Overview and Scope
The smart electric drive market consists of sales of advanced power electronics, regenerative braking systems, and battery management systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The smart electric drive market size has grown exponentially in recent years. It will grow from $0.83 billion in 2023 to $1.09 billion in 2024 at a compound annual growth rate (CAGR) of 31.4%. The growth in the historic period can be attributed to increasing investments in the electric vehicle (EV), increasing choices for consumers, increasing emissions, rising demand for road safety and comfort, and infrastructure development.
The smart electric drive market size is expected to see exponential growth in the next few years. It will grow to $3.27 billion in 2028 at a compound annual growth rate (CAGR) of 31.6%. The growth in the forecast period can be attributed to increasingly prioritizing eco-friendly transportation options, increasingly feature smart electric drives, increase in fossil fuel prices and smart electric drive friendly, growing need for intelligent systems, and increasing demand for electric vehicles. Major trends in the forecast period include rising fossil fuel prices, advancements in technology, infrastructure development, battery technology and advancements in autonomous driving technology.
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Segmentation & Regional Insights
The smart elecrtic drive market covered in this report is segmented –
1) By Drive Type: All Wheel Drive, Front Wheel Drive, Rear Wheel Drive
2) By System: Vehicle-Based Communication Controller, Supply Equipment Communication Controller (SECC)
3) By Charging Type: Wired Charging, Wireless Charging
4) By Battery Type: Lithium-ion, Nickel Based, Lead Acid, Solid State Battery
5) By Application: Passenger Vehicle, Commercial Vehicle
Europe was the largest region in the smart electric drive market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart elecrtic drive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for electric vehicles is expected to propel the growth of the smart electric drive market going forward. Electric vehicles (EVs) are automobiles powered by electricity stored in rechargeable batteries or other energy storage devices. The demand for electric vehicles is increasing due to advances in battery technology, government support, the growing availability of models, stricter emissions standards, and second-hand markets. Smart electric drives are at the core of electric vehicle technology, offering significant advantages in efficiency, performance, and environmental impact compared to traditional internal combustion engines. For instance, in January 2024, according to a report published by the Energy Information Administration (EIA), a US-based environmental impact assessment of electric vehicles, around 12.9 million electric vehicles were produced worldwide in 2023, an increase of 6.7% compared to 2022. Therefore, the increasing demand for electric vehicles is driving the growth of the smart electric drive market.
Key Industry Players
Major companies operating in the smart elecrtic drive market are SAIC Motor Corp. Ltd. , Tesla Inc., China FAW Group Corp. Ltd. , Siemens AG, BAIC Motor Corporation Limited, BYD Auto Co. Ltd., Zhejiang Geely Holding Group Co. Ltd., Hyundai Mobis Co. Ltd., Magna International Inc., ZF Friedrichshafen AG, Continental AG, Aisin Corporation, Great Wall Motor Company Limited, Schaeffler Group, Nidec Corporation, Changan Automobile Co. Ltd., Chery Automobile Co Ltd., BorgWarner Inc., Dongfeng Motor Corporation Ltd., Danfoss, Brilliance Auto Group, JAC Group, UQM Technologies Inc.
The smart elecrtic drive market report table of contents includes:
1. Executive Summary
2. Smart Electric Drive Market Characteristics
3. Smart Electric Drive Market Trends And Strategies
4. Smart Electric Drive Market – Macro Economic Scenario
5. Global Smart Electric Drive Market Size and Growth
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32. Global Smart Electric Drive Market Competitive Benchmarking
33. Global Smart Electric Drive Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Electric Drive Market
35. Smart Electric Drive Market Future Outlook and Potential Analysis
36. Appendix
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