AutomotiveDC-DC Converters Market
The global automotiveDC-DC converters market is likely to register a CAGR of over 10% over theforecast period. The growth in the market is fuelled by increasing demand forelectronic systems and the increasing adoption of electric vehicles.
Automotive DC-DC Converters Market Dynamics
The global automotive DC-DC Converters Market is driven bythe increasing adoption of energy-effective electric vehicles, such as fuel cellsand battery electric vehicles to curb the greenhouse gas emissions from the automotive industry. Also, the growing number of control modules in the vehicle and the need to control the power at the point of load are projected to fuel the market growth. The increasing incorporation of advanced driver assistance systems (ADAS), in seat heaters, safety and connectivity features, and entertainment devices have bolstered the market size. Further, the intensified research and development efforts to unite DC-DC converters into commercial vehicles and the surging demand for safety & connectivity features in passenger vehicles will steer the automotiveDC-DC converters market growth.
Additionally, the growing number of control modules in thevehicle and the need to control the energy during load has propelled the demandfor DC-DC converters for voltage change in the automotive industry. According to the International Energy Agency (IEA), the international electric car sales share increased from 70% in 2020 and nearly 3 million new electric cars were registered. This has encouraged the growth of the electric vehicles market, thereby raising the market growth. However, the disturbance in the supply chain of automotive production because of the evolution of COVID 19 is projected to restrain the global automotive DC-DC converter market growth.
Regional Drivers
Asia Pacific is projected to witness a significant growthover the forecast period. The presence of a vast market for automobileproduction and the growing demand for fuel-effective vehicles will stimulate the market growth. As per the International Energy Agency (IEA), China gauged a sale of 47% of the global electric car in 2019. In addition, as per the automotiveDC-DC converters market forecast, the existence of leading vendorsincluding Denso Corporation, Hitachi, Ltd., and Toyota Industries Corporation will foster the market growth.
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