DC Power Supplies Market Size

DC Power Supplies Market size was over USD 426.53 million in 2024 and is set to cross USD 755.89 million by the end of 2037, growing at more than 4.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of DC power supplies is estimated at USD 441.89 million.

Growth in the market may be due to a growing adoption of electricity vehicles. In terms of sales of electric vehicles, the year 2021 was an important turning point. From 2020 to 6.75 million, there was a twofold increase in the number of EVs sold. The number of electric cars sold in a week in 2021 was higher than that which had been sold for the entire year 2012. DC electricity flows in the same direction all the time. This kind of energy is used in all sorts of devices like batteries, solar panels and fuel cells.

Moreover, in order to promote the adoption of electric vehicles, government initiatives have become more and more widespread. For instance, the Indian government has granted a budget of USD 121 million to phase II of FAME which started on 1 April 2019 and is for three years. A demand incentive has been set aside for 86 % of the overall financial support, with a view to increasing the adoption of EVs in the country. It has been estimated that this phase will support up to 7 000 electric buses, 5 000 electric 3-wheelers, 55000 electric 4 wheel passenger cars, and 10 lakhs of electric two wheelers with a view to creating demand. It is thus expected that, in the coming years, this will increase demand for electric vehicles and also lead to market growth.