Dublin, Oct. 04, 2024 (GLOBE NEWSWIRE) -- The "Electric Vehicle (EV) Charger Converter Module Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The electric vehicle (EV) charger converter module market is experiencing a period of remarkable growth, with projections indicating a rise from $2.99 billion in 2023 to an impressive $8.46 billion by 2028. At a compound annual growth rate (CAGR) of 23.1%, this expansion is underpinned by an array of contributors, including the accelerated pace of electric vehicle sales and advancements in EV battery technology.
Industry Drivers and Trends
Key factors propelling this market include the global push towards environmental sustainability, advancements in fast-charging technology, as well as significant investments in both electric vehicle production and charging infrastructure development. Furthermore, the integration of smart grid technologies and intelligent charging solutions highlights a commitment to improved grid management and charging efficiencies.
Technological Advancements
Market leaders are focusing on technological innovation within power semiconductor modules, such as the adoption of silicon carbide (SiC) technology, to bolster the efficiency and performance of EV charging systems. Such advancements are facilitating faster charging times and supporting the transition to a more sustainable transportation ecosystem.
Strategic Industry Movements
In strategic corporate developments, notable acquisitions have expanded market capabilities and product portfolios, allowing companies to address the growing demands of the EV market, particularly in key regions such as Europe and North America.
Geographical Landscape
Asia-Pacific has emerged as the leading regional market in 2023, underscoring the significance of emerging markets in the global electric vehicle industry's growth. This regional dominance is reflective of the vigorous expansion of EV adoption and supportive government initiatives across several Asia-Pacific nations.
Market Segmentation Overview
The electric vehicle (EV) charger converter module market encompasses a range of product types including DC/DC and AC/DC converters, catering to various power requirements and applications. These converters are essential in diverse sectors such as residential, commercial, and public, proving indispensable in the broader EV charging infrastructure.
Conclusion
The EV charger converter module market stands as a vital component in the advancement of electric vehicle infrastructure worldwide. With solid growth projections and a sustained focus on technological innovation, the market is set to continue its trajectory of expansion, shaping the future of sustainable transportation and energy consumption.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $3.68 Billion |
| Forecasted Market Value (USD) by 2028 | $8.46 Billion |
| Compound Annual Growth Rate | 23.1% |
| Regions Covered | Global |
Companies Featured
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/1u6szn
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