Global Smart Electric Drive Market Insights Forecasts to 2033

• The Global Smart Electric Drive Market Size was Valued at USD 0.94 Billion in 2023
• The Market Size is Growing at a CAGR of 35.56% from 2023 to 2033
• The Worldwide Smart Electric Drive Market Size is Expected to Reach USD 19.87 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

 

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The Global Smart Electric Drive Market Size is Anticipated to Exceed USD 19.87 Billion by 2033, Growing at a CAGR of 35.56% from 2023 to 2033.

 

Market Overview

Smart electric drives are enhanced or updated versions of traditional electric drives that use a battery as a power source to ensure efficient transmission in the vehicle. Smart electric drives offer a smoother and more enjoyable driving experience than conventional electric drives. As a result, the rising desire for comfort and safety on the road is driving global demand for smart electric vehicles. Furthermore, by including modern components such as power electronics, an e-break booster, and others, these drives enable optimal energy use, resulting in lower operating costs than traditional e-drives. Fossil fuels are non-renewable, and their costs are growing all over the world, raising widespread fear that they are not sustainable and will soon be depleted. This supply shortage, combined with environmental concerns, has prompted research and development efforts to identify alternative fuels. Smart electric drives are a viable endeavor, and recent developments have resulted in lower input prices. Smart electric drives are also a more cost-effective solution for long-term use than traditional petroleum vehicles, which require frequent repairs. Countries like China, the United States, and Germany are investing heavily in charging stations and procedures, long-range electric vehicles, improved batteries, and so on.

 

Report Coverage

This research report categorizes the market for the global smart electric drive market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global smart electric drive market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global smart electric drive market.

 

Driving Factors

A smart electric drive is an upgraded version of a traditional electric drive system that has been modified to make driving more comfortable and safer. The power source here is a battery, which could be a solid-state battery, a lithium-ion battery, or a lead-based battery; This battery transmits energy directly to the vehicle. Direct transmission saves a significant amount of energy, hence increasing efficiency. Smart electric drives are more efficient, meeting the current demands of customers who make thoughtful decisions about purchasing sustainable items. This shift in customer preferences will fuel demand for smart electric drives over the projection period.

 

Restraining Factors

Smart electric vehicles require electric charging stations, for which the infrastructure is presently not established, resulting in annoyance when considering long journeys. Charging takes longer than regular fueling, which is another industry limitation.

 

Market Segmentation

The global smart electric drive market share is classified into component, vehicle type, and application.

 

• The e-break booster segment is expected to hold the largest share of the global smart electric drive market during the forecast period.   

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 forecast period. The rise of electric vehicles is driving the need for automated systems that can properly control their charging and discharging. This creates an opportunity for firms to develop smart electric drive solutions that interface smoothly with the smart grid architecture.

 

• The commercial vehicles segment is expected to grow at the fastest CAGR during the forecast period.   

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 forecast period. Commercial vehicles include LCVs, large trucks, buses, and coaches. Commercial vehicles contribute to smoother supply chains and higher industry production by lowering hazards, enhancing driver visibility, and optimizing routes. Commercial vehicles, which form the core of the logistics and transportation sectors, are critical to the efficient flow of commodities and goods, economic growth, and meeting the needs of an international marketplace. Thus, such factors are boosting the market growth in the forecast period.

 

• The E-axle segment is expected to hold a significant share of the global smart electric drive market during the forecast period.

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 forecast period. The cost-effective and space-efficient electric drive solution for battery-electric and hybrid vehicles is expected to experience significant expansion in the future. This expansion is fueled by rising demand for electric vehicles, which is predicted to surge.

 

Regional Segment Analysis of the Global Smart Electric Drive Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Europe is projected to hold the largest share of the global smart electric drive market over the forecast period.

 

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Europe is projected to hold the largest share of the global smart electric drive market over the forecast period. European countries have been at the forefront of enforcing strict emissions regulations and encouraging clean transportation. This has accelerated the adoption of electric cars (EVs) in the region, demanding improved smart electric drive systems. Secondly, European automakers have made major investments in electric mobility and smart electric drive technologies. These firms are known for their creativity, and they manufacture a diverse selection of EV models with innovative electric drive technologies. Furthermore, Europe has a robust charging infrastructure network, making it ideal for EV adoption.

 

Asia Pacific is expected to grow at the fastest CAGR growth of the global smart electric drive market during the forecast period. High EV sales in China are the primary driver of regional market growth. The rising EV penetration in APAC's emerging economies, including India, Japan, South Korea, and others, is likely to drive market growth in the coming years. Furthermore, manufacturers' efforts to establish EV manufacturing units in these growing economies to capitalize on early revenue growth prospects are expected to increase demand for smart e-drives in APAC during the forecast period.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global smart electric drive 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.

 

List of Key Companies

• 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
• Others

 

Key Market Developments

• In February 2023, XPENG, a major Chinese smart electric car manufacturer, has announced dealer relationships in the UAE, Egypt, Azerbaijan, Jordan, and Lebanon. XPENG will use the relationships to deliver its EVs to local consumers in each location, with branded showrooms and end-to-end customer service throughout the purchasing process. The collaborations represent multiple "firsts" for XPENG on its path to globalization as it strives to become a prominent player in the EV market.

 

• In January 2024, VinFast Auto (Nasdaq: VFS), Vietnam's premier electric vehicle manufacturer, has unveiled its latest electric car concept, the VF Wild. The concept car is VinFast's first attempt at a pickup truck, demonstrating the company's dedication to expanding its product line and encouraging sustainable transportation by making smart, safe, and fun electric vehicles available to everybody.

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

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