New York, United States , May 16, 2024 (GLOBE NEWSWIRE) -- The Global Smart Electric Drive Market Size is to Grow from USD 0.94 Billion in 2023 to USD 19.87 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 35.56% during the projected period.
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Smart electric drives are improved or updated versions of traditional electric drives that utilize a battery to provide efficient transmission in the vehicle. Smart electric drives provide a smoother and more pleasurable driving experience than traditional electric drives. As a result, global demand for smart electric vehicles is driven by a growing desire for comfort and safety when driving. A smart electric drive is an enhanced version of a traditional electric drive system that has been adjusted to improve driving comfort and safety. The power source in this case is a battery, which could be a solid-state battery, a lithium-ion battery, or a lead-based battery; this battery delivers energy directly to the vehicle. Direct transmission saves a lot of energy, which increases efficiency. Smart electric drives are more efficient, fulfilling the current demands of customers who make informed selections about acquiring environmentally friendly things. This shift in customer preferences will fuel demand for smart electric drives during the projection period. However, smart electric vehicles require electric charging stations, which the infrastructure for is now lacking, resulting in frustration when considering long journeys. Charging takes longer than usual fuelling, indicating another industry bottleneck.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the "Global Smart Electric Drive Market Size, Share, and COVID-19 Impact Analysis, By Component (Battery, E-Break Booster, Power Electronics, Motor), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Application (Wheel Drive, E-Axle), By Drive (FWD, RWD, AWD), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The e-break booster segment is expected to hold the largest share of the global smart electric drive market during the anticipation timeframe.
Based on the component, the global smart electric drive market is categorized into battery, e-break booster, power electronics, and motor. Among these, e-break booster segment is expected to hold the largest share of the global smart electric drive market during the anticipation timeframe. The popularity of electric vehicles is increasing the demand for automated systems that can correctly control their charging and discharging. This provides an opportunity for companies to build smart electric drive systems that work seamlessly with the smart grid design.
The commercial vehicles segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the vehicle type, the global smart electric drive market is categorized into passenger cars, and commercial vehicles. Among these, the commercial vehicles segment is expected to grow at the fastest CAGR during the anticipation timeframe. LCVs, huge trucks, buses, and coaches are all examples of commercial vehicles. Commercial vehicles help to smooth supply networks and increase industry production by reducing dangers, improving driver visibility, and optimizing routes. Commercial vehicles, which constitute the heart of the logistics and transportation industries, are vital to the efficient movement of commodities and goods, economic growth, and satisfying the demands of an international marketplace.
The E-axle segment is expected to hold a significant share of the global smart electric drive market during the anticipation timeframe.
Based on the application, the global smart electric drive market is categorized into wheel drive, and E-axle. Among these, the E- axle segment is expected to hold a significant share of the global smart electric drive market during the anticipation timeframe. The cost-effective and space-saving electric drive solution for battery-electric and hybrid vehicles is projected to see significant growth in the next years. This increase is being driven by rising demand for electric vehicles, which is expected to skyrocket.
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Europe is projected to hold the largest share of the global smart electric drive market over the anticipation timeframe.
Europe is projected to hold the largest share of the global smart electric drive market over the anticipation timeframe. European automakers have invested heavily in electric mobility and smart electric powertrain technology. These companies are known for their innovation, and they produce a wide range of EV models with cutting-edge electric motor technologies. Furthermore, Europe boasts a powerful charging infrastructure network, making it suitable for EV adoption.
Asia Pacific is expected to grow at the fastest CAGR growth of the global smart electric drive market during the anticipation timeframe. Rising electric vehicle penetration in APAC's emerging economies, including India, Japan, South Korea, and others, is expected to boost market growth in the coming years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global smart electric drive market are Hexagon AB, Hitachi, ABB, Aisin Corporation, Allison Transmission, BorgWarner, Bosch, Continental Ag, Dana, Denso, GKN (Melrose), Huayu Automotive Electric System, Hyundai Mobis, Infineon Technologies, Jatco, Jing-Jin Electric Technologies, LG Electronics, Magna International, Mahle, Meidensha Corporation, Meritor, Nidec Corporation, Shanghai Automotive Smart Electric Drive, Siemens AG, Smesh E-Axle, ZF Group, and others.
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Recent Developments
- On February 2023, XPENG, a leading Chinese smart electric vehicle manufacturer, has announced dealer agreements in the UAE, Egypt, Azerbaijan, Jordan, and Lebanon. XPENG will leverage the ties to provide its EVs to local consumers in each region, complete with branded showrooms and end-to-end customer care throughout the purchasing process. The cooperation signal several "firsts" for XPENG on its route to globalization as it aspires to become a major player in the EV market.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global smart electric drive market based on the below-mentioned segments:
Global Smart Electric Drive Market, By Component
- Battery
- E-Break Booster
- Power Electronics
- Motor
Global Smart Electric Drive Market, By Vehicle Type
- Passenger Cars
- Commercial Vehicles
Global Smart Electric Drive Market, By Application
- Wheel Drive
- E-Axle
Global Smart Electric Drive Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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