Press release
Automotive DC-DC Converters Market Size, Trends, Volume, Market Forecast 2023-2030
The Global Automotive DC-DC Converters Market reached USD 604.4 million in 2022 and is expected to reach USD 6,159.0 million by 2030, growing with a CAGR of 33.7% during the forecast period 2023-2030.
The rising trend toward hybrid and electric vehicles is having a significant influence on the market for automotive DC-DC converters. These converters are key components of hybrid and electric vehicles because they convert high-voltage power from the battery to the low-voltage electricity required by various vehicle systems.
The expansion of vehicle charging infrastructure has a considerable impact on the appeal of electric automobiles. As more charging stations are developed, consumers are more likely to switch to electric cars, boosting the need for automotive DC-DC converters.
Europe is one of the fastest-growing regions in the global automotive DC-DC converters market, accounting for more than a third of the market, and the European electric vehicle market has grown drastically as a result of new developments in the automotive industry, as well as favourable government policies and assistance in the form of subsidies, grants, and tax breaks. European governments are making major expenditures in R&D. In 2019, the German government planned to spend more than USD 3 billion in the region's electric vehicle sector.
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Market Drivers
Increasing R&D Investments to Include Dc-Dc Converters in Commercial Vehicles
As higher pollution requirements are progressively accepted, automotive OEMs are incorporating novel technology into their vehicle offerings to increase fuel efficiency. As a consequence of this trend, electric drivetrains for medium and heavy commercial vehicles (M&HCVs) have been developed. A DC-DC converter must be included in the electric powertrain to improve efficiency. In response to the increase in commercial vehicle sales, component manufacturers have improved their product ranges.
In addition, Prodrive launched a 48V to 12V DC-DC converter in 2019 that meets the ISO/DIS 21780 standard for 48V automotive systems. The converter is available in a range of power options ranging from 400W to 2.2kW and can be tailored to match automotive networks such as Can and FlexRay.
Furthermore, due to increased freight and logistics activities, the logistics and municipal sectors have seen a significant growth in demand for pick-up trucks. The market for personal electric pickup trucks has lately grown significantly, particularly in Europe and North America. In this setting, automakers such as Ford, General Motors, and Volkswagen have virtually increased their focus on electric car manufacturing. A number of new enterprises and startups have proclaimed their intention to create hybrid or all-electric pickup truck models in the future years.
Market Key Players
The major companies contributing to the Automotive DC-DC Converters Market growth include Infineon Technologies AG, Texas Instruments Incorporated, ROHM Semiconductor, STMicroelectronics, Mitsubishi Electric Corporation, Toshiba Electronic Devices & Storage Corporation, Panasonic Corporation, Renesas Electronics Corporation, Delta Electronics, Inc. and Vicor Corporation.
Related Reports
DC Power Supplies Market - https://www.datamintelligence.com/research-report/dc-power-supplies-market
Electric Bus Market - https://www.datamintelligence.com/research-report/electric-bus-market
Automotive Inverter Market - https://www.datamintelligence.com/research-report/automotive-inverter-market
DC Switchgear Market - https://www.datamintelligence.com/research-report/dc-switchgear-market
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