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Automotive Low Voltage Drives Market Trends

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

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Automotive Low Voltage Drives Market Trends

Respective governments and authorities across the globe are shifting their focus towards low carbon technologies to meet climate targets, further creating a positive industry outlook. Moreover, the adoption of decarbonization targets in various developed as well as emerging economies to encourage the reduction in the overall carbon footprint and the development of related infrastructure will propel the industry growth. For instance, in November 2023, the Federal Highway Administration (FHWA), under the U.S. Department of Transportation has unveiled the country-wide framework to map GHG emissions related to the transportation network. In addition, the initiative will aid the states to track carbon footprint and set individual emission reduction targets, collectively attaining over USD 27 billion through federal funding programs. Moreover, the growing investments to establish advanced automotive manufacturing facilities with enhanced automation capabilities will further add to the market expansion.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

Market size for automotive low voltage drives was evaluated at over USD 2.4 billion in 2023 and is set to grow at a rate of 4.5% through 2032, owing to the rising concerns related to the GHG and carbon emissions, along with the growing sales of vehicle fleet backed by favorable incentives.

AC low voltage drives accounted for about 75.3% revenue share in 2023 and is projected to grow through 2032, backed by the ongoing trend of optimizing motor performance by adjusting speeds based on load requirements.

Asia pacific automotive low voltage drives industry was estimated at over USD 1.1 billion in 2023 and is projected to expand significantly through 2032, on account of the transition toward low carbon mobility, coupled with the rising investments to boost the manufacturing capabilities.

ABB, Danfoss, Eaton, Emerson Electric Co., Fuji Electric Co., Ltd., General Electric, Infineon Technologies AG, Kostal Industrie Elektrik GmbH & Co. KG, MAHLE GmbH, NIDEC CORPORATION, and OMRON Corporation among others.