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EV Low Voltage Drive System Market Size

Report ID: GMI12640
Published Date: Dec 2024
Report Format: PDF

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EV Low Voltage Drive System Market Size

The global EV low voltage drive system market size was valued at USD 736.1 million in 2024 and is projected to grow at a CAGR of 7.3% between 2025 and 2034. Technological advancements in power electronics have significantly increased the demand for EV low voltage drive systems. Key components such as inverters, motor controllers, and battery management systems (BMS) have seen substantial improvements. These advancements have led to more efficient, compact, and cost-effective solutions for EVs.

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Enhanced control over energy conversion and distribution in low-voltage drive systems has improved overall vehicle performance and energy efficiency. Consequently, EV manufacturers can now offer vehicles with extended driving ranges, improved battery life, and reduced energy consumption, all of which are crucial factors driving consumer adoption.

EV Low Voltage Drive System Market Report Attributes
Report Attribute	Details
Base Year:	2024
EV Low Voltage Drive System Market Size in 2024:	USD 736.1 Million
Forecast Period:	2025 - 2034
Forecast Period 2025 - 2034 CAGR:	7.3%
2034 Value Projection:	USD 1.5 Billion
Historical Data for:	2021 - 2024
No. of Pages:	180
Tables, Charts & Figures:	200
Segments covered:	Voltage, Vehicle, Component, Propulsion
Growth Drivers:	Rising adoption of EVs Technological advancements in power electronics Growing focus on sustainability and environmental concerns Cost efficiency and economic benefits
Pitfalls & Challenges:	Lack of consumer awareness Competition from high-voltage systems

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For instance, in July 2024, Danfoss Power Solutions launched the ePanda eDrive, an advanced integrated power system designed specifically for low-voltage applications. This new solution is particularly aimed at mobile elevating work platforms, enhancing efficiency, reliability, and safety in operation. The ePanda eDrive combines an electric motor, microcontroller unit, and reduction gearbox into a compact system. This integration simplifies installation and reduces the number of components required, ultimately lowering labor costs and installation time.

The increasing adoption of EVs is also significantly driving the growth of the EV low voltage drive systems market. As global demand for EVs rises due to environmental concerns, government incentives, and advancements in technology, low-voltage drive systems have become essential components of this transition. These systems are particularly suitable for smaller electric vehicles, such as electric two-wheelers, e-bikes, compact cars, and hybrid electric vehicles (HEVs), which are experiencing rapid growth in both developed and emerging markets.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of EV low voltage drive system reached USD 736.1 million in 2024 and is set to grow at a 7.3% CAGR from 2025 to 2034, driven by technological advancements in power electronics.

The below 48V segment held over 57% of the market share in 2024 and is expected to exceed USD 800 million by 2034 due to its widespread adoption as a cost-effective solution for two-wheelers and mild hybrid vehicles.

The Asia Pacific region accounted for 32% of the market share in 2024, led by its leadership in EV adoption and production, particularly in electric two-wheelers and small EVs.

The key players in the industry include ABB, Allegro Microsystems, Analog Devices, Borgwarner, Continental, Delphi Technologies, Eaton, Infineon, Lear, and Mahle.