Automotive DC-DC Converter Market
Automotive DC-DC Converter Market Size, Share & Trends Analysis Report by Product Type (Isolated DC-DC Converters, and Non-isolated DC-DC Converters), by Propulsion Type (Hybrid Electric Vehicles (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Battery Electric Vehicle (BEV), and Fuel Cell Electric Vehicle (FCEV)), and by Vehicle Type (Passenger Vehicles, and Commercial Vehicles) Forecast Period (2024-2031)
Automotive DC-DC converter market is anticipated to grow at a significant CAGR of 30.2% during the forecast period (2024-2031). The automobile industry is rapidly transitioning to Electric Vehicles (EVs) as a result of legislative requirements, technological improvements, and environmental concerns. The demand for automotive DC-DC converters is rising owing to the rising sales of EVs, including BEVs, PHEVs, and HEVs. Governments are pushing for increased EV production and adoption by enforcing stronger pollution restrictions. Power electronics advancements such as gallium nitride and silicon carbide are increasing power density and converter efficiency. Furthermore, sophisticated power management is needed for contemporary car amenities such as infotainment systems and automated driving technologies. Further driving the market growth are the integration of DC-DC converters with onboard chargers and the expansion of EV charging infrastructure. The demand for advanced power management systems is generally being driven by the trend towards the electrification of vehicles and rising consumer awareness of environmental concerns.
Market Dynamics
Rising Adoption of Electric and Hybrid Vehicles
The demand for DC-DC converters is increasing owing to the rise in EV registrations, especially in substantial nations including China, Europe, and the US. According to Iea.org, in 2023, nearly 14 million electric cars were registered worldwide, with China, Europe, and the US accounting for 95.0% of these sales. This brought the total number of electric cars on the road to 40 million, aligning closely with the sales forecast from the 2023 Global EV Outlook (GEVO-2023). Electric car sales saw a year-on-year increase of 35.0%, with 3.5 million more units sold than in 2022, marking a sixfold increase compared to 2018.
Rise in Autonomous and Connected Vehicles
The demand for DC-DC converters has been driven by the growing number of autonomous and connected vehicles, that require reliable power sources for sensors, processors, and communication systems. For instance, in July 2024, Eaton introduced a 48 V DC-DC converter for off-highway vehicles in harsh environments, offering up to 40 A of output current capacity. The converter is air-cooled, can operate at 185° F, and reduces weight and space. It supports the Controller Area Network (CAN) bus specification.
Market Segmentation
- Based on the type, the market is segmented into isolated DC-DC converters and non-isolated DC-DC converters.
- Based on the Propulsion Product Type, the market is segmented into Hybrid Electric Vehicles (HEV), Plug-In Hybrid Electric Vehicles (PHEV), Battery Electric Vehicles (BEV), and Fuel Cell Electric Vehicles (FCEVs).
- Based on the vehicle product type, the market is segmented into passenger vehicles and commercial vehicles.
Passenger Vehicles Segment is projected to Hold the Largest Market Share
The demand for advanced power management solutions, such as DC-DC converters, is growing significantly in the Indian passenger car market, which is required to enable new technologies and boost vehicle production. According to the India Brand Equity Foundation (IBEF), in May 2024, the Indian passenger car market was valued at $32.70 billion in 2021 and is anticipated to reach $54.84 billion by 2027, with expected growth between 2022-2027. The global EV market was estimated at approximately $250 billion in 2021 and is projected to grow to $1,318 billion by 2028. In April 2024, the production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles totaled 23,58,041 units, while in FY24, the production of passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadricycles reached 2,84,34,742 units.
Battery Electric Vehicle (BEV) Segment to Hold a Considerable Market Share
The market for DC-DC converters is growing as a result of the increased use of battery electric vehicles (BEVs), primarily as a result of international initiatives to lower pollution. For instance, in April 2022, Toyota developed a compact, lightweight unit for battery electric vehicles (BEVs) that integrates an onboard charger and DC-DC converter. The unit serves as a core unit for charging and power conversion functions and is mounted in the bZ4X BEV. The charger converts AC voltage into DC voltage, while the converter powers auxiliary batteries, ECUs, navigation systems, and lights.
Regional Outlook
The global automotive DC-DC converter market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Expansion of EV Charging Infrastructure In the North America Region
The demand for efficient and reliable DC-DC converters has led to a significant increase in public EV charging infrastructure. According to the World Economic Forum, in June 2024, the National Renewable Energy Laboratory projects that up to 25.0% of electric vehicle drivers in the US require approximately 1.2 million public chargers by 2030.
Global Automotive DC-DC Converter Market Growth by Region 2024-2031
Asia-Pacific Holds Major Market Share
The development of electric mobility and rising demand for DC-DC converters are driving the substantial expansion of the EV industry in India. According to the India Brand Equity Foundation (IBEF), in July 2024, the global electric vehicle market, valued at $255.5 billion in 2023, is expected to reach $2,108.8 billion by 2033, with India experiencing a 49.2% increase in sales. The Indian EV battery market is projected to grow from $16.7 billion in 2023 to $27.7 billion by 2028.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the automotive DC-DC converter market include Continental Engineering Services GmbH, DENSO Corp., Mitsubishi Electric Corp, Robert Bosch GmbH, Panasonic Industry Co., Ltd., and others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market.
Recent Developments
- In May 2024, Hyundai Motor launched its first 180 kW DC fast public EV charging station in Chennai, Tamil Nadu. The Spencer Plaza Mall station in Anna Salai, Thousand Lights, is part of HMIL's initiative to install 100 charging stations along major highways and cities.
- In February 2023, Toshiba introduced the TB9083FTG gate-driver IC for automotive brushless DC motors, enhancing the safety of electrical components. The product controls and drives external N-channel power MOSFETs, meets ISO 26262 2nd edition functional safety, and supports ASIL-D for safety-critical automotive systems.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global automotive DC-DC converter market. Based on the availability of data, information related to new products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Industry Trends
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Mitsubishi Electric Corp.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Robert Bosch GmbH
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Other Key Players
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Automotive DC-DC Converter Market by Product Type
4.1.1. Isolated DC-DC Converters
4.1.2. Non-Isolated DC-DC Converters
4.2. Global Automotive DC-DC Converter Market by Propulsion Product Type
4.2.1. Hybrid Electric Vehicles (HEV)
4.2.2. Plug-In Hybrid Electric Vehicle (PHEV)
4.2.3. Battery Electric Vehicle (BEV)
4.2.4. Fuel Cell Electric Vehicle (FCEV)
4.3. Global Automotive DC-DC Converter Market by Vehicle Product Type
4.3.1. Passenger Vehicles
4.3.2. Commercial Vehicles
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. Alps Alpine Co., Ltd.
6.2. Analog Devices, Inc.
6.3. Aptiv
6.4. Bellnix Co., Ltd.
6.5. Continental Engineering Services GmbH
6.6. Delta Electronics, Inc.
6.7. DENSO Corp.
6.8. EGTRONICS
6.9. Hitachi Automotive Systems, Ltd.
6.10. Infineon Technologies AG
6.11. Lear Corp.
6.12. Marelli Corp.
6.13. Panasonic Industry Co., Ltd.
6.14. Schneider Electric
6.15. TDK Corp.
6.16. Texas Instruments Inc.
6.17. Toyota Industries Corp.
6.18. Vicor Corp.
1. Global Automotive DC-DC Converter Market Research And Analysis By Product Type, 2023-2031 ($ Million)
2. Global Isolated Automotive DC-DC Converter Market Research And Analysis By Region, 2023-2031 ($ Million)
3. Global Non-isolated Autonomous DC-DC Converter Market Research And Analysis By Region, 2023-2031 ($ Million)
4. Global Automotive DC-DC Converter Market Research And Analysis By Propulsion Product Type, 2023-2031 ($ Million)
5. Global Hybrid Electric Vehicles Automotive DC-DC Converter Market Research And Analysis By Region, 2023-2031 ($ Million)
6. Global Plug-in Hybrid Electric Vehicle Automotive DC-DC Converter Market Research And Analysis By Region, 2023-2031 ($ Million)
7. Global Battery Electric Vehicle (BEV) Automotive DC-DC Converter Market Research And Analysis By Region, 2023-2031 ($ Million)
8. Global Fuel Cell Electric Vehicle Automotive DC-DC Converter Market Research And Analysis By Region, 2023-2031 ($ Million)
9. Global Automotive DC-DC Converter Market Research And Analysis By Vehicle Product Type, 2023-2031 ($ Million)
10. Global Passenger Vehicles Automotive DC-DC Converter Market Research And Analysis By Region, 2023-2031 ($ Million)
11. Global Commercial Vehicles Automotive DC-DC Converter Market Research And Analysis By Region, 2023-2031 ($ Million)
12. Global Automotive DC-DC Converter Market Research And Analysis By Region, 2023-2031 ($ Million)
13. North American Automotive DC-DC Converter Market Research And Analysis By Country, 2023-2031 ($ Million)
14. North American Automotive DC-DC Converter Market Research And Analysis By Product Type, 2023-2031 ($ Million)
15. North American Automotive DC-DC Converter Market Research And Analysis By Propulsion Product Type, 2023-2031 ($ Million)
16. North American Automotive DC-DC Converter Market Research And Analysis By Vehicle Product Type, 2023-2031 ($ Million)
17. European Automotive DC-DC Converter Market Research And Analysis By Country, 2023-2031 ($ Million)
18. European Automotive DC-DC Converter Market Research And Analysis By Product Type, 2023-2031 ($ Million)
19. European Automotive DC-DC Converter Market Research And Analysis By Propulsion Product Type, 2023-2031 ($ Million)
20. European Automotive DC-DC Converter Market Research And Analysis By Vehicle Product Type, 2023-2031 ($ Million)
21. Asia-Pacific Automotive DC-DC Converter Market Research And Analysis By Country, 2023-2031 ($ Million)
22. Asia-Pacific Automotive DC-DC Converter Market Research And Analysis By Product Type, 2023-2031 ($ Million)
23. Asia-Pacific Automotive DC-DC Converter Market Research And Analysis By Propulsion Product Type, 2023-2031 ($ Million)
24. Asia-Pacific Automotive DC-DC Converter Market Research And Analysis By Vehicle Product Type, 2023-2031 ($ Million)
25. Rest Of The World Automotive DC-DC Converter Market Research And Analysis By Region, 2023-2031 ($ Million)
26. Rest Of The World Automotive DC-DC Converter Market Research And Analysis By Product Type, 2023-2031 ($ Million)
27. Rest Of The World Automotive DC-DC Converter Market Research And Analysis By Propulsion Product Type, 2023-2031 ($ Million)
28. Rest Of The World Automotive DC-DC Converter Market Research And Analysis By Vehicle Product Type, 2023-2031 ($ Million)
1. Global Automotive DC-DC Converter Market Share By Product Type, 2023 Vs 2031 (%)
2. Global Isolated Automotive DC-DC Converter Market Share By Region, 2023 Vs 2031 (%)
3. Global Non-Isolated Automotive DC-DC Converter Market Share By Region, 2023 Vs 2031 (%)
4. Global Automotive DC-DC Converter Market Share By Propulsion Product Type, 2023 Vs 2031 (%)
5. Global Hybrid Electric Vehicles Automotive DC-DC Converter Market Share By Region, 2023 Vs 2031 (%)
6. Global Plug-in Hybrid Electric Vehicle Automotive DC-DC Converter Market Share By Region, 2023 Vs 2031 (%)
7. Global Battery Electric Vehicle Automotive DC-DC Converter Market Share By Region, 2023 Vs 2031 (%)
8. Global Fuel Cell Electric Vehicle Automotive DC-DC Converter Market Share By Region, 2023 Vs 2031 (%)
9. Global Automotive DC-DC Converter Market Share By Vehicle Product Type, 2023 Vs 2031 (%)
10. Global Passenger Vehicles Automotive DC-DC Converter Market Share By Region, 2023 Vs 2031 (%)
11. Global Commercial Vehicles Automotive DC-DC Converter Market Share By Region, 2023 Vs 2031 (%)
12. Global Automotive DC-DC Converter Market Share By Region, 2023 Vs 2031 (%)
13. US Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
14. Canada Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
15. UK Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
16. France Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
17. Germany Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
18. Italy Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
19. Spain Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
20. Rest Of Europe Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
21. India Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
22. China Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
23. Japan Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
24. South Korea Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
25. Rest Of Asia-Pacific Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
26. Latin America Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
27. Middle East And Africa Automotive DC-DC Converter Market Size, 2023-2031 ($ Million)
