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

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.