Electric Vehicle (EV) Charger Converter Module Market Report 2024

The electric vehicle (EV) charger converter module market size has grown exponentially in recent years. It will grow from $2.99 billion in 2023 to $3.68 billion in 2024 at a compound annual growth rate (CAGR) of 23%. The growth observed in the historic period can be attributed to several factors, including the increasing demand for electric vehicles, expansion of charging infrastructure, government incentives and policies supporting electric vehicle adoption, rising consumer awareness regarding environmental sustainability, and the growing network of charging stations.

The electric vehicle (EV) charger converter module market size is expected to see exponential growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 23.1%. The anticipated growth in the forecast period can be attributed to ongoing improvements in EV battery technology, the expansion of fast charging networks, increased investments in renewable energy sources, rapid growth in electric vehicle sales, and the expansion of electric vehicle fleets in commercial sectors. Major trends expected during this period include the widespread adoption of electric vehicles, advancements in power semiconductor modules, the adoption of silicon carbide (SiC) technology for enhanced efficiency, integration with smart grids to optimize charging, and the implementation of smart charging solutions for improved efficiency and grid management.

The electric vehicle (EV) charger converter module market is poised for growth, driven by a surge in demand for charging infrastructure. Charging infrastructure encompasses the network of stations and equipment facilitating the charging of electric vehicles (EVs). This demand is fueled by increasing EV adoption, supportive government policies, technological advancements in EVs, and heightened environmental consciousness. EV charger converter modules play a crucial role within this infrastructure, converting electrical energy to enable efficient charging. For example, the Edison Electric Institute (EEI) projected a substantial rise in U.S. EVs on the road, from 2.4 million in 2021 to 26.4 million by 2030, necessitating about 12.9 million charging ports to accommodate this growth. Therefore, the escalating demand for charging infrastructure is set to propel the electric vehicle (EV) charger converter module market forward.

Leading companies in the EV charger converter module market are concentrating on advancing converter module technologies, particularly in power semiconductor modules, to enhance EV charging system efficiency and performance. These modules integrate power semiconductor devices in compact assemblies designed to efficiently manage and convert electrical energy in high-power applications. For instance, Hitachi Energy introduced RoadPak in May 2022, a cutting-edge power semiconductor module for EVs utilizing advanced silicon carbide (SiC) technology. RoadPak facilitates faster charging, improved reliability, and enhanced energy efficiency, crucial for sustainable transportation and global grid integration solutions. It supports faster charging times, extended driving ranges, and optimized performance across various EV categories, from everyday cars to heavy-duty trucks and high-performance vehicles.

In January 2024, Siemens AG, a German technology conglomerate, completed the acquisition of Heliox Energy for an undisclosed sum. This acquisition strategically enhances Siemens' eMobility charging portfolio by integrating a comprehensive range of products and solutions, spanning from 40 kilowatts (kW) to megawatt-level charging capabilities. These offerings cater to the evolving needs of depot and en-route charging infrastructure. Moreover, Heliox Energy's portfolio extends Siemens' market reach, particularly strengthening its presence in Europe and North America, while bolstering its expertise in power electronics. Heliox Energy, headquartered in the United States, specializes in providing rapid charging solutions, including advanced power electronic modules tailored for electric vehicles.

Major companies operating in the electric vehicle (EV) charger converter module market are Robert Bosch GmbH, Siemens AG, Denso Corporation, Schneider Electric SE, ABB Ltd., Toyota Industries Corporation, Eaton Corporation, TE Connectivity Ltd., TDK Corporation, Infineon Technologies AG, Delta Electronics Inc., BorgWarner Inc., PHOENIX Contact GmbH & Co. KG, Bharat Heavy Electricals Limited, Leviton Manufacturing Co. Inc., Vicor Corporation, Kempower Oy, Tritium Pty Ltd, Axiom Energy Conversion Pvt. Ltd., IES Synergy, BRUSA Elektronik AG, Nuteck Power Solutions Private Limited, Mida EV Power Co. Ltd., Dana TM4 Inc., Mass-Tech Controls Pvt. Ltd.

Asia-Pacific was the largest region in the electric vehicle (EV) charger converter module market in 2023. 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.

The countries covered in the electric vehicle (EV) charger converter module market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The Electric Vehicle (EV) charger converter module is a critical component within the electric vehicle charging infrastructure. It functions by converting electrical power from the charging station into a format suitable for charging the EV's battery, ensuring efficient and safe energy transfer. This module plays a pivotal role in the EV charging ecosystem, overseeing the conversion, regulation, and effective transmission of power from the grid to the vehicle's battery.

The primary types of EV charger converter modules include Direct Current to Direct Current converters (DC/DC) and Alternating Current to Direct Current converters (AC/DC). DC/DC converters transform one DC voltage level to another, crucial in EV charging to adapt high-voltage battery power to lower voltages required by various vehicle components. These modules are categorized by power rating, 30 to 60 kW, 60 to 120 kW, 120 to 240 kW, and 240 to 400 kW. End-users span residential, commercial, and public sectors, encompassing diverse applications within the EV charging infrastructure.

The electric vehicle (EV) charger converter module market research report is one of a series of new reports that provides electric vehicle (EV) charger converter module market statistics, including electric vehicle (EV) charger converter module industry global market size, regional shares, competitors with an electric vehicle (EV) charger converter module market share, detailed electric vehicle (EV) charger converter module market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle (EV) charger converter module industry. This electric vehicle (EV) charger converter module market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric vehicle (EV) charger converter module market consists of sales of converter modules, power semiconductor modules, and control units. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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