Electric Vehicle High-Voltage DC-DC Converter Market Size

Electric Vehicle High Voltage DC - DC Converter Market Analysis

The Electric Vehicle High-Voltage DC-DC Converter Market size is estimated at USD 1.46 billion in 2024, and is expected to reach USD 2.82 billion by 2029, growing at a CAGR of 14.05% during the forecast period (2024-2029).

• The COVID-19 pandemic forced the temporary closure of several vehicle and component manufacturing facilities. This factor impeded the development of the automotive industry. However, with the gradual removal of vehicle lockdowns in several countries, demand for vehicles increased slightly, which was expected to propel the 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 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.
• The rapid rise in the sales of electric cars is driving market expansion and offering revenue possibilities for manufacturers. The power electronics system in an electric car is used to convert and regulate the power supply from the vehicle's battery.
• The growing popularity of battery-powered and hybrid electric vehicles has increased demand for DC-DC converters, as a DC-DC converter is required to convert a 24V or 48V power supply into a 12V power supply in order to ensure the safe and reliable operation of onboard electronic systems.
• Manufacturers are focused on Electric Commercial Vehicle (ECVs) across the globe attributed to reasons such as the rise in demand for low-emission transportation and government support of zero-emission transportation for electric commercial vehicles like buses, trucks, pickups, and vans through subsidies and tax refunds. This will positively impact the market growth during the forecast period.