Automotive Low Voltage Drives Market - By Application (Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality), & Forecast, 2024 - 2032

Automotive Low Voltage Drives Market - By Application (Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality), & Forecast, 2024 - 2032

Automotive Low Voltage Drives Market size is projected to expand at 4.5% CAGR between 2024 and 2032 owing to the continuous innovations for the development of more efficient, compact, and reliable low voltage drives. Advancements in power electronics, motor control algorithms, and semiconductor technologies are improving the performance and energy efficiency of automotive drives. Integration of features, such as regenerative braking, predictive maintenance, and advanced control systems are further enhancing the product appeal to automakers.

Additionally, the development of smart and connected low voltage drives, with capabilities for remote monitoring and diagnostics, is helping meet the evolving needs of the automotive sector, further accelerating the market expansion. For instance, in June 2023, OMRON, a worldwide pioneer in industrial automation, launched the OMRON M1 Integrated worldwide AC Drives Solution, to provide improved system integration capabilities while enabling machine design with increased flexibility, efficiency, and space-saving benefits.

The automotive low voltage drives market is segmented into power range, drive, and region.

Based on power range, the industry size from the micro power range segment is anticipated to witness high demand from 2024 to 2032 owing to the rising preference for energy-efficient solutions in EVs and hybrid vehicles. Automotive manufacturers are striving to improve vehicle performance and reduce emissions, further propelling the need for micro power range to enhance efficiency and control of vehicle systems. With the ongoing shift towards electrification in the automotive sector, the segment is set to record considerable growth.

In terms of drive, the automotive low voltage drives market from the DC segment generated substantial revenue in 2023 and is projected to depict a notable growth rate between 2024 and 2032. These drives are essential components in electric and hybrid vehicles for offering efficient and precise control of DC motors. With the increasing focus of the automotive sector on electrification, DC drives are gaining traction to power various vehicle systems, such as electric power steering, cooling fans, and air conditioning compressors. Given their reliability, compact size, and ability to provide variable speed control, DC automotive low voltage drives have emerged indispensable in improving vehicle efficiency and performance.

Given the regional landscape, the North America automotive low voltage drives industry is set to exhibit robust growth during 2024-2032 attributed to the increasing adoption of EVs and hybrid vehicles in the region. The surging need for improved vehicle efficiency and performance, coupled with stringent fuel efficiency standards is increasing the government focus on promoting clean energy and reducing carbon emissions. Additionally, the presence of key automotive manufacturers and their strong focus on electrification will drive innovations in low-voltage drive technology, further augmenting the regional industry outlook.