Increasing adoption of energy-efficient, automated, and reliable power solutions is propelling the global converters market, valued at USD 12.21 billion in 2024. Asia-Pacific dominates the global converters market, holding the largest share due to rapid industrialization, growing demand from automotive, renewable energy, and industrial sectors, and strong manufacturing presence in China, India, and Southeast Asia. Europe holds a significant portion of the market, driven by advanced converter technologies, adoption in electric vehicles and industrial automation, and focus on energy efficiency. North America is witnessing steady growth, supported by innovations in power electronics, renewable energy integration, and demand from automotive and industrial applications.
Converters overview
Published by MMR Statistics Research Team, Updated