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Automotive DC-DC Converters Market Size, Growth, Market Analysis, Segmentation, And Forecast To 2033
Automotive DC-DC Converters Market Size
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According to The Business Research Company's, The automotive dc-dc converters market size has grown exponentially in recent years. It will grow from $0.63 billion in 2023 to $0.88 billion in 2024 at a compound annual growth rate (CAGR) of 38.6%. The growth in the historic period can be attributed to growth in automotive industry, stringent emission regulations, rising consumer demand for electronics, economic growth.
The automotive dc-dc converters market size is expected to see exponential growth in the next few years. It will grow to $2.61 billion in 2028 at a compound annual growth rate (CAGR) of 31.3%. The growth in the forecast period can be attributed to rising vehicle production, electric vehicle adoption, rising global urbanization, growing per capita disposable income, government support. Major trends in the forecast period include wide-bandgap semiconductors, digital control and communication, vehicle-to-grid (v2g) integration, sustainable materials, customization and integration.
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Market Drivers and Trends:
The increase in the adoption of electric vehicles contributed to the growth of the automotive DC-DC converter market. The output of the batteries in an electric vehicle is several hundred of volts but the components inside the vehicles require different voltages and most of the components run on lower voltage such as air-conditioning and in-built displays. The automotive DC-DC converter turns the high voltage into low voltage or low voltage to high. For instance, according to May 2022 published, Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. The increase in the adoption of electric vehicles increases the demand for automotive DC-DC converters, driving the growth of the automotive DC-DC converter market.
Major companies operating in the automotive DC-DC converter market are focusing on product launches such as new lines of DC-DC converters to meet growing demand. The converters are designed to be used in diesel-powered commercial vehicles, supporting the power needs of systems such as lighting, heating, ventilation, air conditioning (HVAC), and other auxiliary functions. For instance, in May 2022, Eaton Corporation, a US-based power management company, introduced a new line of DC-DC converters designed for 48-volt commercial vehicle architectures. The converters are specifically developed to meet the demands of commercial vehicle electrical systems, providing efficient power conversion and management solutions.
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Major Key Players of the Market:
Continental AG, BorgWarner Inc, Denso Corporation, Valeo, Toyota Industries Corporation, Robert Bosch GmbH, Vicor Corporation, TDK-Lambda Corporation, Delta Electronics, HELLA GmbH & Co. KGaA, MOBIS INDIA LIMITED, Panasonic Corporation, Infineon technologies, Mornsun Guangzhou Science & Technology Co. Ltd., Alps Alpine Co, Mareli Corporation, LG Innotek Co. Ltd., Texas Instruments Incorporated, ZF Friedrichshafen AG, NAC Group Inc., SynQor Inc., Nanjing Pengtu Power Supply Co. Ltd., AEGIS Power Systems Inc., Murata Manufacturing Co. Ltd., Shindengen Electric Manufacturing Co. Ltd., Delta-Q Corporation, Robert Bosch GmbH, Skyworks Solutions Inc., Semiconductor Components Industries, Crane Aerospace and Electronics, VPT Power Inc., Microsemi Corporation, UTC Aerospace Systems, STMicroelectronics N.V., ON Semiconductor Corporation, Renesas Electronics Corporation, CUI Inc., Bel Fuse Inc., Eaton Corporation, Fujitsu Limited, Cosel Co. Ltd., Traco Electronic AG, XP Power
Automotive DC-DC Converters Market 2024 Key Insights:
• The automotive dc-dc converters market size is expected to see exponential growth in the next few years. It will grow to $2.61 billion in 2028 at a compound annual growth rate (CAGR) of 31.3%.
• The Effect Of Electric Vehicle Adoption On The Automotive Dc-Dc Converter Market
• Players In The Automotive Dc-Dc Converter Market Launch New Product Lines
• Asia-Pacific was the largest region in the automotive DC-DC converter market in 2023
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