The North America Automotive DC-DC Converter Market would witness market growth of 27.9% CAGR during the forecast period (2023-2030).In the year 2019, the North America market's volume surged to 422.9 thousand units, showcasing a growth of 10.3% (2019-2022).
Automotive DC-DC converters convert direct current (DC) from one voltage to another by temporarily storing electrical energy. These energy conversion circuits convert energy at different levels and store it in magnetic and electrical fields. These converters serve as an interface between systems with various voltages in automobiles. They can step up voltage levels, down, or combine the two. These converters provide effective voltage regulation and power management in electronic systems, facilitating smooth device functioning.
The vehicle's numerous electrical systems and components, including the infotainment system, lighting, sensors, modules, air conditioning system, etc., are subsequently powered by the converted DC. In contemporary automobiles, DC-DC converters have taken on significant roles. They promote energy conservation and battery life while assisting in electrical systems' and components' secure and efficient functioning.
Electric vehicles (EVs) are becoming increasingly popular for a number of reasons, including the need for cleaner fuel alternatives and the fluctuating prices of liquid fossil fuels. EVs have grown from being a feasible option as urban areas strive for environmentally friendly and sustainable transportation alternatives. EVs contribute to reducing dangerous gas discharges and improving air quality because they don't emit any emissions from their tailpipes. Customers are also switching to EVs since they have lower running costs and more predictable fuel prices due to the volatile prices of liquid fossil fuels.
The International Energy Agency (IEA) estimates that BEV sales in the United States increased by 55% in 2022 compared to 2021. After a fall in 2019–2020, BEV sales surged by 70%, reaching almost 800,000. It confirms a second year of significant growth. Even so, the growth in PHEV sales was only 15%. The rise in electric car sales was notably substantial in the US. The United States, Mexico, and Canada Agreement (USMCA), which has effects on the North American supply chain, has also increased the pace at which passenger cars are becoming electrified. High-end passenger car demand was fueled by the region’s substantial consumer base and high levels of disposable income. The growing demand for autonomous vehicles and cruise control in high-end cars will, therefore, lead to growth in this regional market.
The US market dominated the North America Automotive DC-DC Converter Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.8 billion by 2030. The Canada market is anticipated to grow at a CAGR of 30.8% during (2023 - 2030). Additionally, The Mexico market would register a CAGR of 29.7% during (2023 - 2030).
Based on Type, the market is segmented into Isolated and Non-Isolated. Based on Vehicle Type, the market is segmented into BEV and PHEV. Based on Application, the market is segmented into Passenger Cars and Commercial Vehicles. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Automotive DC-DC Converter Market is Projected to reach USD 15.3 Billion by 2030, at a CAGR of 28.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, Infineon Technologies AG, Eaton Corporation PLC, BorgWarner Inc., Vicor Corporation, Toyota Industries Corporation, Skyworks Solutions, Inc., Texas Instruments, Inc., Continental AG, and HELLA GmbH & Co. KGaA
By Type (Volume, Thousand Units, USD Million, 2019-2030)
By Vehicle Type (Volume, Thousand Units, USD Million, 2019-2030)
By Application (Volume, Thousand Units, USD Million, 2019-2030)
By Country (Volume, Thousand Units, USD Million, 2019-2030)
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