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Automotive Low Voltage Drives Market Size

Report ID: GMI7996
Published Date: Nov 2024
Report Format: PDF

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Automotive Low Voltage Drives Market Size

The global automotive low voltage drives market size in 2024 was valued at USD 2.5 billion and is estimated to grow at a CAGR of 4.1% from 2025 to 2034.

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Rising demand for reliable motor control solutions coupled with significant investments from both private and public sectors toward automotive sector will complement the industry landscape. Increasing concerns over greenhouse gas emissions, government incentive programs, and the rising adoption of electric vehicles will complement the industry landscape.

Automotive Low Voltage Drives Market Report Attributes
Report Attribute	Details
Base Year:	2024
Automotive Low Voltage Drives Market Size in 2024:	USD 2.5 Billion
Forecast Period:	2025 - 2034
Forecast Period 2025 - 2034 CAGR:	4.1%
2034 Value Projection:	USD 3.9 Billion
Historical Data for:	2021 - 2023
No. of Pages:	110
Tables, Charts & Figures:	32
Segments covered:	Power Range, Drive, and Region
Growth Drivers:	Growing measures to reduce carbon emissions Introduction of encouraging regulatory policies by respective governments Accelerating investments and expenditure for development of clean transportation fleet
Pitfalls & Challenges:	Availability of medium voltage alternatives for higher capacities

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Flourishing investments across the automotive industry for the development of electric vehicles to curb emissions will positively influence the business dynamics. For instance, in first quarter 2024, BMI monitored the announcement or commencement of 38 new automotive production ventures in Asia, worth above USD 44.4 billion. India emerged as the leading investment destination in Asia for the automotive sector during this period, followed closely by Thailand and South Korea. India recorded nine investments, while Thailand and South Korea secured six projects each. Moreover, widespread implementation of energy-efficient variable frequency drives in automotive operations and ongoing research efforts by manufacturers will augment the industry outlook.

Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The global market size for automotive low voltage drives was valued at USD 2.5 billion in 2024 and is expected to reach USD 3.9 billion by 2034, driven by a CAGR of 4.1% from 2025 to 2034.

The AC segment is expected to witness a CAGR of over 4.2% by 2034, driven by the demand for precise motor control solutions and energy optimization.

The U.S. market is projected to surpass USD 510 million by 2034, driven by increased manufacturing expenditures and the widespread use of high-power equipment.

Major players include ABB, Danfoss, Emerson Electric, Eaton, Fuji Electric, GE Vernova, Infineon Technologies, Kostal, Mahle, Nidec, Omron, and Renesas Electronics.