Motor Drivers Market Size, Share, Growth Analysis, By Type(AC Motor Drivers and DC Motor Drivers), By Application(Automotive and Healthcare) - Industry Forecast 2024-2031

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 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. '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)'

One key driver of the 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 motor drivers market in the coming years.

One key trend in the 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.

North America dominated the 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.