Summary

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).

Key Highlights

• 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.

Electric Vehicle High Voltage DC - DC Converter Market Trends

Increased Electric Vehicle Adoption Globally

• Increased sales of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (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 zero-emission vehicle (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 reluctance from 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.
• With an increase in demand, businesses like Rivian, Ford, Volvo, GM, and Tesla are anticipated to expand their selection of electric pickup trucks in the next years. For instance, in August 2022, Hyundai Motor Company stated that its XCIENT Fuel Cell heavy-duty trucks would be exported to Germany, Europe's largest commercial vehicle market. Seven German logistics, manufacturing, and retail organizations will use 27 XCIENT Fuel Cell trucks in their fleets, owing to support for environmentally friendly commercial vehicles from Germany's Federal Ministry for Digital and Transport.
• In June 2022, Ford officially announced a brand-new electric commercial vehicle that will be manufactured in its Ohio facility for Ford Pro customers and will make its debut in the middle of the decade. At its facilities in Michigan, Ohio, and Missouri, it has also disclosed plans to invest USD 3.7 billion and create more than 6,200 additional union manufacturing jobs.
• Governments around the world have also initiated various schemes and policies which encourage a buyer to choose electric vehicles over conventional vehicles. California ZEV program, which aims at having 1.5 million electric vehicles on the road by 2025, is one such initiative that promotes the purchase of electric vehicles.
• Therefore, with a steady rise in EV adoption, demand for DC-DC power converters shall simultaneously witness growth during the longer-term forecast period.

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), BEVs, hybrid electric vehicles (HEVs), and PHEVs.
• 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 spending USD 0.12 Billion 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.

Electric Vehicle High Voltage DC - DC Converter Industry Overview

The key players in the electric vehicle high-voltage DC-DC converter market include Tesla Inc., Toyota Industries Corporation, 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.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Rising Adoption of Electric Vehicles
4.1.2 Others
4.2 Market Restraints
4.2.1 Converters Generate Noise During Operation May Hinder the Target Market
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION (Market Size in Value - USD Million)
5.1 Vehicle Type
5.1.1 Passenger Cars
5.1.2 Commercial Vehicles
5.2 Propulsion Type
5.2.1 Plug-in Hybrid Vehicle
5.2.2 Battery Electric Vehicle
5.2.3 Fuel Cell Electric Vehicle
5.3 Cooling Method
5.3.1 Liquid Cooled
5.3.2 Air Cooled
5.4 Input Voltage
5.4.1 200V - 450V
5.4.2 450V - 800V
5.4.3 800V - 1000V
5.5 Output Voltage
5.5.1 12V - 24V
5.5.2 24V - 48V
5.6 Output Power
5.6.1 Less Than 2 kW
5.6.2 2kW and Above
5.7 Geography
5.7.1 North America
5.7.1.1 United States
5.7.1.2 Canada
5.7.1.3 Rest of North America
5.7.2 Europe
5.7.2.1 Germany
5.7.2.2 United Kingdom
5.7.2.3 France
5.7.2.4 Italy
5.7.2.5 Spain
5.7.2.6 Norway
5.7.2.7 Poland
5.7.2.8 Russia
5.7.2.9 Rest of Europe
5.7.3 Asia-Pacific
5.7.3.1 China
5.7.3.2 India
5.7.3.3 Japan
5.7.3.4 South Korea
5.7.3.5 Rest of Asia-Pacific
5.7.4 South America
5.7.4.1 Brazil
5.7.4.2 Argentina
5.7.4.3 Chile
5.7.4.4 Rest of South America
5.7.5 Middle-East and Africa
5.7.5.1 Saudi Arabia
5.7.5.2 United Arab Emirates
5.7.5.3 South Africa
5.7.5.4 Other Countries

6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Continental AG
6.2.2 Robert Bosch GmbH
6.2.3 Valeo Group
6.2.4 ABB Ltd.
6.2.5 DENSO Corporation
6.2.6 Hella GmbH & Co. KGaA
6.2.7 Toyota Industries Corporation
6.2.8 Infineon Technologies AG
6.2.9 Texas Instruments
6.2.10 STMicroelectronics
6.2.11 TDK-Lambda Corporation
6.2.12 Shinry Technologies
6.2.13 Delta Electronics
6.2.14 Vicor Corporation
6.2.15 Hyundai Mobis Ltd.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS