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.
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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.
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 EV Charger Converter Module Market Report:
The global market for EV charger converter modules is set to total USD 48,605.2 million by 2034. By type, the DC/DC converter segment is poised to exhibit a CAGR of 5% through 2034. By end-user, the commercial segment will likely expand at 1% CAGR through 2034. East Asia is expected to account for a significant share of about 4% in 2024. Demand in China is anticipated to surge at3% CAGR from 2024 to 2034. The United States is set to thrive at a CAGR of 0% through 2034.
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, and 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.
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