Electric Drives Market Projected to Exceed $11.78 Billion by 2032

According to a recent report by SNS Insider, the electric drives market, valued at $2.6 billion in 2023, is anticipated to reach $11.78 billion by 2032, growing at a compound annual growth rate (CAGR) of 18.35% from 2024 to 2032. This growth is driven by the increasing demand for energy-efficient motor control across industries, the rise of electric vehicles, and advancements in automation technologies. Notably, the low-voltage drive segment (<372.8KW or <1KV) dominated the market in 2023, accounting for 64% of revenue, due to its widespread application in HVAC systems, material handling, and industrial automation. 

 

Source: GlobalNewsWire