According to the UnivDatos analysis, the rising electric vehicles, renewable energy, and substantial government support would drive the global scenario of the Power Converters and Talkative Power market. As per their “Power Converters and Talkative Power Market” report, the global market was valued at USD 22.7 Billion in 2023, growing at a CAGR of 7.4% during the forecast period from 2024 - 2032 to reach USD Billion by 2032.

A converter is an electrical circuit which accepts a DC input and generates a DC output of a different voltage, usually achieved by high frequency switching action employing inductive and capacitive filter elements. A power converter is an electrical circuit that changes the electric energy from one form into the desired form optimized for the specific load. A converter can perform one or more functions to provide an output different from the input. It can be used to provide input voltage, reverse polarity, or generate multiple output voltages of same polarity, different polarity, or mixed polarity with input as in computer power supplies As renewable energy is becoming more widely accepted , growing trend of electric vehicles and energy efficient solutions are driving the market worldwide energy consumption is increasing and demand for energy conversion is high as renewable sources of will connect to the existing grid has become increasingly important.

Growing trends toward new technologies and production scale efficiencies are key contributors to increased business investments, which is another factor propelling the power converters market. The influx of investment is driven by an increased need for sustainable energy solutions in several sectors, including renewable energies, electric vehicles, and industrial automation. Globally renowned companies are focusing on R&D to develop the next generation of power conversion systems designed for enhanced efficiency, reliability, and built-in scalability. Automotive supplier Marelli is establishing a strategic relationship with power conversion company Transphorm. The partnership is intended to allow Marelli a close look at and practical experience with how high-tech products used in the electric and hybrid-electric powertrains of vehicles—including power converters or onboard chargers for EV separators and inverters—are developed.

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Electric Vehicles

The global transportation sector is undergoing a tectonic shift at present, with the electric vehicle (EV) industry leading this transformation supported by technological advancements and increasing attention to environmental concerns, along with shifts in consumer preferences. Electric vehicles (EVs) have many advantages compared to conventional gasoline-powered cars, such as significantly lower greenhouse gas emissions and fuel costs, in addition to far better energy efficiency. As demand grows for EV, the demand for power converters will grow as well during the forecast period.

Examples:

1. Volkswagen Group: The company intends to be net carbon neutral by 2050 at the latest. A new interim milestone is the targeted 40-percent reduction in CO2 emissions per vehicle in Europe by 2030 – substantially outperforming the Group target of 30 percent.
2. USA Inflation Reduction Act: As part of President Biden’s goal of having 50 percent of all new vehicle sales be electric by 2030, the White House is announcing public and private commitments to support America’s historic transition to electric vehicles (EV) under the EV Acceleration Challenge. President Biden’s Inflation Reduction Act adds and expands tax credits for purchases of new and used EVs—helping bring the benefits of clean energy to communities across the nation.

Government Support for Renewable Energy: Specifically, the government is promoting electric vehicles and encouraging renewable energy uptake. The global power converters' direct consumer markets gained an increase due to government support, incentives, regulations, etc. The government has subsidized clean energy and transportation technology with tax credits, grants, and subsidies. Such a factor would serve to support the expansion of the power converter market over the course of the forecast period.

Examples:

1. The European Union Green Deal: The European Commission has adopted a set of proposals to make the EU's climate, energy, transport and taxation policies fit for reducing net greenhouse gas emissions by at least 55% by 2030.
2. NEV Policy of China: The Chinese government has actively introduced various policies and standards to promote the development of the Chinese NEV industry effectively. With more than half of the world’s electric cars and having already exceeded its 2025 target for new energy vehicles (NEVs) sales, China has become a global leader in the electric vehicle (EV) industry. To further boost domestic sales in this sector, the country has now announced an extension of its tax exemption policy for NEVs. The tax break, initially set to expire in 2023, will now be extended until 2027.

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Conclusion

Electric vehicles and renewable energy will be key developments for converters in the new era in global geopolitics. Electric vehicles have grown rapidly due to the next generation of technologies and the demand for sustainable mobility solutions. At the same time, the ever-increasing use of renewable generators is a reality due to downstream costs and advanced technologies, which are effective in providing stimulation planning activities and reduce carbon dioxide emissions contributing to a clean energy future.

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