USD 5.7 billion
Motor Drivers Market Size, Share, Growth Analysis, By Type(AC Motor Drivers and DC Motor Drivers), By Application(Automotive and Healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45K2038 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
59
|Figures:
75
Motor Drivers Market Insights
Global Motor Drivers Market size was valued at USD 5.7 billion in 2022 and is expected to grow from USD 6.12 billion in 2023 to reach USD 10.84 billion by 2031, at a CAGR of 7.4% during the forecast period (2024-2031).
The motor drivers market is experiencing substantial growth due to factors such as the increasing demand for electric vehicles, automation and industrialization, advancements in consumer electronics, energy efficiency initiatives, integration of motor control in integrated circuits, growing industrial automation in developing regions, advancements in motor driver technologies, and the focus on robotics and AI. The increasing need for automation and industrialization across various sectors is driving the demand for motor drivers. These drivers enable precise control of motors used in industrial machinery, robotics, factory automation, and process control systems. Moreover, continuous advancements in consumer electronics, such as smartphones, tablets, and home appliances, require compact and efficient motor drivers to power various functionalities. The demand for motor drivers in consumer electronics is expected to grow steadily. Also, integration of motor control functionalities within microcontrollers and system-on-chip (SoC) solutions is driving the market. This integration reduces the need for external motor driver components, simplifies system design, and lowers overall costs. Furthermore, technological advancements in motor driver design, such as the use of advanced semiconductor materials, power electronics, and control algorithms, are driving market growth. These innovations enhance motor driver performance, efficiency, and reliability.
US Motor Drivers Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
AC motor drivers
Fastest Growth
DC motor drivers
Growth Rate
7.4% CAGR
Global Motor Drivers Market ($ Bn)
Country Share for North America Region (%)
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Motor Drivers Market Segmental Analysis
Global Motor Drivers market is segmented by type, application, and region. Based on type, the market can be segmented into AC motor drivers, and DC motor drivers. Based on application, the market is segmented into automotive, and healthcare. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Motor Drivers Market Analysis by Type
By type, the market can be segmented into AC motor drivers and DC motor drivers. AC motor drivers dominated the global market, accounting for the largest share of the market revenue. AC motor drivers are widely used in various applications due to their superior efficiency, reliability, and speed control capabilities. They are commonly used in industries such as automotive, robotics, aerospace, and HVAC systems. The increasing demand for AC motor drivers in these industries is expected to continue driving the growth of this segment in the coming years.
The DC motor drivers segment is expected to witness fastest growth during the forecast period. This is due to the increasing demand for DC motor drivers in electric and hybrid vehicles, as well as in industrial automation applications. The growing need for precise control over motor speed and torque is driving the demand for high-performance DC motor drivers, which is expected to fuel the growth of this segment.
Motor Drivers Market Analysis by Application
By application, the market can be segmented into automotive and healthcare. The automotive industry dominated the market due to the increasing demand for electric and hybrid vehicles, which require high-performance motor drivers to operate efficiently. Moreover, the growing trend of autonomous vehicles is also expected to drive the demand for motor drivers in the automotive industry. With the increasing focus on reducing carbon emissions, the adoption of electric vehicles is expected to increase significantly, which will further boost the demand for motor drivers in the automotive industry.
The healthcare sector is a relatively smaller segment in the motor drivers market. However, it is expected to witness significant growth in the coming years due to the increasing adoption of automation and robotics in healthcare applications. Motor drivers are used in various medical devices such as infusion pumps, ventilators, and surgical robots, among others. The increasing demand for these devices is expected to drive the demand for motor drivers in the healthcare sector.
Global Motor Drivers Market By Type
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Motor Drivers Market Regional Insights
North America dominated the global market, owing to the presence of major automotive manufacturers and the growing demand for automation in various industries. The increasing adoption of electric vehicles is also driving the demand for motor drivers in this region. The United States is expected to continue to dominate the North American market during the forecast period.
During the projected period, the APAC region is anticipated to have the fastest-growing motor driver market. This expansion might be ascribed to the rising need for automation in nations with significant industrial hubs like China, Japan, and South Korea. The growing adoption of electric vehicles in these countries is also driving the demand for motor drivers. China is expected to be the largest market for motor drivers in the APAC region, owing to its large population and growing industrialization.
Global Motor Drivers Market By Region
- Largest
- Fastest
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Motor Drivers Market Dynamics
Motor Drivers Market Drivers
Increasing demand for automation in various industries
- One key driver of the global motor drivers market is the increasing demand for automation in various industries, such as manufacturing and automotive. Motor drivers play a critical role in controlling the speed and direction of electric motors, which are essential components of automated machinery and vehicles. In addition, the growing adoption of electric vehicles is driving the demand for efficient motor drivers to control the motors that power these vehicles. These factors are expected to continue to drive the growth of the global motor drivers market in the coming years.
Motor Drivers Market Restraints
High cost associated with the design and production of these devices
- One significant restraint for the global motor drivers market is the high cost associated with the design and production of these devices. Motor drivers require sophisticated electronics and software to ensure precise control of electric motors, which increases the manufacturing cost. Moreover, the lack of standardization in the motor drivers market can create compatibility issues with different motor types, limiting the interoperability of motor drivers and increasing the complexity of system integration. These factors can hinder the adoption of motor drivers, particularly among smaller businesses and emerging markets.
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Motor Drivers Market Competitive Landscape
The global motor drivers market is highly competitive, with several key players operating in this space. In order to obtain a competitive edge, firms in the market concentrate on product innovation, research and development, and strategic collaborations. To meet the rising demand for automation across a range of industries, businesses are also making investments in the creation of effective and affordable motor drivers. The market is also witnessing increased competition from new players entering the market, intensifying the competition further. The competitive landscape of the motor drivers market is expected to remain intense in the coming years, with players striving to differentiate themselves through innovation and technological advancements.
Motor Drivers Market Top Player’s Company Profiles
- ABB Ltd. (Switzerland)
- Mitsubishi Electric Corporation (Japan)
- Siemens AG (Germany)
- Schneider Electric SE (France)
- Toshiba Corporation (Japan)
- Fuji Electric Co., Ltd. (Japan)
- Rockwell Automation, Inc. (US)
- Yaskawa Electric Corporation (Japan)
- Nidec Corporation (Japan)
- Delta Electronics, Inc. (Taiwan)
- STMicroelectronics N.V. (Switzerland)
- Texas Instruments Incorporated (US)
- Infineon Technologies AG (Germany)
- ON Semiconductor Corporation (US)
- Renesas Electronics Corporation (Japan)
- Maxim Integrated Products, Inc. (US)
- Analog Devices, Inc. (US)
- Cirrus Logic, Inc. (US)
- Melexis N.V. (Belgium)
- Rohm Co., Ltd. (Japan)
Motor Drivers Market Recent Developments
- In April 2024, Applied Motion Products launched the MDX+ series, a set of servo systems that combine a servo drive, motor, and encoder in a single unit. These systems come in power outputs of 100/200/400/550W. The MDX+ line supports various control methods such as Pulse/Direction, CW/CCW, and encoder following, along with communication protocols like RS-485, CANopen, and EtherCAT. It also includes options with electromagnetic brakes for safety compliance and will soon offer STO. The MDX+ series is well-suited for industries such as logistics, AGV, medical, semiconductor, and solar.
- In March 2024, Optiphase Drive Systems and OPAL-RT have formed a significant partnership aimed at pushing forward innovation in electric vehicle and system design. This collaboration will provide advanced vehicle designers with access to real-time simulation capabilities, incorporating the latest 5-phase electric motor and drive system technologies developed by Optiphase.
- In February 2024, Tata and Uber are looking to form a strategic alliance to boost their digital business endeavors.
Motor Drivers Key Market Trends
- One key trend in the global motor drivers market is the increasing adoption of brushless DC motor drivers. Brushless DC motors offer several advantages over traditional brushed DC motors, including higher efficiency, longer lifespan, and less maintenance. The demand for brushless DC motors is growing rapidly in various industries, such as automotive and aerospace, which is driving the demand for motor drivers that can efficiently control these motors. As a result, motor driver manufacturers are investing in the development of brushless DC motor drivers that offer precise control and high efficiency to meet the growing demand from these industries.
Motor Drivers Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global motor drivers market analysis the market is expected to witness significant growth in the coming years, driven by the increasing demand for automation in various industries, particularly in manufacturing and automotive. Motor drivers play a critical role in controlling electric motors, which are essential components of automated machinery and vehicles. The growing adoption of electric vehicles is also driving the demand for motor drivers that can efficiently control the motors that power these vehicles. However, the high cost of designing and producing motor drivers and the lack of standardization in the market are significant restraints that could hinder the growth of the market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.7 billion |
| Market size value in 2031 | USD 10.84 billion |
| Growth Rate | 7.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Motor Drivers Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Motor Drivers Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Motor Drivers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Motor Drivers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Motor Drivers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Motor Drivers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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