Automotive DC-DC Converter Market Will Generate Booming Growth Opportunitie
According to Future Market Insights' most recent market estimate, the automotive DC-DC converter market size is worth US$ 782.4 million in 2023, growing at a CAGR of 33.4% From 2023 to 2033.
Key Takeaways
The automotive DC-DC converter market is likely to have a CAGR of 33.4% during the forecast period.
Historically, the automotive DC-DC converter market had a CAGR of 22.8% between 2018-2022.
The value of the automotive DC-DC converter market is expected to be US$ 13,962.9 million by 2033.
Based on propulsion type, the PHEV segment has a 64.1% share in the automotive DC-DC converter
The US dominates the automotive DC-DC converter market with a share of 12.9% by 2033.
During the forecast period, the automotive DC-DC converter market in China is likely to showcase a CAGR of 26%.
Competitive Landscape
Automotive DC-DC converter vendors who rely heavily on established markets for their sales must successfully reinvent their product lines in order to ensure low environmental impact and well-designed digital features.
Some of the major key players in the market are Robert Bosch GmbH, Denso Corporation, Toyota Industries Corporation, Delta Electronics, Continental AG, Tesla, Hella GmbH & Co. KGaA, Hyundai, Honda, BorgWarner Inc, Ford, and Vicor Corporation.
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The automotive DC-DC converter market is anticipated to soar to new heights as a result of rising fuel prices and the growing trend toward electric automobiles. These vehicles are popular on the market since they help cut down on vehicle emissions.
The demand for high-performance, low-emission vehicles is rising, and government regulations on vehicle emissions are becoming more stringent. These factors are some of the factors driving the sales of automotive DC-DC converter.
Automotive DC-DC converter manufacturers have been forced to expand their selection of products as a result of the increase in sales of commercial vehicles. For instance, Ford created a pickup truck that is all electric and is predicted to have a 300-mile operating range.
Ford had initially planned to develop a hybrid powertrain, but the company has now changed its mind and now prefers a fully electric truck. The F-150 electrified went on sale in 2022. The expansion of the automotive DC-DC converter market is attributed to the growing electrification of the automotive industry across all geographies and countries.
Sales of electric vehicles surged significantly during the pandemic, despite the fact that the automobile industry faced major difficulties during that time. Due to the technologically superior, environmentally friendly components that are included in electric vehicles, their initial cost is more than that of gasoline-powered engines, but their ongoing costs are cheaper.
Moreover, the Asia-Pacific region is predicted to have a significant share of the market throughout the forecast period due to expanding vehicle production and the growing focus that major governments are putting to the electrification of vehicles.
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Recent Developments in the Market
In May 2021, TDK Corporation (TDK) declared a partnership with Contemporary Amperex Technology Co, Limited (CATL) to broaden its product lines, which now include DC-DC converters and electrical parts for electric vehicles. CATL purchases products from TDK in the automotive electrical and power supply categories for use in automotive power units.
With the introduction of a new DC/DC converter by Vitesco Technologies in February 2021, high-voltage vehicles can now also provide energy to the heating discs of the electrically heated EMICAT catalyst.
The unique e-catalyst offers the lowest emissions during actual operation, which is increasingly important in light of upcoming requirements like Euro 7.
Now, a newly developed DC/DC converter transforms the high voltage of the drive system into low voltage and power for the heating disc.