The global drives market is valued at USD 28.6 billion in 2024 and is experiencing steady growth as industries embrace energy-efficient, automated, and digitally integrated motion control technologies. Asia-Pacific holds the largest share of the market, driven by rapid industrialization, widespread adoption of automation, and rising demand from China, India, and Southeast Asia. North America also plays a key role, with growth supported by industrial automation, HVAC systems, and electric mobility applications, while the U.S. leads in adopting electric and variable-speed drive technologies. Europe, is expanding steadily due to strict energy efficiency regulations, modernization of industrial processes, and a strong emphasis on sustainable manufacturing practices.
Drives overview
Published by MMR Statistics Research Team, Updated