EV charger converter module sales to grow at a staggering CAGR of 25.5% through 2034 on the back of increasing EV adoption and favorable government initiatives
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EV charger converter module sales to grow at a staggering CAGR of 25.5% through 2034 on the back of increasing EV adoption and favorable government initiatives

Future Market Insights Global and Consulting Pvt.  Ltd.Future Market Insights Global and Consulting Pvt.  Ltd.

Future Market Insights Global and Consulting Pvt. Ltd.

The global EV charger converter module market is expected to witness significant growth over the next decade due to increased adoption of EVs, favorable policies, emphasis on energy efficiency, and technological advancements.

NEWARK, Delaware, July 10, 2024 (GLOBE NEWSWIRE) — The global EV charger converter module market is expected to reach 48,605.2 million USD by 2034 compared to 5,019.0 USD million in 2024. During the forecast period, the global sales of EV charger converter modules are expected to grow rapidly 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 by 2034. It is likely to register a compound annual growth rate (CAGR) of 21.5% during the evaluation period.

Global demand for EV charger converter modules is expected to grow over the next ten years. This can be attributed to a combination of factors, including:

  • Growing acceptance and adoption of electric vehicles

  • Favorable government policies and initiatives to promote electric vehicle adoption

  • Growing emphasis on energy efficiency and sustainability

  • Continuous advances in electric vehicle charging technology

EV charger converter modules have become essential components of charging systems that help efficiently convert electric currents into energy for EV batteries. Hence, the growing popularity and adoption of electric vehicles is likely to play a key role in driving the market growth.

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Large investments are being made to develop and expand EV charging infrastructure, especially in countries such as the United States, Japan, China and the United Kingdom. This is expected to boost demand for EV charging converter modules during the evaluation period.

Consumer shifts towards e-mobility, government financial support, and technological advancements in charging solutions will also drive the growth of this industry. Similarly, the growing focus of nations on reducing carbon dioxide emissions and improving air quality will benefit the market.

The most important conclusions from the report

  • The global EV charger converter module market is expected to reach a total value of $48,605.2 million until 2034.

  • In terms of type, the DC/DC converter segment is poised to show a CAGR of 21.5% until 2034.

  • In terms of end-user, the commercial segment is likely to expand 23.1% CAGR until 2034.

  • East Asia is expected to account for a significant share of the approx. 36.4% in 2024.

  • Demand in China is expected to increase by 24.3% CAGR from 2024 to 2034.

  • The United States is expected to grow at a compound annual growth rate (CAGR) of 23.0% until 2034.

“The EV charger converter module market is expected to grow rapidly due to the increasing adoption of electric vehicles (EVs). Technological advances in battery efficiency and government initiatives promoting EVs will also create growth prospects for manufacturers by 2034.” – says Nikhil Kaitwade (Vice President of Partnerships at Future Market Insights, Inc.)

Who is winning?

The global EV charging converter module market is fragmented, with the largest players accounting for approximately 30% to 35% action.

  • Nuteck Power Solutions Private Limited,

  • Delta Electronics India,

  • ABB Sp. z o. o.

  • 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.

  • Masa-Tech, BHEL,

  • Phoenix Contact India Pvt. Ltd.

leading EV charger converter module manufacturers and suppliers listed in the report.

Top players are focusing on developing more compact and efficient converter modules to meet the changing needs of the EV segment. They are also using strategies such as acquisitions, facility expansions, partnerships, takeovers and mergers to gain a competitive advantage in the market.

Last changes:

  • In December 2023 BorgWarner Inc. announced the acquisition of the Electric Hybrid Systems business segment of Eldor Corporation.

  • In 2023Siemens AG has acquired the electric vehicle division of Mass-Tech Controls, expanding its e-mobility offering in India.

Get more information

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global EV Charger Converter Modules market, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034. To understand the global market potential, growth, and scope, the market is segmented on the basis of 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 rated power:

  • 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

  • west Europe

  • Eastern Europe

  • East Asia

  • South Asia and Pacific

  • Middle East and 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 completed over 1500 client engagements, primarily in the automotive, chemical, industrial equipment, oil & gas, and services industries.

His core competencies include developing research methodologies, creating unique analysis frameworks, statistical data models for pricing analysis, competitive mapping and market feasibility analysis. His expertise also extends beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestiture decisions and market entry decisions.

Nikhil holds an MBA in Marketing and IT and a graduate in Mechanical Engineering. Nikhil has authored several publications and has been cited in journals such as EMS Now, EPR Magazine and EE Times.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth insights into the factors driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer goods, technology, healthcare, industrial and chemical markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional and local expertise on diverse industry disciplines and trends in over 110 countries.

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