DC-DC Converter Market Report and Forecast 2025-2034

The global DC-DC converter market attained a value of nearly USD 13.48 Billion in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 10.50% to reach about USD 36.59 Billion by 2034.

Rising Adoption of Electric Vehicles (EV) Augmenting the Market Growth for DC-DC Converter

Electric vehicles (EV) and hybrid electric vehicles, and plug-in electric vehicles are increasingly adopted instead of conventional vehicles that use petroleum. The introduction of various favourable initiatives to promote electric vehicles by governments around the world is also surging the use of electric vehicles. This, in turn, is aiding the market growth for DC-DC converter, which are used in electric power train to boost energy levels and maximise the efficiency of vehicles. Moreover, the converters can also enable the choice of voltage variation of a vehicle in order to control its power and prevent not only wear and tear but also vehicle breakdown. This is augmenting the market growth.

The development of efficient DC-DC converter for suitable power supply systems of electric vehicles is expected to aid the market growth. This is also increasing the use of bi-directional converter, which can move power in any direction and is used in regenerative braking. Moreover, increasing research and development (R&D) activities to create lightweight, highly efficient, and small volumed DC-DC converters with a low electromagnetic interface to increase the performance of the vehicle is further invigorating the growth of the DC-DC industry. The advent of thermally efficient and ultra-small DC-DC converters to reduce cost and size of the external circuit as well as decrease circuit footprints is providing further impetus to the market growth.

DC-DC Converter: Market Segmentation

The DC-DC converter is a device or a circuit that converts one direct current voltage to another. It is used to increase or decrease voltage to provide optimal voltage to the device. DC-DC converters enable the transformation of voltages efficiently, due to which they are extensively used in devices like smartphones and laptops.

Based on input voltage, the market is divided into:

• 5-36V
• 36-75V
• 75V and above

By output voltage, the industry is segmented into:

• 3.3V
• 5V
• 12V
• 15V and above

The major mounting styles of DC-DC converter are:

• Surface Mount
• Through Hole

The market can be broadly categorised on the basis of its applications into:

• Smartphone
• Servers PCs
• EV Battery
• Railways
• Medical Equipment

Looks into the regional markets of DC-DC converter like:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Surging Use of DC-DC Converters in Smartphones to Bolster the Growth of the DC-DC Converter Industry

The increasing smartphone adoption and the rising demand for smartphones with the latest features are contributing significantly to the market growth. Moreover, the growing integration of technologies such as near-field communication (NFC) in smartphones and tablets requires DC-DC converters to boost the performance of devices by optimising the voltage level. This also provides a hassle-free and easy experience to the user, hence propelling the market growth for DC-DC converter. In addition, the rising use of LED lights and smart lights are also boosting the market growth. DC-DC converters are used in regulating the output of the light for its applications. As LED lights are swiftly replacing conventional lights, the demand for DC-DC converters is surging, therefore fuelling the market growth. Hence, various governments’ initiatives to use LED lights are expected to augment the industry growth.

As DC-DC converter provides protection from short circuits, it is increasingly used in various industrial and medical applications. Technological advancements and innovations are increasing the use of DC-DC converters in the medical industry. Moreover, with surging researches, the leading companies in the market are developing DC-DC converter to provide a reinforced safety isolation barriers such as patient contact and patient vicinity applications. The optimal voltage by the use of such converters ensures patient and operator safety. In addition, DC-DC converters can be efficiently used for various applications. This is anticipated to invigorate the growth of the DC-DC converter industry.

Key Industry Players in the Global DC-DC Converter Market

The report presents a detailed analysis of the following key players in the global DC-DC converter market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Texas Instruments Inc.
• Murata Manufacturing Co., Ltd.
• General Electric Company
• RECOM Power GmbH
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.