Power Modules for EV Chargers Market is expected to reach USD 12 billion by 2034 | Exactitude Consultancy
Power Module for EV Charger Market Outlook 2025-2034
Luton, Bedfordshire, United Kingdom, June 11, 2025 (GLOBE NEWSWIRE) -- The global market for power modules used in electric vehicle (EV) chargers is undergoing a significant transformation, driven by the worldwide push towards sustainable mobility. In 2024, the market is valued at approximately USD 6.5 billion and is projected to nearly double to USD 12 billion by 2034, growing at a compound annual growth rate (CAGR) of around 6.2% during the forecast period from 2025 to 2034. This growth trajectory is underpinned by a combination of factors such as regulatory mandates for EV adoption, technological advancements in power electronics, and increased investments in renewable energy infrastructure.
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Key Drivers Fueling Market Growth
The surge in government support for electric mobility remains the most influential factor driving demand for EV charger power modules. Regulatory authorities in regions like North America, Europe, and Asia-Pacific are enacting policies that encourage the transition from internal combustion engines to electric vehicles. This shift is supported through incentives for EV purchases, investments in charging infrastructure, and strict emissions regulations.
Simultaneously, technological innovation in the design of power modules—especially in terms of efficiency, thermal management, and miniaturization—has allowed for faster, more reliable EV charging. The evolution of fast and ultra-fast chargers that reduce vehicle downtime is particularly crucial to mass adoption. The integration of these technologies enhances overall system performance, making electric mobility more convenient and accessible.
Market Restraints and Challenges
Despite strong growth prospects, the market also faces several constraints. One of the primary challenges is the disruption in global supply chains, which affects the timely availability of critical components such as semiconductors and rare earth materials. This can delay production cycles and limit the capacity of manufacturers to meet growing demand.
Another notable challenge is pricing pressure. As competition intensifies, companies are under constant pressure to reduce costs while simultaneously investing in R&D to stay ahead technologically. Additionally, the lack of standardized charging protocols across different geographies and manufacturers adds complexity to product development, posing a hurdle to seamless market expansion.
Moreover, competition from alternative charging methods—such as battery swapping technologies or wireless inductive charging—adds another layer of uncertainty for traditional power module manufacturers, pushing them to continuously innovate.
Emerging Opportunities and Industry Trends
In spite of these obstacles, the market landscape offers a multitude of emerging opportunities. One of the most promising is the expansion of smart charging infrastructure, which integrates features like dynamic load balancing, real-time energy monitoring, and vehicle-to-grid (V2G) capabilities. These systems not only make EV charging more efficient but also align with the broader goal of energy sustainability by enabling bi-directional energy flow between vehicles and the grid.
The proliferation of public-private partnerships—especially in developing regions—also presents growth opportunities. Governments and private companies are increasingly collaborating to establish widespread and reliable charging networks. Furthermore, business model innovation, such as subscription-based or pay-per-use charging services, is beginning to reshape the competitive landscape, offering greater flexibility and affordability to end users.
Segmental Insights: Power Modules, Applications, and Charging Levels
In terms of power module types, silicon-based modules continue to dominate the market, comprising roughly 55% of the global share. These modules are known for their cost-effectiveness and adaptability in general-purpose applications. However, Silicon Carbide (SiC) modules, accounting for 25%, are rapidly gaining popularity due to their superior efficiency in high-voltage applications, especially in fast-charging systems. Meanwhile, Gallium Nitride (GaN) modules—currently holding about 20%—are emerging as the go-to solution for compact and high-performance chargers, thanks to their excellent power density and thermal performance.
From an application standpoint, residential EV chargers lead with a 40% market share, supported by consumer preferences for home-based charging and government incentives for personal EV adoption. Commercial EV chargers follow at 35%, driven by the rise in EV fleet operations and retail charging stations. The industrial segment, at 25%, is growing steadily, particularly in logistics, mining, and manufacturing sectors that are adopting EVs for sustainability goals.
When viewed by charging speed, Level 2 chargers hold the lion’s share with 50%, offering a practical balance between cost and performance. Level 1 chargers, though limited in speed, remain relevant for residential users and account for 30% of the market. DC fast chargers, representing 20%, are gaining popularity in urban areas and long-distance travel corridors due to their ability to deliver quick recharges.
Market by Output Power and End Users
The segmentation by output power reveals a growing demand for medium-power modules (22 kW to 100 kW), which account for 45% of the total market. These are versatile and well-suited for commercial and industrial environments. Low-power modules (up to 22 kW) capture about 30%, mostly serving residential applications. High-power modules (above 100 kW), while currently comprising 25%, are anticipated to grow rapidly as demand for ultra-fast charging solutions increases.
In terms of end-user analysis, public charging stations dominate with around 50% of the market. Their prominence is attributed to urbanization trends and the growing need for accessible charging infrastructure. Private charging solutions make up 30%, driven by residential installations and dedicated business use. The remaining 20% is held by fleet operators, who are converting commercial vehicle fleets to electric to meet regulatory and cost-efficiency goals.
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Market Segmentation
By Type of Power Module:
- Silicon-based power modules
- Silicon Carbide (SiC) power modules
- Gallium Nitride (GaN) power modules
By Application:
- Residential EV chargers
- Commercial EV chargers
- Industrial EV chargers
By Charging Speed:
- Level 1 chargers
- Level 2 chargers
- DC fast chargers
By Output Power:
- Low-power modules (up to 22 kW)
- Medium-power modules (22 kW to 100 kW)
- High-power modules (above 100 kW)
By End-user Segment:
- Public charging stations
- Private charging solutions
- Fleet operators
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Regional Insights: North America Leads, Asia-Pacific Surges
Geographically, North America currently leads the global market with approximately 40% share, supported by well-developed infrastructure, strong regulatory frameworks, and the presence of major players like Tesla, Eaton, and ABB. Europe follows with 30%, benefiting from robust environmental policies, a growing EV ecosystem, and EU targets aimed at reducing carbon emissions. The Asia-Pacific region, accounting for 25% of the market, is poised to become the fastest-growing region with a projected CAGR of 22%. Rapid urbanization, strong government backing, and a growing middle class are fueling demand in countries like China, India, and South Korea.
Emerging regions such as Latin America and the Middle East & Africa also show considerable growth potential, though they face hurdles such as limited infrastructure and regulatory ambiguity. Strategic investments, favorable government policies, and rising consumer awareness are expected to drive expansion in these regions over the next decade.
Competitive Landscape and Recent Developments
Key Competitors
- Siemens AG
- Schneider Electric
- ABB Ltd.
- Delta Electronics Inc.
- Eaton Corporation
- Tesla, Inc.
- Infineon Technologies AG
- Wolfspeed, Inc.
- STMicroelectronics N.V.
- ON Semiconductor Corporation
- NXP Semiconductors N.V.
- Cree, Inc.
- Volta Charging, Inc.
- Blink Charging Co.
- Amply Power, Inc.
Siemens AG
Month & Year: September 2023
Type of Development: Strategic Partnership
Analysis: Siemens AG entered a strategic partnership with a leading automotive manufacturer to co-develop next-generation power modules for electric vehicle (EV) chargers. This collaboration is significant as it combines Siemens' expertise in electrical engineering with the automotive partner's domain knowledge in designing and manufacturing EVs. The power modules are aimed at enhancing the efficiency and performance of EV charging stations, potentially reducing charge times significantly. As the demand for rapid and reliable charging infrastructure grows, this partnership could reshape market dynamics, positioning both companies as leaders in the EV charging technology space, while setting new standards for efficiency and sustainability. The competitive landscape may experience shifts, with other players either forming similar alliances or striving to enhance their own technologies to keep pace.
ABB Ltd.
Month & Year: October 2023
Type of Development: Product Launch
Analysis: ABB Ltd. has launched a new series of high-performance power modules specifically designed for electric vehicle chargers. This product line promises improved energy conversion efficiency and compact design, allowing for more space-saving installations at charging stations. The introduction of these modules is important as the EV market demands faster and more efficient charging solutions. This advancement positions ABB to capture a larger share of the growing EV infrastructure market, providing a technological edge over competitors. It may trigger a competitive response from other companies who seek to innovate or improve their existing product lines, driving further advancements in the industry to meet escalating consumer demand.
Tata Power Company Limited
Month & Year: July 2023
Type of Development: Expansion
Analysis: Tata Power announced plans to expand its network of EV charging stations across India, intending to set up over 1,000 new charging points in urban areas within the next year. This strategic expansion reflects Tata's commitment to enhancing EV infrastructure in a country where adoption rates are rapidly increasing. The initiative is expected to alleviate range anxiety among EV users and facilitate greater vehicle adoption. Such movements can set a precedent for other energy companies to follow suit, potentially accelerating investments in charging infrastructure, improving regional accessibility, and ensuring a certain level of market growth within India's EV segment.
Delta Electronics Inc.
Month & Year: August 2023
Type of Development: Merger
Analysis: Delta Electronics entered a merger agreement with a local EV charging startup, which specializes in innovative battery management systems. This merger is particularly strategic, as it combines existing market expertise in power electronics with cutting-edge technology in battery management. The significance of this development lies in the enhanced capabilities for Delta to provide integrated charging solutions that improve the overall efficiency of EV operations. As the market is increasingly focused on comprehensive solutions that maximize uptime and minimize costs, this merger could create a formidable competitor in the ever-evolving landscape of EV charging solutions.
Infineon Technologies AG
Month & Year: June 2023
Type of Development: Regulatory Approval
Analysis: Infineon Technologies received regulatory approval for its new range of semiconductor power modules designed for high-output EV chargers. This approval is crucial, as it affirms the compliance and safety of these modules for commercial use, enabling faster deployment in the market. The significance of this development extends to enhancing the performance standards of EV chargers. As the demand for cleaner and more efficient energy solutions rises, Infineon’s advancements signify its pivotal role in setting benchmarks within the semiconductor supplies for EV applications. This competitive edge is likely to influence other manufacturers to invest in similar technologies, reaffirming the trend of innovation driven by regulatory demands in the EV market.
This report is also available in the following languages : Japanese (EV充電器市場向けパワーモジュール), Korean (EV 충전기 시장을 위한 전력 모듈), Chinese (电动汽车充电器市场的电源模块), French (Module d'alimentation pour le marché des chargeurs de véhicules électriques), German (Leistungsmodul für den EV-Lademarkt), and Italian (Modulo di alimentazione per il mercato dei caricabatterie per veicoli elettrici), etc.
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More Research Finding –
EV Chargers Market
The global electric vehicle (EV) charger market is anticipated to reach a value of approximately $17 billion in 2024, driven by the accelerated transition to sustainable transportation. The market is projected to grow significantly, reaching around $61 billion by 2034, translating to a compound annual growth rate (CAGR) of about 13.5% during the 2025-2034 forecast period.
https://exactitudeconsultancy.com/reports/62158/global-ev-chargers-market
PV+ESS+Charger Solution Market
The global market for Photovoltaic (PV) systems, Energy Storage Systems (ESS), and associated charging solutions is projected to reach a valuation of approximately $250 billion in 2024. This sector is anticipated to experience robust growth, with a projected market value soaring to about $580 billion by 2034. This corresponds to a Compound Annual Growth Rate (CAGR) of around 9% over the forecast period from 2025 to 2034.
https://exactitudeconsultancy.com/reports/60219/global-pv-ess-charger-solution-market
AC EV Chargers Market
The global market for AC electric vehicle (EV) chargers is valued at approximately $3.1 billion. The market is poised for significant growth, with a projected value of $10.5 billion by 2034, driven by the increasing adoption of electric vehicles and expanding charging infrastructure. The Compound Annual Growth Rate (CAGR) for the period 2025–2034 is estimated at around 12.8%.
https://exactitudeconsultancy.com/reports/59871/global-ac-ev-chargers-market
Energy-As-A-Cells Market
The energy-as-a-service (EaaS) market is valued at approximately $45 billion, reflecting a significant shift towards sustainable energy solutions. The market is projected to grow to $95 billion by 2034, driven by increasing demand for renewable energy, technological advancements, and government regulations promoting decarbonization. This represents a robust Compound Annual Growth Rate (CAGR) of around 8% during the forecast period from 2025 to 2034.
https://exactitudeconsultancy.com/reports/66704/energy-as-a-cells-market
Consumer Batteries Market
The global consumer batteries market is valued at approximately $65 billion, driven by the rising demand for portable electronics and electric vehicles. Analysts anticipate that the market will exhibit robust growth, with a projected value reaching around $100 billion by 2034. This indicates a compound annual growth rate (CAGR) of about 4.5% during the forecast period from 2025 to 2034.
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New Energy Commercial Vehicle Market
The global new energy commercial vehicle market is valued at approximately $50 billion. Driving significant growth, this market is projected to reach around $150 billion by 2034, supported by an estimated Compound Annual Growth Rate (CAGR) of 12.2% from 2025 to 2034.
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Iron-Chromium ICB Flow Batteries Market
The global iron-chromium (ICB) flow battery market is projected to reach a market value of approximately $1.2 billion by 2024, driven by the increasing demand for energy storage solutions in renewable energy applications. Forecasts indicate a robust growth trajectory, with the market anticipated to expand to around $3.5 billion by 2034, reflecting a Compound Annual Growth Rate (CAGR) of 11.3% during the 2025–2034 period.
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Aluminum Plastic Film for Pouch Lithium Battery Market
The global aluminum plastic film market for pouch lithium batteries is valued at approximately $2.3 billion in 2024, driven by the increasing demand for lightweight, durable, and efficient energy storage solutions. The market is projected to grow significantly, reaching around $4.5 billion by 2034, reflecting a Compound Annual Growth Rate (CAGR) of 7.1% from 2025 to 2034.
Low Voltage Direct Current (LVDC) Market
The global Low Voltage Direct Current (LVDC) market is poised for significant growth, with an estimated market value of approximately $3.2 billion in 2024. Projections indicate that the market could reach around $7.1 billion by 2034, reflecting robust advancements in renewable energy integration and energy efficiency. This represents a Compound Annual Growth Rate (CAGR) of about 8.3% from 2025 to 2034.
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Electric Vehicle EV DC Fast Charger Market
Electric Vehicle (EV) DC fast chargers is valued at approximately $5 billion, reflecting robust growth driven by increasing EV adoption and government support for electrification. The market is projected to reach around $15 billion by 2034, representing a significant opportunity for stakeholders. This translates into a Compound Annual Growth Rate (CAGR) of approximately 13.4% during the forecast period from 2025 to 2034.
https://exactitudeconsultancy.com/reports/64885/electric-vehicle-ev-dc-fast-charger-market
Next Generation Batteries Market
The global next-generation batteries market is valued at approximately $9.2 billion in 2024, with projections indicating a significant rise to around $28.7 billion by 2034. This growth reflects a robust Compound Annual Growth Rate (CAGR) of 12.2% during the forecast period from 2025 to 2034.
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Automotive EMC Testing Market
The automotive EMC testing market is valued at approximately $2.3 billion in 2024. It is anticipated to experience robust growth, reaching an estimated $3.5 billion by 2034, driven by increasing vehicle electrification and stringent regulatory requirements on electromagnetic interference. During the forecast period (2025–2034), the market is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.5%.
https://exactitudeconsultancy.com/reports/64718/automotive-emc-testing-market
EV Li-ion Battery Market
The electric vehicle (EV) lithium-ion battery market is poised for significant growth, with a current market value estimated at approximately $45 billion in 2024. This sector is projected to reach around $110 billion by 2034, driven by increasing demand for electric vehicles and advancements in battery technology. The CAGR for this period is forecasted at 9.1%, reflecting robust expansion amidst rising environmental concerns and a global push towards sustainable transport solutions.
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Lithium Battery Nickel Plated Steel Strips Market
The global market for lithium battery nickel plated steel strips is valued at approximately $1.2 billion in 2024, driven by the rising demand for electric vehicles (EVs) and energy storage systems. As the push for renewable energy and sustainable transport accelerates, the market is projected to reach around $2.6 billion by 2034, reflecting significant growth opportunities.
Traction Motor Core Market
The global traction motor core market is valued at approximately $5.2 billion in 2024, poised for significant growth driven by the increasing demand for electric vehicles (EVs) and advancements in transportation technology. The market is projected to reach around $9.8 billion by 2034, reflecting a robust compound annual growth rate (CAGR) of 6.8% during the 2025-2034 period.
https://exactitudeconsultancy.com/reports/64611/traction-motor-core-market
Electric Vehicle EV On Board Charger Market
The global electric vehicle (EV) on-board charger market is expected to reach approximately $4.6 billion in 2024. Driven by the increasing adoption of electric vehicles, stringent emissions regulations, and technological advancements in EV charging solutions, the market is projected to grow significantly over the next decade. By 2034, the market value is anticipated to soar to around $10.8 billion, representing a compound annual growth rate (CAGR) of approximately 8.7% during the forecast period of 2025–2034.
https://exactitudeconsultancy.com/reports/64576/global-electric-vehicle-ev-on-board-charger-market
Electric Vehicle Busbars Market
The global market for electric vehicle (EV) busbars is valued at approximately $1.2 billion in 2024. The market is projected to grow substantially, reaching an estimated $3 billion by 2034, driven by increasing electric vehicle adoption and advancements in charging infrastructure. This results in a Compound Annual Growth Rate (CAGR) of around 9.4% over the forecast period from 2025 to 2034.
https://exactitudeconsultancy.com/reports/64501/global-electric-vehicle-busbars-market
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