DC-DC Converter Market Size & Outlook, 2025-2033

DC-DC Converter Market Overview

The global DC-DC converter market size was valued at USD 12.29 billion in 2024 and is projected to grow from USD 13.68 billion in 2025 to reach USD 32.23 billion by 2033, growing at a CAGR of 11.3% during the forecast period (2025–2033). The growing adoption of electric vehicles is driving demand for DC-DC converters, fueled by advancements in power electronics, increased electronic content per vehicle, and evolving vehicle features.

Key Market Indicators

• Asia-Pacific dominated the DC-DC converter industry and accounted for a 59% share in 2024.
• Based on application, the smartphone section held the largest share of 42% of the global market in 2024 due to its widespread use, reliance on battery power, and the critical need for efficient DC-DC converters to manage dynamic voltage and load requirements.
• Based on the output voltage, the 5V section segments dominated the DC-DC converter industry due to their critical role in powering support boards in distributed power systems across electric vehicles, consumer electronics, and medical devices.

Market Size & Forecast

• 2024 Market Size: USD 12.29 billion
• 2033 Projected Market Size: USD 32.23 billion
• CAGR (2025–2033): 11.3%
• Asia-Pacific: Largest market in 2024
• North America: Fastest-growing region

DC-DC converters are high-frequency power conversion circuit that converts switching noise into regulated DC voltages through high-frequency switching, inductors, transformers, and capacitors. Mission-critical electronic components increasingly depend on DC-DC converters that generate precise and steady currents. They are prevalent in portable devices like laptops and cell phones. AC was the primary way of changing the voltage of a DC supply to a higher voltage before the advent of power semiconductors. Presently, DC-DC converters are employed to provide a regulated voltage from a source that may or may not be sufficiently controlled to a load that may or may not be constant.

Various types of DC-DC converters are available, including isolated and non-isolated models. Typically, DC-DC converters are utilized in battery-powered devices and other energy-saving applications. The DC-DC converter, like a linear regulator, can reduce the voltage. However, unlike linear regulators, it can also increase an input voltage or reverse it to produce a negative value. The market for DC-DC converters is driven by factors such as the growth of the electric vehicle market, the ascent of the telecommunications industry, and the proliferation of automated systems.

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DC-DC Converter Market Growth Driver

Increased Adoption of Electric Vehicles

Globally expanding use of environmentally friendly electric vehicles creates a profitable market potential for DC-DC converters. Power electronics components are widely used in the automobile sector due to the recent significant growth in the development of electric vehicles. Power electronics and power converters are an area of continual invention and development in the context of electric vehicles, which causes price fluctuations for the parts of power converters. The growth of power electronics is fueled by factors like rising electronic content per vehicle, adoption of new safety features, advancements in vehicle powertrain, and rising vehicle management & connectivity features, which further open up lucrative opportunities for the DC-DC converter market growth.

Additionally, due to their soft switching, noise-free operation, low switching loss, and high converter efficiency, the Z-Source DC-DC converter and the boost DC-DC converter with a resonant circuit are better suited for low-power BEVs and PHEVs. Governments from several nations are also moving more and more toward promoting the use of electric vehicles. The DC-DC converter market share is expected to be driven in the upcoming years by supportive government efforts, including financial incentives and purchase refunds.

Market Restraint

Regulations and Safety Standards

The information and communications technology (ICT) industry has had difficulty comprehending the safety and isolation voltage standards applicable to DC-DC converter modules used in ICT equipment. Since the primary specifications were initially designed for AC-line-powered equipment rather than DC-powered components, some system designers interpret safety standards differently. Even product marketers have been found to alter consumer perceptions to persuade a conservative client base to want standards that the safety agencies do not mandate. The safety standards impose a specific set of requirements on equipment and any other relevant entities. Market pressures from suppliers and end users may sometimes impact accepted practice and impose further constraints. Consequently, the market for DC-DC converters is constrained.

Market Opportunity

Increased Adoption of 5G Technology

The 5G telecommunications network is designed to accommodate the constantly rising data volume demands from smartphones and smart connected devices in industries including autonomous vehicles, home, industrial automation, healthcare, and smart wearables. Massive multiple-input multiple-output (massive-MIMO) antenna arrays are used in 5G technology to enable significantly more data connections per base station. Demand for DC-DC converters will rise as 5G networks are implemented more often worldwide. A high-efficiency, reliable power system that can withstand severe loads is also required due to the increasing power and processing demands of 5G infrastructure.

The market for DC-DC converters, which can also open up new opportunities for the industry, is quite substantial for telecom base stations in off-grid or inadequately powered places. Additionally, because prominent businesses in these countries are driving investments in the telecom sector, the Asia-Pacific and North American regions are anticipated to experience rapid expansion. In the upcoming years, there will be a rise in demand for DC-DC converters as the US and China compete for global supremacy in the 5G industry.

Regional Analysis

Asia-Pacific dominated the DC-DC converter market with a 59% share in 2024 and is projected to expand at a CAGR of 12.5% over the forecast period. In the Asia-Pacific region, increasing consumer demand for electronic devices, including laptops, personal computers, and cell phones, is anticipated to spur market expansion for DC-DC converters. China, Japan, and South Korea's telecommunications industries are concentrating on network infrastructure development to support 5G infrastructure, eventually increasing demand for 5G devices. These variables will hasten the expansion of the Asia-Pacific market.

The need for DC-DC converters is also driven by China, Japan, and South Korea being the world's top producers of electronic equipment and integrated circuits. Due to its substantial population and increasing demand for electronic applications, the Asia-Pacific is predicted to offer the market for DC-DC converter attractive potential. The need for medical applications such as autonomous surgical robots, wireless charging for medical devices, and the growth of industrialization and globalization are additional factors driving the use of DC-DC converters in the Asia-Pacific.

North America's Market Trends

North America will likely account for USD 8 billion by 2033, growing at a CAGR of 10.3%. The presence of nations like the United States and Canada, where the governments are expanding their involvement in using EVs and HEVs, which combine power components on a large scale, is credited with the region's growth. Another driver for developing the converter market in the region is the US's most significant defense expenditure. The DC-DC converters market is also expanding due to the rising use of power modules and the sales of electronic gadgets in North America. The market has grown tremendously due to the well-established telecommunications sector and the quick increase in consumer electronics sales in North America.

Input Voltage Insights

The global market for DC-DC converters includes 5–36V, 36–75V, and 75V & above. The 5–36V section will likely advance at a CAGR of 12.1% and hold the largest market share over the forecast period. DC-DC converters in the 5–36V range offer class-leading I/O isolation and high performance for network equipment, industrial, railway, and the transportation sector. These DC-DC converters are appropriate for data switching circuits, relay-driven circuits, low-frequency analog circuits, and pure digital circuits. Growing railway and transportation sectors and increasing network equipment use are predicted to open up the lucrative market potential for DC-DC converters.

The 36–75V section will hold the second-largest market share. In distributed power architectures, which are employed in Internet working equipment in wireless and wired communications applications, high-efficiency DC-DC converters are developed to provide high-quality onboard power solutions. Growing 5G network usage and the expanding telecom sector are predicted to offer lucrative market potential for DC-DC converters.

Output Voltage Insights

The global market for DC-DC converters includes 3.3V, 5V, 12V, and 15V & above. The 5V section will likely grow at a CAGR of 12.2% and hold the largest market share over the forecast period. 5V DC-DC converters are specially made for distributed power supply systems where an isolated voltage is required. The market for DC-DC converters is presented with attractive potential by the rising demand for electric vehicles, the expanding medical sector, aircraft electrification, consumer electronics, and transportation. This voltage typically needs to be lowered to a lower intermediate bus voltage, specifically 5V or even lower, to power the system's support boards.

The 12V section will hold the second-largest market share. 12V DC-DC converters are frequently used in the automobile industry to connect the electric drive train components by increasing or decreasing voltage levels. DC-DC converters are required to control the power at the point of load in each device due to the growing number of control modules throughout the vehicle. They are crucial for voltage conversion and isolation.

Mounting Style Insights

By mounting style, the global market for DC-DC converters includes Surface-Mount and Through-Hole. The Through-Hole section will likely grow at a CAGR of 11.3% and hold the largest market share over the forecast period. A through-hole converter is often used to create an isolated, regulated, short circuit-protected output and is designed to run from an industry-standard 24V or 5V unregulated supply. These converters operate in the entire – 40°C to + 68°C temperature range, drive huge capacitive loads, and are suited for industrial applications.

The Surface-Mount section will hold the second-largest market share. Surface-mount components don't need mounting holes because they are mounted directly on the printed circuit board (PCB). The need for lighter and smaller components grows as technology develops. Thus, surface-mount technology (SMT), a new and enhanced technology, is produced.

Application Insights

The global market for DC-DC converter includes Smartphones, Servers & Storage, EV Battery Management units, Railways, Medical Equipment, and Others. The smartphone segment held the largest 42% share of the global market in 2024 and is projected to advance at a CAGR of 12% over the forecast period, driven by widespread use, reliance on battery power, and the critical need for efficient DC-DC converters to manage dynamic voltage and load requirements. Mobile devices primarily rely on a battery power supply, which varies daily depending on the device's use. Smartphones, tablets, and other mobile devices with NFC capabilities operate more efficiently, owing to DC-DC converters. Due to the unique requirements of a battery-operated system, such as an extensive input voltage range and dynamic operational load, developing a high-efficiency DC-DC converter for these devices is difficult.

The Medical Equipment section will hold the second-largest market share. The medical grade DC-DC converter series has > 8mm creepage and clearance distances, strengthened isolation with two patient protections, and minimal leakage. To meet the medical safety standard, these converters offer an additional level of safety above and beyond the usual functional isolation.

List of key players in DC-DC Converter Market

1. Ericsson
2. Texas Instruments
3. Murata Manufacturing Co. Ltd.
4. General Electric (GE)
5. Delta Electronics, Inc.
6. Vicor Corporation
7. TDK-Lambda Corporation

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Recent Developments

• In June 2025, COSEL introduced a rugged full-brick DC-DC converter model DCS1400B delivering up to 1400W, engineered for harsh and demanding industrial environments, marking a key launch in the power electronics sector.
• In August 2025, Advanced Energy strengthened the high-performance segment of the DC-DC converter market by introducing the Artesyn® NDQ1300 and NDQ1600 quarter-brick modules. Delivering 1300W and 1600W, respectively, and achieving peak efficiencies of up to 98% in 48V-to-12V conversion, these modules target demanding applications such as AI servers, industrial robotics, and high-density data center infrastructure.
• In April 2025, Murata Manufacturing expanded its presence with the launch of the NXJ1T series, a high-performance 1W isolated DC-DC converter. Designed to provide reinforced isolation for communication interfaces, this product addresses the growing market demand for compact, reliable, and high-efficiency converters in telecommunications, industrial automation, and networking applications.