EV Charger Module Market Size, Share, Growth, and Industry Analysis, By Type (AC Charger Module and DC Charger Module), By Application (Level 1 Charger Location, Level 2 Charger Location and Level 3 Charger Location), Regional Forecast to 2031

Updated On: 29 April 2024

REPORT OVERVIEW

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The global EV charger module market size expanded rapidly in 2024 and the market projected to grow substantially by 2031, exhibiting a robust CAGR.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The module converts the electrical energy from the power source (typically grid electricity) into a form that can be used to charge the electric vehicle's battery. This conversion can involve transforming the voltage and current to levels suitable for the vehicle's battery. EV Charger Modules often have communication capabilities, allowing them to interact with the EV and the charging station's central management system. This communication enables features like authentication, billing, and remote monitoring and control of the charging process. Safety is a critical aspect of EV charging. Charger modules may include safety features like ground fault detection, overcurrent protection, and overvoltage protection to ensure safe and reliable charging.

Some EV Charger Modules have a user interface for drivers to interact with, making it easy for them to start and stop charging, view charging progress, and receive information about the charging session. Charger modules need to be compatible with different types of electric vehicles and charging standards. Common standards include CHAdeMO, CCS (Combined Charging System), and Type 2 (for AC charging). Many charging stations are designed with modular components, allowing for easy maintenance and upgrades. The EV can often be replaced or upgraded without having to replace the entire charging station. Some advanced charging modules support load management and peak shaving to help balance the load on the grid and optimize energy usage at a charging station.

COVID-19 Impact: Slowed Production and Supply Chain Disruptions to Hinder Market Growth

In the early stages of the pandemic, many manufacturing facilities around the world shut down or operated at reduced capacity due to lockdowns and health safety measures. This led to supply chain disruptions and slowed production of EV charger modules. The pandemic led to a decline in overall vehicle sales, including electric vehicles. Reduced consumer demand for EVs during economic uncertainty impacted the need for EV charging infrastructure. With lockdowns and restrictions in place, many people reduced their travel, which, in turn, decreased the need for public charging infrastructure. However, some residential charging demand may have increased as more people worked from home.

LATEST TRENDS

"Bidirectional Charging to Enhance Market Growth"

The development and deployment of ultra-fast chargers, capable of delivering high-power DC charging (350 kW or more), have been gaining momentum. These chargers significantly reduce charging times, making EVs even more convenient for users. Bidirectional chargers, which allow power to flow both from and to the EV, are emerging. This enables vehicle-to-grid (V2G) and vehicle-to-home (V2H) capabilities, allowing EVs to serve as backup power sources for homes and contribute to grid stability. Wireless charging technology for EVs is under development and starting to see commercial deployments. This involves inductive or resonant charging, which eliminates the need for physical cables and connectors.

SEGMENTATION

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• By Type

Based on type market is classified as AC charger module and DC charger module.

• By Application

Based on application market is classified as level 1 charger location, level 2 charger location and level 3 charger location.

DRIVING FACTORS

"Government Incentives and Policies to Augment Market Growth"

The increasing popularity of electric vehicles as a sustainable and environmentally friendly transportation option is a primary driver. As more consumers and businesses switch to EVs, the demand for EV charger modules and charging infrastructure grows. Many governments worldwide are implementing policies and providing incentives to promote the adoption of electric vehicles. These measures can include subsidies, tax incentives, and regulatory requirements, which encourage the development of EV charging infrastructure. Growing concerns about climate change and air quality are driving the shift toward electric vehicles. Consumers and businesses are seeking eco-friendly transportation options, and this demand fuels the need for accessible and efficient charging solutions.

"Energy Independence and Security to Propel Market Growth"

Improvements in battery technology, such as increased energy density and faster charging capabilities, are making EVs more appealing. These advancements underscore the importance of reliable and efficient EV charger module market growth. Electric vehicles typically have lower operating and maintenance costs compared to traditional internal combustion engine vehicles. This financial incentive encourages more consumers and businesses to invest in EVs and charging infrastructure. Electric vehicles can contribute to reducing dependence on fossil fuels and increasing energy security. This shift aligns with energy policies aimed at diversifying energy sources, making EV a strategic component of energy infrastructure. As urban areas become more populated, the need for convenient and accessible charging solutions for residents and businesses increases. EV charger modules are integral to meeting this demand.

RESTRAINING FACTOR

"Limited EV Market Penetration to Impede Market Expansion"

The installation and setup of EV charging infrastructure can be expensive, which can deter potential investors, especially for public charging stations. The relatively low market penetration of electric vehicles, compared to internal combustion engine vehicles, can reduce the immediate demand for charging infrastructure, making it less attractive for businesses to invest in EV charger modules. Concerns about the limited driving range of electric vehicles and the availability of charging stations can discourage potential EV buyers. Addressing range anxiety is crucial for promoting EV adoption and increasing the demand for charging infrastructure. Incompatibility between different charging standards and connectors can create confusion and inconvenience for EV users. Establishing industry standards and ensuring interoperability is a challenge.

REGIONAL INSIGHTS

"Asia Pacific to Dominate the Market Due to Ambitious Policies"

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Asia Pacific has been a global leader in the electric vehicle industry and charging infrastructure. The Chinese government has implemented ambitious policies and incentives to promote electric vehicle adoption, leading to a significant market for EV charger. Numerous charging networks and companies operate in China, providing a robust charging infrastructure. Asia Pacific has been a rapidly growing market for EVs and charging infrastructure. The region has seen strong EV adoption rates. It has also committed to reducing emissions and has been investing in charging infrastructure, making it a prominent region for EV charger module market share.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Texas Instruments Incorporated (U.S.)
• Emerson (U.S.)
• Huawei (China)
• Vincotech (Germany)
• Shenzhen Yingkerui Technology (China)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.