Power Module for EV Charger Market Size, Share, and COVID-19 Impact Analysis, By Phase (Single and Three), By Vehicle [Battery Electric Vehicles (BEV) and Hybrid Electric Vehicles (HEV)], and Regional Forecast, 2024-2032

A power module for an electric vehicle (EV) charger is a critical component that converts and regulates the electrical power supply required for charging the EV's battery. It is responsible for controlling the power flow and guaranteeing safe and efficient charging.

The market of power modules used in EV chargers is experiencing significant growth, driven by several key factors. For starters, the growing global usage of electric vehicles is raising the need for efficient and dependable charging infrastructure, which includes power modules.

Second, governments are offering subsidies and infrastructure development measures to encourage EV adoption, increasing the demand for power modules. Power electronics and semiconductor improvements are also boosting growth by enhancing the performance, efficiency, and reliability of power modules.

On the other hand, certain restraint factors can impact the market. The expensiveness of advanced power modules, particularly high-performance modules capable of fast charging and high power handling, can be a barrier to mainstream adoption. Furthermore, problems associated with the development of robust charging infrastructure, such as a shortage of charging stations, a lack of standardization, and the necessity for grid modifications, can hinder the expansion of power modules.

Impact of COVID-19 on the Power Module for EV Charger

The pandemic had an impact on the power module market for EV chargers, both directly and indirectly. One of the most significant issues has been a disruption in global supply chains, resulting in delays in the production and availability of power module components. Manufacturing facilities were temporarily closed, and capacity was curtailed, resulting in supply chain difficulties and long lead times.

Furthermore, the pandemic has slowed the overall growth of the electric vehicle market. Economic uncertainty and decreased consumer spending have slowed demand for electric vehicles and, as a result, demand for EV chargers and power modules. Many prospective purchasers have postponed their purchases due to financial concerns.

Additionally, the pandemic has impeded the deployment of charging infrastructure, particularly EV chargers. Construction projects and installations have been delayed or postponed, slowing the installation of charging stations.

Key Insights

The report will cover the following key insights:

• Key Industry Developments – Mergers, Acquisitions, and Partnerships.


• Porter's Five Forces Analysis.


• Technological Developments.


• Impact of COVID-19 on the Power Module for the EV Charger Market.

Regional Analysis

North America is a prominent market for power modules in EV chargers, owing to rising electric vehicle usage and robust charging infrastructure development. Considerable investments in renewable energy and sustainable transportation are taking place in the region, owing to government initiatives and favorable policies. Furthermore, the presence of significant electric car manufacturers and technology providers fuels the growth of the North American power module market.

Europe is another important location in the power module industry, with strict emissions restrictions and a strong commitment to lowering carbon emissions. The European Union has set aggressive targets for adopting electric vehicles and is actively investing in charging infrastructure. Countries such as Germany, France, and the Netherlands are pioneering EV adoption, resulting in a favorable market for power modules. Additionally, the region's emphasis on renewable energy sources and sustainability coincides with the expansion of the power module market for EV chargers.

Key Players Covered

The report includes the profile of players such as Continental AG, Robert Bosch GmbH, Denso Corporation, Hitachi Automotive Systems Ltd., Mitsubishi Electric Corporation, STMicroelectronics, ON Semiconductor, Infineon Technologies, Toshiba Corporation, NXP Semiconductors, and others.

Segmentation

Key Industry Developments

• February 2023: Blink Charging came into an exclusive arrangement with Mitsubishi Motors North America to make Blink chargers and turnkey installation services available to all 323 U.S. dealerships.