Automotive DC-DC Converters Market
The global automotive DC-DC converters market is likely to register a CAGR of over 10% over the forecast period. The growth in the market is fuelled by increasing demand for electronic systems and the increasing adoption of electric vehicles.
Request for a FREE Sample Report on Automotive DC-DC Converters Market
Automotive DC-DC Converters Market Dynamics
The global automotive DC-DC Converters Market is driven by the increasing adoption of energy-effective electric vehicles, such as fuel cells and 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 automotive DC-DC converters market growth.
Additionally, the growing number of control modules in the vehicle and the need to control the energy during load has propelled the demand for 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 growth over the forecast period. The presence of a vast market for automobile production 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 automotive DC-DC converters market forecast, the existence of leading vendors including Denso Corporation, Hitachi, Ltd., and Toyota Industries Corporation will foster the market growth.
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
For More Info:
Comments
0 comment