ -- The global electric vehicle (EV) charger converter module market is set to grow from $2.99 billion in 2023 to $3.68 billion in 2024, at a compound annual growth rate (CAGR) of 23%. Despite recent challenges, the electric vehicle (EV) charger converter module market is anticipated to expand to $8.46 billion by 2028at a compound annual growth rate (CAGR) of 23.1%, driven by the rising demand for electric vehicles, the expansion of charging infrastructure, and increasing consumer awareness about environmental sustainability.
Surge in Demand for Charging Infrastructure Drives Market Growth
A surge in demand for charging infrastructure is a major factor contributing to the growth of the electric vehicle (EV) charger converter module market. Charging infrastructure encompasses the network of charging stations and equipment necessary for EVs. This rise is driven by increasing EV adoption, supportive government policies, advancements in EV technology, and heightened environmental awareness. For example, the Edison Electric Institute (EEI) forecasts that the number of EVs on U.S. roads will increase from 2.4 million in 2021 to 26.4 million by 2030, requiring approximately 12.9 million charging ports to meet this demand. This surge emphasizes the need for more efficient EV charger converter modules.
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Key Players and Innovations
Major companies in the electric vehicle (EV) charger converter module market include Robert Bosch GmbH, Siemens AG, Denso Corporation, and Schneider Electric SE. These companies are focusing on innovations in converter module technology, such as power semiconductor modules, to enhance the efficiency and performance of EV charging systems. For instance, in May 2022, Hitachi Energy launched RoadPak, a pioneering power semiconductor module utilizing advanced silicon carbide (SiC) technology. This innovation offers faster charging, enhanced reliability, and improved energy efficiency, crucial for the future of sustainable transportation.
Trends in Technology and Integration
The electric vehicle (EV) charger converter module market is experiencing significant trends including the adoption of electric vehicles, advancements in power semiconductor modules, silicon carbide (SiC) technology, and integration with smart grids. The continued expansion of fast charging networks, rising investments in renewable energy, and rapid growth in electric vehicle sales are key drivers of these trends.
Segments:
• By Product Type: Direct Current to Direct Current Converter (DC/DC), Alternating Current to Direct Current Converter (AC/DC)
• 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
Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific was the largest region in the electric vehicle (EV) charger converter module market in 2023 and is expected to continue leading. The electric vehicle (EV) charger converter module market region’s growth is driven by rapid technological advancements and a growing network of charging stations. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
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Electric Vehicle (EV) Charger Converter Module Global Market Report 2024from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
TheElectric Vehicle (EV) Charger Converter Module Global Market Report 2024byThe Business Research Company is the most comprehensive report that provides insights on electric vehicle (EV) charger converter module market size, electric vehicle (EV) charger converter module market drivers and trends, electric vehicle (EV) charger converter module market major players, competitors' revenues, electric vehicle (EV) charger converter module marketpositioning, and electric vehicle (EV) charger converter module marketgrowth across geographies.The electric vehicle (EV) charger converter module market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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