Electric Vehicle High-Voltage DC-DC Converter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Electric Vehicle High-Voltage DC-DC Converter Market is segmented by Vehicle Type ( Passenger Cars and Commercial Vehicles), By Propulsion Type (Plug-in Hybrid Vehicle, Battery Electric Vehicle, and Fuel Cell Electric Vehicle), By Cooling Method (Liquid Cooled and Air Cooled), By Input Voltage (200V - 450V, 450V - 800 and 800V - 1000V), By Output Voltage (12V - 24V, and 24V - 48V), By Power Output (Less Than 2 kW and 2kW and Above), and by Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers market size and forecast in Value (USD Billion) for the above-mentioned segments.

Market Snapshot

Market Overview
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: 14.05 %

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Market Overview

The Electric Vehicle High-Voltage DC-DC Converter Market is estimated to be 814.79 million in 2021. It is expected to reach USD 2,167.33 million by 2027, registering a CAGR of 14.05% from 2022 to 2027.

The COVID-19's impact on the electric vehicle market was inevitable, as it affected nearly every other industry in the market. However, the electric vehicle (EV) market is expanding rapidly due to the rapidly increasing Y-o-Y adoption rate of mild-hybrid electric vehicles worldwide. Despite the pandemic, electric vehicle sales increased dramatically in China and Europe, indicating active market growth during the forecast period.

The electric vehicle markets across the world are experiencing a shift as consumers are seeking affordable products. This potential shift in consumer preferences has been diverted toward used vehicles. Since 2020, the demand for used vehicles has increased in almost every part of the world. The increase in demand for used cars is likely to affect the market.

The pandemic has affected almost every industry around the globe; however, the demand for the electric vehicle DC-DC converter market is growing significantly, owing to factors such as the continuous demand and sales of electric vehicles every year. For instance, despite the pandemic, the sales of electric vehicles, such as passenger cars, have shown positive growth in various countries in the regions, such as Asia-Pacific and Europe.

Rising vehicle electrification is likely to increase the demand for power converter components. Rising investments in the domain of electric vehicle development by various leading manufacturers in the global automotive industry, including Honda, Ford, Toyota, and Tesla, among others, are bolstering the product development and industry growth in the global electric vehicle high voltage DC-DC converter market.

Scope of the Report

A High-Voltage DC-DC Converter operates at a high input voltage and reduces and increases voltage upon requirement. A High Voltage, DC/DC converter converts the higher voltage of the battery to lower voltage to power infotainment and safety systems.

The Electric Vehicle High-Voltage DC-DC Converter Market is segmented by Vehicle Type, Propulsion Type, Cooling Method, Input Voltage, Output Voltage, and Power Output.

By Vehicle Type, the market is segmented as Passenger Cars and Commercial Vehicles,

By Propulsion Type, the market is segmented as Plug-in Hybrid Vehicle, Battery Electric Vehicle, and Fuel Cell Electric Vehicle,

By Cooling Method, the market is segmented as Liquid Cooled and Air Cooled.

By Input Voltage, the market is segmented as 200V - 450V, 450V - 800, and 800V - 1000V.

By Output Voltage, the market is segmented as 12V - 24V and 24V - 48V.

By Power Output, the market is segmented as Less Than 2 kW and 2kW and Above.

And By Geography, the market is segmented as North America, Europe, Asia-Pacific, South America, and Middle-East and Africa.

Vehicle Type
Passenger Cars
Commercial Vehicles
Propulsion Type
Plug-in Hybrid Vehicle
Battery Electric Vehicle
Fuel Cell Electric Vehicle
Cooling Method
Liquid Cooled
Air Cooled
Input Voltage
200V - 450V
450V - 800V
800V - 1000V
Output Voltage
12V - 24V
24V - 48V
Output Power
Less Than 2 kW
2kW and Above
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Spain
Norway
Poland
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
South America
Brazil
Argentina
Chile
Rest of South America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Other Countries

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Key Market Trends

Increased Electric Vehicle Adoption Globally

Increased sales of BEVs and PHEVs, as well as lower costs of powertrain components due to advancements in materials and improved packaging arrangement, are also driving the market studied. Furthermore, the high cost of batteries has necessitated the improvement of converters and other power electronics, as well as the performance of vehicles.

Governments all over the world have also launched various schemes and policies to encourage buyers to opt for electric vehicles over conventional vehicles. One such initiative that encourages the purchase of electric vehicles is the California ZEV program, which aims to have 1.5 million electric vehicles on the road by 2025. Other countries offering various incentives include India, China, the United Kingdom, South Korea, France, Germany, Norway, and the Netherlands.

The sales of electric vehicles were growing significantly post the outbreak of COVID-19. Governments across the world have imposed lockdowns, which resulted in an economic slowdown and negatively impacted the sales of electric vehicles and charging infrastructure systems. According to the Society of Electric Vehicle Manufacturers (SMEV), registration of electric vehicles in India declined by 20% in FY21 as compared to FY20. The supply of other components, such as lithium-ion battery packs and inverters, got impacted. A power inverter is an integral part of electric vehicles. It converts energy from batteries to a traction motor, which propels the vehicle.

Consumer acceptance has been a major challenge for electric vehicle manufacturers. Despite the advantages that electric vehicles offer, there has been a reluctance from the consumers, owing to factors such as lack of charging infrastructure and the high cost of EVs (EVs’ costs are almost the same as that of entry-level luxury cars). Countries, such as India, had announced their plan to improve the charging infrastructure and set up over 50,000 charging stations across the country but had to put their plans on hold back because of COVID-19.

Significantly, some OEMs plan to reconfigure their product lines to produce only electric vehicles. For instance, in 2021,

  • General Motors announced its plans to raise its spending on electric and autonomous vehicles to USD 20 billion by 2025. The company is expected to launch 20 new electric models by 2023 and aims to sell more than 1 million electric cars a year in the United States and China over the forecast period.
  • Volkswagen is planning to spend USD 36 billion on electric cars across its mass-market brands by 2024. According to the company, by 2025, at least 25% of its global sales will be electric vehicles.
trend_1

Asia-Pacific Dominating the Market.

Asia-Pacific holds the majority share in the global electric vehicle market. With countries like China leading the electric vehicle sales, the market is expected to grow significantly in the forecast period.

China and Japan are inclined toward innovation, technology, and the development of advanced electric vehicles. Moreover, countries such as Indonesia are engaged in large electric mobility projects.

China is a key player in the global electric vehicle industry. Moreover, the government of China is encouraging people to adopt electric vehicles. The country is planning to completely switch to electric mobility by 2040. The Chinese electric passenger car market is also one of the largest worldwide, and it has been growing rapidly over the last few years and is expected to grow higher in the forecast period, which is also going to have a positive impact on the demand for electric vehicle high voltage DC-DC Converter Market. Several key players in the market are partnering with other players to develop power electronics components. For instance,

  • In November 2021, G-Pulse and Silicon Mobility announced a partnership to develop a high voltage multiphase interleaving bidirectional DC-DC converter platform for new energy vehicles (NEVs), such as fuel cell electric vehicles (FCEVs), battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs) (PHEV).
  • In May 2021, TDK Corporation (TDK) announced it entered a partnership with Contemporary AmperexTechnology Co., Limited (CATL) to strengthen its businesses, such as electric components for electric vehicles and DC-DC converters. TDK will supply automotive electrical components and power supply products to CATL for automotive power units.

The Indian electric vehicle market is in its growing stage. Automobile manufacturers in India, such as TATA, Mahindra, MG, etc., are taking initiatives to provide affordable electric driving options. Moreover, the government is also supporting electric mobility to reduce the exhaust emissions of greenhouse gases in the country.

Additionally, automobile manufacturers in India are also taking initiatives and investing in R&D practices to provide affordable electric cars in India; for instance,

  • In February 2021, Hyundai announced to spend INR 1,000 crore on the development of new affordable EVs. The vehicles would be manufactured locally, and the company is in talks with local vendors to source the components. Hyundai may also seek a strategic partnership with its sister brand, Kia, as it also has plans to add EVs to its portfolio in India. The company is also working on a mass-market, more affordable electric car for India that is expected to debut by 2024.

Due to the aforementioned factors, the demand for DC-DC converters in vehicles is likely to witness an increase. This is expected to propel the growth of the studied market over the forecast period.

trend_2

Competitive Landscape

The key players in the electric vehicle high-voltage DC-DC converter market include Tesla, Toyota Industries, Denso Corporation, Robert Bosch GmbH, Continental AG, Infineon Technologies, Hella GmbH, and others.

These players are investing heavily in R&D in order to gain a competitive edge over other players. For instance,

  • In April 2022, Toyota Industries Corporation announced the launch of a single compact and lightweight module with an integrated charger and DC/DC converter. This is Toyota's first ESU (Electricity Supply Unit) for usage in electric cars (EVs), and it will be placed as the core unit that handles charging and power conversion operations in the bZ4X. By merging the two components required for EV operation, the business was able to achieve a 23% decrease in size and a 17% reduction in weight when compared to the traditional installation of separate components.
  • In March 2022, TDK Corporation announced the introduction of additional models to the popular CCG series of isolated DC-DC converters. The 1.5W and 3W rated parts operate convection cooled at full load from -40 to +85°C. All voltage combinations are available with terminations for either surface-mount or through-hole placement. Applications include data and telecommunications, test, measurement, process control, broadcast, and battery-powered equipment.

Recent Developments

  • In April 2022, DENSO Corporation announced it is providing key electrification components to Toyota and Subaru's all-new, all-electric bZ4X and SOLTERRA, scheduled to be released on May 12, 2022, and mid-2022, respectively. Combining a group of products essential for BEV into one unit with the functions of battery charging, electrical power conversion, and electrical power distribution. ECU that controls battery charging, AC battery charger, and DCDC converter developed by Toyota Industries Corporation were combined together with Denso's products.
  • In December 2021, Hella announced that its 48-volt DC/DC converters allow bi-directional energy transfer between 48-volt and 12-volt onboard networks and enable the recuperation of energy recovered during braking is made available to the 12-volt network again, thus enabling the energy to be used efficiently. Hella has received numerous other orders for the product from well-known German car manufacturers. This further strengthens the company's position among the top 3 suppliers in this sector.
  • In May 2021, TDK Corporation announced the introduction of the high voltage output CHVM series of DC-DC converters. Capable of operating from a nominal 12V input, these non-isolated converters deliver output voltages ranging from 180V to 2,000V. Low output ripple and noise are achieved through the use of a metallic case that provides five-sided shielding to reduce radiated emissions.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Vehicle Type

      1. 5.1.1 Passenger Cars

      2. 5.1.2 Commercial Vehicles

    2. 5.2 Propulsion Type

      1. 5.2.1 Plug-in Hybrid Vehicle

      2. 5.2.2 Battery Electric Vehicle

      3. 5.2.3 Fuel Cell Electric Vehicle

    3. 5.3 Cooling Method

      1. 5.3.1 Liquid Cooled

      2. 5.3.2 Air Cooled

    4. 5.4 Input Voltage

      1. 5.4.1 200V - 450V

      2. 5.4.2 450V - 800V

      3. 5.4.3 800V - 1000V

    5. 5.5 Output Voltage

      1. 5.5.1 12V - 24V

      2. 5.5.2 24V - 48V

    6. 5.6 Output Power

      1. 5.6.1 Less Than 2 kW

      2. 5.6.2 2kW and Above

    7. 5.7 Geography

      1. 5.7.1 North America

        1. 5.7.1.1 United States

        2. 5.7.1.2 Canada

        3. 5.7.1.3 Rest of North America

      2. 5.7.2 Europe

        1. 5.7.2.1 Germany

        2. 5.7.2.2 United Kingdom

        3. 5.7.2.3 France

        4. 5.7.2.4 Italy

        5. 5.7.2.5 Spain

        6. 5.7.2.6 Norway

        7. 5.7.2.7 Poland

        8. 5.7.2.8 Russia

        9. 5.7.2.9 Rest of Europe

      3. 5.7.3 Asia-Pacific

        1. 5.7.3.1 China

        2. 5.7.3.2 India

        3. 5.7.3.3 Japan

        4. 5.7.3.4 South Korea

        5. 5.7.3.5 Rest of Asia-Pacific

      4. 5.7.4 South America

        1. 5.7.4.1 Brazil

        2. 5.7.4.2 Argentina

        3. 5.7.4.3 Chile

        4. 5.7.4.4 Rest of South America

      5. 5.7.5 Middle-East and Africa

        1. 5.7.5.1 Saudi Arabia

        2. 5.7.5.2 United Arab Emirates

        3. 5.7.5.3 South Africa

        4. 5.7.5.4 Other Countries

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Continental AG

      2. 6.2.2 Robert Bosch GmbH

      3. 6.2.3 Valeo Group

      4. 6.2.4 ABB Ltd.

      5. 6.2.5 DENSO Corporation

      6. 6.2.6 Hella GmbH & Co. KGaA

      7. 6.2.7 Toyota Industries Corporation

      8. 6.2.8 Infineon Technologies

      9. 6.2.9 Texas Instruments

      10. 6.2.10 STMicroelectronics

      11. 6.2.11 TDK-Lambda Corporation

      12. 6.2.12 Shinry Technologies

      13. 6.2.13 Delta Electronics

      14. 6.2.14 Vicor Corporation

      15. 6.2.15 Hyundai Mobis

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Electric Vehicle High-Voltage DC-DC Converter Market market is studied from 2018 - 2027.

The Electric Vehicle High-Voltage DC-DC Converter Market is growing at a CAGR of 14.05% over the next 5 years.

The Electric Vehicle High-Voltage DC-DC Converter Market is valued at 815 Million USD in 2018.

The Electric Vehicle High-Voltage DC-DC Converter Market is valued at 2166 Million USD in 2027.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

Tesla Inc, Robert Bosch GmbH, Hella KGaA Hueck., TDK Corporation, Toyota Industries Corporation are the major companies operating in Electric Vehicle High-Voltage DC-DC Converter Market .

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