The Electric Drives Market is growing with demand for energy-efficient motor control in industries, EVs, and automation, driven by advancements in power electronics and IoT.
Austin, Feb. 13, 2025 (GLOBE NEWSWIRE) — Electric Drives Market Size & Growth Insights:
According to the SNS Insider, “The Electric Drives Market was valued at USD 2.6 billion in 2023 and is expected to reach USD 11.78 billion by 2032, growing at a CAGR of 18.35% from 2024-2032.
Electric motors already consume more than 40% of electricity globally, according to IEA, and advanced drives are being infused with AI-powered diagnostics, predictive maintenance and smart motor control. Enhanced networking and peak-current reduction features are now industry standards, improving operational efficiency and system integration.
Get a Sample Report of Electric Drives Market @ https://www.snsinsider.com/sample-request/5585
Leading Market Players with their Product Listed in this Report are:
- ABB (ABB Ability Electric Motors, ABB Ability e-mobility solutions)
- Aisin Corporation (Electric drive units, Powertrain components)
- Allison Transmission (Electric hybrid drive systems, e-Axles)
- Borgwarner (Electric drive modules, High-voltage inverters)
- Bosch (Electric motors, Power electronics)
- Continental AG (Electric drive systems, Powertrain control units)
- Denso (Electric motor drives, Inverters)
- GKN (Melrose) (eDrive systems, Electric vehicle drive modules)
- Hexagon AB (Electric vehicle infrastructure solutions, Smart mobility software)
- Hitachi (Electric motors, Power management solutions)
- Huayu Automotive Electric System (Electric drive systems, DC-DC converters)
- Hyundai (Electric drive units, Inverters)
- Infineon Technologies (Power semiconductors, Inverters for electric vehicles)
- Jatco (Electric drive transmissions, e-CVT systems)
- Jing-Jin Electric Technologies (Electric motors, Inverters for electric vehicles)
- LG Electronics (Electric motors, Battery management systems)
- Magna International (Electric drive units, Inverter technology)
- Mahle (Electric motors, Thermal management systems for EVs)
- Meidensha Corporation (Electric vehicle motors, Inverter systems)
- Meritor (Electric drive axles, ePowertrain systems)
- Nidec Corporation (Electric vehicle motors, Inverters)
- Shanghai Automotive Smart Electric Drive (Electric drive systems, EV powertrains)
- Siemens AG (Electric motors, Power distribution systems)
- Smesh E-Axle (E-axle modules, Drive system components).
Electric Drives Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 2.6 Billion |
| Market Size by 2032 | USD 11.78 Billion |
| CAGR | CAGR of 18.35% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Drivers | • Industrial Automation Driving Increased Demand for Electric Drives in Manufacturing, Mining, and Oil & Gas Sectors. • Rising Energy Efficiency Demands Drive Increased Adoption of Electric Drives Across Various Industries. |
For A Detailed Briefing Sessions with Our Team of Analyst, Connect Now @ https://www.snsinsider.com/request-analyst/5585
Key Market Segmentation
By Voltage, the Low-Voltage Drive (<372.8KW or <1KV) Dominating and Medium-Voltage Drive (>=372.8KW or >=1KV) Fastest Growing
In 2023, the Low-Voltage Drive (<372.8KW or <1KV) segment led the Electric Drives Market with a 64% revenue share, driven by its widespread use in HVAC, material handling, and industrial automation. These drives offer affordability, energy efficiency, and seamless system integration.
the Medium-Voltage Drive (>=372.8KW or >=1KV) segment is set to grow at a 19.48% CAGR (2024-2032) as demand grows in sectors such as mining, oil and gas, and water treatment, where high-power solutions improve efficiency and operational scalability.
By Product, AC Drives Dominating and Servo Drives Fastest Growing
In 2023, AC Drives led the Electric Drives Market with a 68% revenue share, owing to their enhanced versatility and extensive applications in numerous applications including manufacturing, HVAC, and transportation where accurate motor control and energy efficiency are needed.
Servo Drives are set to grow at a 22.03% CAGR (2024-2032), as demand for them in robotics, aerospace and high-end manufacturing industry continues to expand. They are essential to advanced automation due to their superior accuracy and dynamic response, making them a leading driver of innovation across industries.
By Power Rating Statistics, <250 KW segment is Dominating and Fastest Growing
The <250 KW segment led the Electric Drives Market with a 59% revenue share in 2023 and is projected to grow at a 19.13% CAGR (2024-2032). Due to Use in manufacturing, HVAC, and material handling, where energy efficiency and precision control are keys. These economical yet dependable drives are preferred for typical industrial applications. The rapid expansion of the segment, which is becoming one of the key market drivers, is being fueled by growing automation adoption, energy-saving initiatives, and the steadily rising demand from SMEs.
By End User, Power Generation Dominating and Oil and Gas Segment is fastest growing
The Power Generation segment led the Electric Drives Market in 2023, wing to the increasing demand for efficient motor control in power generation facilities, (for example, renewable energy projects). This leads to enhanced performance and efficiency of turbines and generators, better energy efficiency, and improved grid stability.
The Oil and Gas segment is projected to grow at the fastest CAGR from 2024 to 2032, driven by rising investments in upstream and midstream operations. The sector’s increasing focus on automation and energy efficiency has accelerated the adoption of electric drives in drilling, pumping, and refining processes.
Electric Drives Market – Key Segments
By Product
- AC Drives
- DC Drives
- Servo Drives
By Voltage
- Low-Voltage Drive (<372.8KW or <1KV)
- Medium-Voltage Drive (>=372.8KW or >= 1KW)
By Power Rating Statistics
- <250 KW
- 251 – 500 KW
- >500 KW
By End-user Industry
- Oil and Gas
- Water and Wastewater
- Chemical and Petrochemical
- Food and Beverage
- Power Generation
- HVAC
- Pulp and Paper
- Discrete Industries
- Other End-user Industries
Buy a Single-User PDF of Electric Drives Market Analysis & Outlook Report 2024-2032@ https://www.snsinsider.com/checkout/5585
Regional Analysis: Asia Pacific Leads, North America Grows Fastest
Asia Pacific dominated the Electric Drives Market in 2023, holding a 42% revenue share, driven by rapid industrialization and urbanization in China, India, and Japan. to rapid industrialization and urbanization of the regions China, India, and Japan. Market growth has been driven by the region’s robust manufacturing sector, increasing demand for energy-efficient solutions, and growing adoption of automation. Good demand supported by sustainable energy solutions promoted by the government.
Meanwhile, North America is expected to grow at the fastest CAGR of 20.63% from 2024 to 2032, driven by automation advancements, renewable energy integration, and rising electric vehicle adoption. Heavy investments in digitalization and green technologies are accelerating market expansion across industries.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Key Vendors and Feature Analysis, 2023
5.2 Performance Benchmarks, 2023
5.3 Usage Statistics, 2023
5.4 Technology Adoption and Trends
6. Competitive Landscape
7. Electric Drives Market, by Product
8. Electric Drives Market, by Voltage
9. Electric Drives Market, by Power Rating
10. Electric Drives Market, by End-user Industry
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
Access Complete Research Insights on Electric Drives Market Report Forecast @ https://www.snsinsider.com/reports/electric-drives-market-5585
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
CONTACT: Contact Us: Jagney Dave - Vice President of Client Engagement Phone: +1-315 636 4242 (US) | +44- 20 3290 5010 (UK)
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.