Global Smart Electric Drive Market 2024 – 2033

Reports Description

According to Custom Market Insights (CMI), The Global Smart Electric Drive Market was worth around USD 0.9 billion in 2021  and is expected to reach USD 2.3 billion in 2022 and is predicted to grow to around USD 14.5 billion by 2030 with a compound annual growth rate (CAGR) of roughly 35% between 2022 and 2030. 

The report analyses the Smart Electric Drive market’s drivers and restraints and their impact on demand throughout the projection period. In addition, the report examines global opportunities in the global Smart Electric Drive market.

Smart Electric Drive Market: Overview

Electricity is used to power an electric drive. Due to their efficiency, the batteries are lithium-ion batteries, and the electric drives combine three-cylinder turbo engines. They are widely used in Europe and rechargeable. In addition to meeting all safety criteria, they are lightweight and equipped with electronic braking aid, stability control, and hill start assistance.

The drives come in many variations, and the parts or body panels of this can be replaced separately. Instead of conventional cars, they are powder coated instead of painted, using less energy and enhancing the car’s existing eco-friendly qualities. They are affordable and perfect for commuting in cities. The drives will be long-range, economical, and the result of significant investments and novel discoveries.

Smart Electric Drive Market: COVID–19 Impact Analysis

Automotive EV stakeholders are now extremely concerned about the COVID-19 pandemic. Due to the suspension of car production and supply interruptions, the automotive EV industry has reached a standstill. For the upcoming few quarters, declining vehicle sales will be of great concern to automotive EV OEMs following the pandemic. However, using advanced integrated components in a vehicle is predicted to lead to a large growth in the smart electric drive market in 2022. Before that, the pandemic will cause slower-than-expected growth in the smart electric drive industry due to decreased EV vehicle sales and a sudden halt in developing new technologies. 

To protect the safety of their employees during the COVID-19 pandemic, major component manufacturers like Nidec Corporation, Aisin Corporation, BorgWarner, Bosch, and ZF group announced the suspension of production. Manufacturers will probably modify production to avoid bottlenecks and schedule output by OEM and tier 1 manufacturer demand. However, manufacturers have modified their production strategy in response to OEM demand due to the increase in car demand during the pandemic.

Smart Electric Drive Market: Growth Drivers

High demand for electric vehicles

Major EV countries, including the US, China, and Germany, invested extensively in EVs and EV charging stations, as well as research and development for speedier and more efficient charge processes, comparatively long EVs, and more inexpensive battery. Businesses have also been investing in the development of electric powertrain technologies. To fulfill the rising demand for EVs, automakers must make large expenditures. Several Asian countries have adopted policies to reduce emissions over the coming years and replace their current fleets of vehicles with low-pollution models before 2035, along with those in the US and Europe.

Government initiatives

Over the past ten years, governments have implemented several regulations and policies to reduce diesel emissions, which has opened up significant opportunities for the global Smart e-Drive Industry. The market for intelligent electrical motors will grow due to coasters and connected transportation systems.

Smart Electric Drive Market: Segmentation Analysis

In our research scope, the moringa market is segmented into propulsion, application, component, and vehicle type. By application, the E-Wheel Drive segment is anticipated witness the highest CAGR. E-wheel drive is a fully integrated electric drive system mounted on a car’s back wheels. It incorporates every element required for safe accelerating and braking.

A cooling system, brake, controller, electric motor, and power electronics are the parts built into the drive. As numerous components are shifted to the wheel, one of the main advantages of the e-wheel drive is increased vehicle space, which can increase by up to 50%, according to the Green Car Congress. For instance, the e-wheel drive system from Gem Motors is 20% more efficient than traditional EV drivetrains.

Nidec Corporation, Protean, Elaphe, and Schaeffer are leading suppliers of e-wheel drives. A vehicle designed for two persons may now accommodate four passengers thanks to the e-wheel drive. Additionally, because the e-wheel drive is integrated into the wheel, direct transmission is delivered, making driving quick and safe.

For instance, the twin e-wheel drive from Schaeffler is placed in the rear wheel rim of the Ford Fiesta electric. E-wheel drive allows for dynamic and emission-free driving. The e-wheel drive market is predicted to increase quickly as the automotive industry transitions to zero-emission vehicles and expands the space inside vehicles for other uses. 

Report Scope

Feature of the Report	Details
Market Size in 2021	USD 0.9 Billion
Projected Market Size in 2030	USD 14.5 Billion
CAGR Growth Rate	35% CAGR (2022-2030)
Base Year	2023
Forecast Period	2024-2033
Prominent Players	Robert Bosch GmBH, Siemens AG, GKN PLC, ZF Friedrichshafen AG, Continental AG, Magna International Inc., AISIN SEIKI Co. Ltd., Schaeffler AG, ACTIA Group, SMR, Magnetic Systems Technology, AVL List Gmbh, BorgWarner, ABM Greiffenberger, and Others
Key Segment	By Propulsion, Application, Component, Drive Type, Vehicle Type, and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

Key Insights: 

• As per the analysis shared by our research analyst, the Smart Electric Drive market is estimated to grow annually at a CAGR of around 35% over the forecast period (2022-2030).
• In terms of revenue, the Smart Electric Drive market was valued at around USD 0.9 billion in 2021 and is projected to reach USD 14.5 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on components, the EV battery segment was estimated to hold the maximum market share in 2021.
• Based on drive type segmentation, the Front Wheel Drive segment was the leading revenue-generating category in 2021.
• Based on geography/region, the North American region was the leading revenue generator in 2021.

Recent Development

• April 2021: In Japan, Toyota unveiled its new LS and Mirai vehicles, which include cutting-edge driving assistance technology. The portable air conditioner “Carrime” was introduced by Daikin in 2020 with the Daikin Launch X innovation platform.
• April 2021: Volkswagen revealed the seven-seater EV ID.6 Crozz and ID.6 X built in China in collaboration with FAW and SAIC. The cars will only be sold in China. It comes in four powertrain types and two battery sizes—58 kWh and 77 kWh.

Regional Landscape

The largest market is anticipated to be in Asia-Pacific throughout the forecast period. The Asia-Pacific smart electric drive market has been growing quickly. China dominates the Asia-Pacific smart electric drive market. Due to the growing risk of climate change brought on by the pollution produced by the exhaust of fossil fuel-dependent vehicles, the Asia-Pacific region, led by China, has been investing extensively in the electric drive sector. With the enormous consumer markets in China and India, the smart electric drive market may expand rapidly with the aid of favorable government policies and reduce carbon emissions to achieve COP26 commitments. 

Competitive Landscape

Creating a long-term relationship with the end-users is a top priority for the major worldwide brands in the fiercely competitive Smart Electric Drive market. In the upcoming years, it is projected that competition will intensify due to the continued growth in EV adoption.

Key Players:

• Robert Bosch GmBH
• Siemens AG
• GKN PLC
• ZF Friedrichshafen AG
• Continental AG
• Magna International Inc.
• AISIN SEIKI Co. Ltd.
• Schaeffler AG
• ACTIA Group
• SMR
• Magnetic Systems Technology
• AVL List Gmbh
• BorgWarner
• ABM Greiffenberger

The global Smart Electric Drive market is segmented as follows:

By Propulsion

• BEV
• HEV
• PHEV

By Application

• E-Axle
• E-Wheel Drive

By Component

• EV Battery
• Inverter System
• Electric Motor
• E-Brake Booster
• Power Electronics

By Drive Type

• Front Wheel Drive
• All-Wheel Drive
• Rear Wheel Drive

By Vehicle Type

• Commercial
• Private

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America