Summary
- Market for electric vehicle (EV) charger converter module is growing significantly, projected to reach $8.46 billion by 2028 at a CAGR of 23.1%
- Industry drivers include global push for environmental sustainability, advancements in fast-charging technology, and investments in EV production and charging infrastructure
- Technological innovations in power semiconductor modules, such as silicon carbide (SiC) technology, are enhancing efficiency and performance of EV charging systems
- Asia-Pacific leads the market in 2023, indicating strong growth in EV adoption and government initiatives in the region
- Strategic corporate developments and acquisitions are expanding market capabilities and product portfolios to meet growing demands in key regions like Europe and North America.
Article
The electric vehicle (EV) charger converter module market is experiencing significant growth, with projections indicating a rise from $2.99 billion in 2023 to $8.46 billion by 2028 at a compound annual growth rate (CAGR) of 23.1%. This growth is fueled by the global push towards environmental sustainability, advancements in fast-charging technology, and significant investments in electric vehicle production and charging infrastructure development. Market leaders are focusing on technological innovation within power semiconductor modules, such as silicon carbide (SiC) technology, to improve the efficiency and performance of EV charging systems, facilitating faster charging times and supporting a more sustainable transportation ecosystem.
Strategic industry movements, such as notable acquisitions, have expanded market capabilities and product portfolios to address the growing demands of the EV market, particularly in key regions like Europe and North America. Asia-Pacific emerged as the leading regional market in 2023, reflecting the vigorous expansion of EV adoption and supportive government initiatives across several Asia-Pacific nations. The EV charger converter module market offers a range of product types, including DC/DC and AC/DC converters, catering to various power requirements and applications in residential, commercial, and public sectors essential for the broader EV charging infrastructure.
The EV charger converter module market plays a vital role in the advancement of electric vehicle infrastructure worldwide, with solid growth projections and a sustained focus on technological innovation. With continued expansion, the market is set to shape the future of sustainable transportation and energy consumption. The market report covers key attributes such as the number of pages, forecast period, estimated market value in 2024, forecasted market value by 2028, compound annual growth rate, regions covered, and featured companies like Robert Bosch GmbH, Siemens AG, Denso Corporation, Schneider Electric SE, and more. ResearchAndMarkets.com is a leading source for international market research reports and market data, providing the latest data on international and regional markets, key industries, top companies, new products, and trends.
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