Automotive Motor Drivers Market Size, Share, Growth Analysis, By Application(Electric Vehicle, Hybrid Vehicle, Commercial Vehicle), By Voltage Rating(Low Voltage and High Voltage), By Region - Industry Forecast 2024-2031

Global Automotive Motor Drivers Market size was valued at USD 5.03 billion in 2022 and is poised to grow from USD 5.44 billion in 2023 to USD 10.14 billion by 2031, at a CAGR of 8.1% during the forecast period (2024-2031).

The fact that motors guarantee a vehicle's smooth running makes them a crucial part of it. It is a natural part of any vehicle's operation that requires a constant circular motion. A number of reasons, such as a growth in global vehicle production, a high demand for safety and convenience features, and a rise in the desire for electric vehicles, are propelling the market's expansion. It is projected that the total system's higher weight and expense will restrict market growth. Additionally, there will likely be several prospects for market expansion due to the rise of applications that use electric motors and the introduction of the autonomous vehicle concept. Internal combustion engines, high-speed motors, and other devices all employ motors in automobiles. High-speed motors are two times as efficient as internal combustion engines, which are commonly seen in automobiles. Performance motors, comfort motors, and safety motors are just a few of the many uses that the motor in cars can be put to. Concerning factors include the rising cost of EVs and the developing infrastructure for charging. Since 2021, there has been unrest in the global automotive sector.

US Automotive Motor Drivers Market is poised to grow at a sustainable CAGR for the next forecast year.