(I-BusinessNews.Com, April 30, 2021 ) The global Automotive DC-DC Converters Market size is projected to grow from an estimated USD 339 million in 2020 to USD 1,432 million by 2025, at a CAGR of 33.4% during the forecast period. Automotive DC-DC converters are devices that transform input DC that has a range of voltages into regulated DC with a stable output voltage. These converters are designed to operate at high switching frequencies to reduce the size of output capacitors and inductors to save the onboard space of power equipment. Electronic component manufacturers require advanced and miniaturized DC-DC converters for use in their electronic devices to reduce the overall space occupied by device circuits as well as improve their performance. This has also led to the development of technologically advanced DC-DC converters to cater to the power supply requirements of various automotive vehicles such as battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles, among others.
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COVID-19 impact on the Automotive DC-DC Converters Market
The COVID-19 pandemic has had a severe impact on the globally integrated automotive industry. Symptoms include a disruption in Chinese parts exports, large-scale manufacturing interruptions across Europe, and the closure of assembly plants in the US. This is placing intense pressure on an industry already coping with a downshift in global demand and likely leading to increased merger & acquisition activity. According to industry experts, automotive sales are most likely to decrease 14-22% among the Chinese, US, and European markets in 2020. The automotive industry in the US continued to remain fragile in the month of August and September, while China automotive sales continue their fast recovery. Vehicle shipments reached close to 2.2 million units in August, up 11.6% on a YoY basis. The easing of lockdowns in many countries of Europe coupled with stimulus packages to support economic revival seems to have started benefitting the region’s automotive industry. The COVID-19 pandemic has led to many changes in car-buyer behavior and attitude.
The passenger vehicle segment is estimated to lead the automotive DC-DC converters market in 2020
Based on vehicle type, the automotive DC-DC converters market is segmented into a commercial vehicle and passenger vehicle. The passenger vehicle segment of the automotive DC-DC converters market is accounted for the largest share during the forecast period. Car manufacturers such as Tesla, Honda, Hyundai, and Ford, among others, are manufacturing passenger electric vehicles in order to combat GHG emissions from the automotive industry. Also, government initiatives in the form of tax exemptions on using electric vehicles are increasing the demand from consumers to opt for environment-friendly vehicles for private and shared mobility purposes, in turn, driving the demand for passenger vehicles.
The battery-electric vehicle segment is expected to grow at the highest CAGR during the forecast period
Based on propulsion type, the automotive DC-DC converters market has been segmented into battery electric vehicles (BEV), fuel cell electric vehicles (FCEV), and plug-in hybrid electric vehicles (PHEV). The BEV segment is estimated to account for the largest share and grow at the highest CAGR during the forecast period. This is due to the rise in demand for electrification in the automobile sector. Moreover, increasing environmental awareness, government subsidies, and tax exemptions are expected to lead to a surge in demand for DC-DC converters in this segment. Industry experts has states that, globally, countries are making the switch from gasoline and diesel vehicles to electric vehicles (EVs). Due to an accelerated shift to EVs, some estimates suggest that by 2040, EVs will account for more than 50% of global new car sales. Furthermore, in parallel with the shift to EVs, the development of autonomous vehicles is being accelerated. To meet the surging demand for BEVs, various players are developing advanced, compact DC-DC converters.
Europe is expected to grow at the highest CAGR during the forecast period
Europe is expected to grow at the highest CAGR during the forecast period. The European market is estimated to exhibit growth in the coming years, resulting from an increase in demand for electric vehicles. It is home to major automobile manufacturers such as Volkswagen AG, BMW AG, and Daimler AG. According to CleanTechnica, the European passenger plug-in vehicle market witnessed over 33,000 registrations in January 2018. In the first month of 2019, all-electrics jumped 67% Year over Year (YoY), to approximately 21,000 deliveries.
Key Market Players
Major players operating in the automotive DC-DC converters market include BorgWarner Inc. (US), Denso Corporation (Japan), Valeo (France), Vicor Corporation (US), TDK-Lambda Corporation (Japan), Delta Electronics (Taiwan), Continental AG (Germany), Toyota Industries Corporation (Japan), Hyundai Mobis (South Korea), and Robert Bosch GmbH (Germany), among others.
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