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Automotive Low Voltage Drives Market Trends

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

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Automotive Low Voltage Drives Market Trends

Automotive low voltage drives industry is set to grow on account of growing investments in advanced automotive manufacturing facilities with improved automation capabilities. Authorities are increasingly focusing on low-carbon technologies to reduce energy consumption and emissions will positively influence industry outlook. For instance, in May 2024, the European Union has approved strict CO2 emission standards for new heavy-duty vehicles, curbing emissions from trucks and buses by 90% by 2040 while large vehicles by 45% through 2030 and 65% through 2035. The EU will review these rules in 2027 to check their effectiveness.

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.