DC-DC Converter Market - Forecasts from 2023 to 2028

The global dc- dc converter market was valued at US$4.476 billion in 2021.A DC-DC converter is an electronic circuit that converts one DC voltage level to another. It is widely used to provide a stable and regulated output voltage, even when the input voltage changes. A DC-DC converter is efficient, compact, and lightweight, which makes them ideal for many applications like automotive, utilities, medical & healthcare, and electrical & electronics. The DC-DC converter has low and high-power options, which can be linear or switched. The global DC-DC converter market is driven by several factors, which include rising demand for portable electronic devices, increasing demand for electric and hybrid vehicles, and increasing adoption of wearable devices and remote patient monitoring systems in the healthcare industry.

The increasing use of electronic devices and medical equipment will boost the growth of the global DC- DC converter market.DC-DC converters play a critical role in portable electronic devices, such as smartphones, tablets, and laptops, that require efficient power management solutions by converting the battery voltage to the voltage level needed for the various components, such as the display, processor, and memory. Portable electronic devices are becoming smaller and lighter, which requires compact and lightweight power management solutions, which DC-DC converters can provide. The global DC-DC converter market in the electronics industry is expected to be driven by the increasing demand for portable electronic devices and the trend toward miniaturization and lightweight design. According to the Indian Brand Equity Foundation (IBEF), shipments of 5G smartphone devices in India are anticipated to rise from 28 million in CY 2021 to around 64 million in CY 2022, a 129% YoY increase. Per the Consumer Technology Association (CTA), in 2021, the total sales revenue for laptops and tablets in the United States alone was $47 billion, representing a 7% increase from the previous year. The global tablet market is expected to reach 160 million units by 2024, with most of the growth coming from emerging markets. DC-DC converters are widely used in medical equipment and devices like CT scanners, MRI machines, and X-ray machines to convert power from one voltage level to another, as these devices need a stable and reliable power supply to operate effectively. DC-DC converters are also used in portable medical devices such as glucose meters, blood pressure monitors, and respiratory devices to function reliably and efficiently by converting power from the battery to the required voltage. According to the Indian Brand Equity Foundation (IBEF), in FY2021, India's exports of medical devices totaled $2.53 billion; by 2025, this is anticipated to reach $10 billion. According to the International Electrotechnical Commission (IEC), the global market for medical electrical equipment was valued at $35.5 billion in 2019 and is expected to grow up to 6.2% from 2020 to 2025 due to an increase in the prevalence of chronic diseases, rising healthcare expenditure, and technological advancements in medical devices. This demonstrates that the DC-DC converter holds significant growth potential. 

The Asia Pacific region is expected to hold a significant market share. 

The increasing adoption of DC-DC converters in various end-user industries such as automotive production, medical & healthcare, and consumer electronics in countries such as China, Japan, and India is expected to boost the demand for DC-DC converters in the Asia-Pacific region. The Chinese government has been providing support for domestic companies in 2020 in the portable electronics industry through policies such as tax incentives and subsidies to increase the production of electronics, and parallelly this increases the need for DC-DC converters as it converts the battery voltage to the required voltage level in electronics. In 2020, the Japanese government provided funding to a project called "Development of a Wearable Vital Signs Monitor System," which aims to develop a portable device that can monitor a patient's vital signs, such as blood pressure and heart rate in real-time and this development will boost the demand for DC-DC converters in devices as they are required to convert power from the battery to the required voltage. The Ministry of Electronics and Information Technology of India has been granted Rs. 16,549 crores (US$ 2 billion) in the Union Budget 2023-24, which is an increase of about 40% from the previous year for the growth of the electronic industry in India and demand for DC-DC converters in electronic devices increases parallelly as it is required to convert the battery voltage to the desired voltage level. These factors all add to the DC-DC converter market growth in the Asia Pacific region.

Market Developments:

• August 2022: The "Promotion of Medical Devices Parks" plan was approved by the Department of Pharmaceuticals with a total financial investment of Rs. 400 crores (US$ 48.97 million) and a maximum support under the program of US$ 12.24 million for each Medical Device Park from FY21 to FY25.
• June 2021: Texas Instruments (TI) announced the launch of its new TPS6282x family of step-down DC-DC converters, which offer high efficiency and low quiescent current for battery-powered applications.
• April 2021: TDK Corporation launched a new TDK-Lambda CCG15-30D series of DC-DC converters designed for use in medical and industrial applications requiring high reliability and safety.

Market Segmentation:

By Type

• Linear
• Switched

By Power

• Low
• High

By End User

• Automotive
• Medical & Healthcare
• Electrical & Electronics
• Utilities
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Others