EV Charger Converter Module Market, By Product Type, By Power Rating, By End-User, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2024-2032
EV Charger Converter Module Market size was valued at USD 4,028.43 Million in 2023, expanding at a CAGR of 25.40% from 2024 to 2032.
An Electric Vehicle (EV) Charger Converter Module serves as a crucial element within the charging infrastructure for electric vehicles. This module functions as the internal power unit for direct current (DC) charging stations, converting alternating current (AC) energy into DC to facilitate vehicle charging. These charger modules are applicable in DC fast charging stations for both electric vehicles and electric buses. Additionally, the modules can be configured in a parallel system, which enables hot swapping and simplifies maintenance. This configuration further enhances the system's applicability and reliability.
EV Charger Converter Module Market- Market Dynamics
The increasing acceptance of electric vehicles, along with the growth of charging infrastructure, is anticipated to boost market demand.
As consumers increasingly shift from traditional internal combustion engine (ICE) vehicles to electric vehicles (EVs) driven by environmental considerations, government incentives, and improvements in battery technology, the demand for dependable and efficient EV charging solutions is escalating. The International Energy Agency reports that electric car sales in 2023 reached 3.5 million more than in 2022, marking a 35% increase year-on-year. This figure is over six times greater than sales recorded in 2018, just five years prior. Furthermore, in the Net Zero Emissions (NZE) Scenario, electric car sales are projected to account for approximately 65% of total car sales by 2030. To support the increasing number of EVs, both public and private sectors are making substantial investments in the development of charging station networks.
Continuous advancements in power electronics and the expansion of charging infrastructure may present significant growth opportunities for the market. However, the high initial costs associated with charging infrastructure could pose challenges to market expansion.
EV Charger Converter Module Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 25.40% over the forecast period (2024-2032)
Based on Product Type segmentation, DC/DC Converter was predicted to show maximum market share in the year 2023
Based on End-User segmentation, Commercial was the leading Product Type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
EV Charger Converter Module Market- Segmentation Analysis:
The Global EV Charger Converter Module Market is segmented based on Product Type, Power Rating, End-User, and Region.
The market is classified into two segments according to Product Type: DC/DC Converters and AC/DC Converters. The DC/DC Converter holds a dominant position in the market. Contemporary DC/DC converters employ advanced semiconductor technology with high efficiency to minimize energy losses, thereby ensuring that the greatest possible amount of power from the charging station is delivered to the vehicle battery.
The market is classified into four distinct categories according to Power Rating: 30 to 60 kW, 60 to 120 kW, 120 to 240 kW, and 240 to 400 kW. The EV Charger Converter Module market, organized by these power ratings, provides a variety of solutions designed to meet diverse applications and customer requirements.
The market is classified into three segments according to the End-User: Residential, Commercial, and Public. The Commercial segment leads the market. The commercial sector of the EV Charger Converter Module market is experiencing significant growth as enterprises acknowledge the necessity for a strong charging infrastructure to facilitate the adoption of electric vehicles (EVs).
EV Charger Converter Module Market- Geographical Insights
The Asia Pacific region leads the market, primarily due to the increasing demand for rapid and efficient charging solutions. Countries within this region are making substantial investments to enhance their electric vehicle (EV) charging infrastructure in response to the rising number of EVs. For example, China has established a comprehensive network of public and private charging stations, resulting in a significant demand for high-performance converter modules necessary for powering these facilities. According to the International Energy Agency, the global count of fast chargers rose by 330,000 in 2022, with nearly 90% of this growth attributed to China. Additionally, North America and Europe represent important markets, propelled by the development of fast-charging infrastructure and rigorous environmental regulations.
EV Charger Converter Module Market- Competitive Landscape:
In the current competitive environment, manufacturers are prioritizing innovation, advancements in technology, strategic partnerships, and the creation of scalable solutions to enhance the global adoption of electric vehicles. For instance, Siemens Smart Infrastructure has launched a new variant of its SICHARGE D electric vehicle (EV) fast charger, capable of delivering a maximum output of 400 kW for IEC markets. Significant investments are being directed toward research and development to create converter modules that are more efficient, compact, and economically viable. The competition among manufacturers encompasses various factors, including pricing, performance, production quality, brand reputation, and product availability.
Recent Developments:
ABB has introduced the Terra 360, recognized as the fastest car charger globally, which can completely charge an electric vehicle in under 15 minutes, providing a range of 100 kilometers in less than 3 minutes. Additionally, it is the sole charger engineered to simultaneously charge up to four vehicles.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL EV CHARGER CONVERTER MODULE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Nuteck Power Solutions Private Limited
Delta Electronics India
Toyota Industries Corporation
Denso Corporation
Shenzhen Infypower Co., Ltd.
ABB Ltd.
Shenzhen Mida EV Power Co., Ltd.
Dana Limited
Axiom Energy Conversion
Siemens Ag
Infineon Technologies Ag
Robert Bosch GmbH
Mass-Tech
BHEL
PHOENIX Contact India Pvt. Ltd.
Other
GLOBAL EV CHARGER CONVERTER MODULE MARKET, BY PRODUCT TYPE- MARKET ANALYSIS, 2019 - 2032
DC/DC Converter
AC/DC Converter
GLOBAL EV CHARGER CONVERTER MODULE MARKET, BY POWER RATING- MARKET ANALYSIS, 2019 - 2032
30 to 60 kW
60 to 120 kW
120 to 240 kW
240 to 400 kW
GLOBAL EV CHARGER CONVERTER MODULE MARKET, BY END-USER- MARKET ANALYSIS, 2019 - 2032
Residential
Commercial
Public
GLOBAL EV CHARGER CONVERTER MODULE MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. EV Charger Converter Module Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. EV Charger Converter Module Market Snippet by Product Type
2.1.2. EV Charger Converter Module Market Snippet by Power Rating
2.1.3. EV Charger Converter Module Market Snippet by End-User
2.1.4. EV Charger Converter Module Market Snippet by Country
2.1.5. EV Charger Converter Module Market Snippet by Region
2.2. Competitive Insights
3. EV Charger Converter Module Key Market Trends
3.1. EV Charger Converter Module Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. EV Charger Converter Module Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. EV Charger Converter Module Market Opportunities
3.4. EV Charger Converter Module Market Future Trends
4. EV Charger Converter Module Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. EV Charger Converter Module Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. EV Charger Converter Module Market Landscape
6.1. EV Charger Converter Module Market Share Analysis, 2023
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. EV Charger Converter Module Market - By Product Type