Automotive Low Voltage Drives Market Analysis

Automotive Low Voltage Drives Market Analysis

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Based on power range, the industry is broadly bifurcated into micro and low. Low power range drives are set to observe a growth rate of over 4% through 2032 attributed by their enhanced motor protection features including overcurrent protection, overvoltage protection, and thermal protection along with the growing emphasis on energy efficiency. Moreover, the integration of smart features including remote monitoring, predictive maintenance, and data analytics for enhanced performance & efficiency coupled with the growing adoption of digitalization and industry 4.0 principles will add to the industry landscape.
 

Based on drive, the automotive low voltage drives market is primarily categorized into AC, DC, and servo. AC low voltage drives accounted for about 75.3% revenue share in 2023 and is projected to hold a dominating position across the forecast timeline. The ongoing trend is toward optimizing motor performance by adjusting speeds based on load requirements coupled with their compact & modular designs will boost the product adoption. Moreover, continuous efforts by the major manufacturers to enhance the efficiency of drives to meet sustainability goals and reduce energy consumption will further complement the industry size.
 

Servo drives are set to observe considerable expansion in the automotive industry on account of the growing need for accurate positioning & velocity control aiming to improve efficiency & accuracy across various tasks. In addition, the research & development (R&D) initiatives by the key product manufacturers in servo drive technology to advancing the capabilities, efficiency, and applications of servo systems will further sway the industry landscape. For instance, in April 2023, Applied Motion Products Inc. introduced a new range of CSM34 conveyor smart motor, equipped with the company’s StepSERVO technology to deliver advance control, compact footprint, easy installation, and extended operational life across conveyor applications.
 

• Asia pacific automotive low voltage drives industry was estimated at over USD 1.1 billion in 2023 and is projected to expand significantly on account of the transition toward low carbon mobility coupled with the rising investments to boost the manufacturing capabilities. In addition, continuous expenditure towards the expansion in the production and research & development capabilities by the key industry players will further propel the industry dynamics. For instance, in September 2023, Japan Automobile Manufacturers Association reported that the total R&D expenditure in the national automotive manufacturing industry equaled above USD 24.3 billion in financial year (FY) 2021 growing from USD 20.8 billion in FY 2019, experiencing around 16.9% incremental growth between two years.
   
• The rising awareness of new technologies along with the growing demand for carbon-negative energy resources, particularly in the transportation sector, will contribute to the positive industry dynamics. Moreover, favorable initiatives by component manufacturers, the introduction of innovative production technologies, and expansion of regional automakers with new investments are among the key factors driving the Asia Pacific low voltage drives industry landscape.