DUBAI, UAE, Nov. 14, 2023 /PRNewswire/ — As per the latest report published by Kings Research, the global Smart Electric Drive Market size was recorded at USD 858.1 million in 2022 and is estimated to grow to USD 10,778.2 million by 2030, exhibiting a 43.50% CAGR over the forecast period of 2023-2030. The market is experiencing substantial growth due to several factors such as the increasing awareness of the importance of environmental sustainability, stricter regulations on emissions, and advancements in electric vehicle (EV) technology. Both consumers and governments are placing greater emphasis on eco-friendly transportation options, which has led to a higher adoption of smart electric drives.
An integrated system that combines enhanced control and connectivity capabilities with electric propulsion is referred to as a smart electric drive. Electric vehicles (EVs) and other electrically driven systems are intended to operate as efficiently and effectively as possible due to this technology. It includes a number of elements that work together to provide a smart and effective driving experience, including electric motors, power electronics, sensors, and software. Beyond conventional electric vehicles, smart electric drives have a variety of uses. They are used extensively in electric buses, trucks, and even industrial machinery. These drives provide advantages such as improved energy management, regenerative braking, and the capacity to interface with external networks and systems.
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Competitive Landscape
Prominent companies in the global smart electric drive market are prioritizing strategic collaborations to extend their global presence. For instance, BorgWarner formed a partnership with a well-known Chinese original equipment manufacturer (OEM) in August 2023, with the objective of delivering an innovative integrated drive module (iDM). The primary goal of this advanced technology from BorgWarner was to elevate the overall performance of hybrid driving.
Key participants in the global smart electric drive market include:
- Nidec Motor Corporation
- Magna International Inc.
- Continental AG
- Schaeffler AG
- BorgWarner Inc.
- Robert Bosch GmbH
- Safran
- ZF Friedrichshafen AG
- AISIN CORPORATION
- DENSO CORPORATION
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Trending Now: Toyota Speeds Up Drive Development for China Market
Toyota is refining its approach to electric cars in the Chinese market with the goal of expediting the advancement of electric drive systems and smart technology. Additionally, they aim to prioritize the specific requirements and preferences of Chinese customers.
Toyota’s strategy includes renaming its major Chinese R&D center to ‘Intelligent ElectroMobility R&D Center by TOYOTA (China) Co., Ltd.’ (IEM by Toyota) on 1st August, 2023. This center was purposed to unite engineers from Toyota’s Chinese ventures with FAW, GAC, and BYD.
The global Smart Electric Drive Market is segmented as:
By Component
- E-Battery
- Inverter System
- E-Break Booster
- Power Electronics
- Motor
- Others
Rising E-Battery Utilization in EVs to Amplify Product Demand
On the basis of component, the e-battery segment accounted for the largest share of the global smart electric drive market in 2022 and is anticipated to grow significantly through the projection period. The primary driver behind the expansion of the segment is the increasing demand for electric vehicles, which, in turn, creates a need for advanced systems capable of effectively managing the charging and discharging processes. This situation offers a chance for companies to develop innovative solutions that seamlessly merge with the smart grid infrastructure in order to facilitate smart electric drive capabilities.
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By Drive
- Front Wheel Drive
- Rear Wheel Drive
- All Wheel Drive
Growing Preference for Front-Wheel Drive in Smart EVs to Gain Popularity
Based on drive, the front wheel drive segment led the global smart electric drive market in 2022 and is likely to experience robust development in the forthcoming years. Smart electric drive vehicles with front-wheel drive (FWD) are more space-efficient, have better traction, use less gasoline, are more affordable, and have better handling. The small size of FWD allows for more room inside for both passengers and freight. In low-traction situations, the drivetrain’s weight over the front wheels increases stability by improving traction.
Costs associated with production and maintenance are decreased by FWD’s streamlined design. FWD additionally boosts fuel efficiency by minimizing mechanical losses. It further enhances handling and maneuverability, enabling tighter turns and simpler urban navigation. FWD in smart electric drive cars offers a range of benefits that enhance their performance and efficiency overall.
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Surging Emphasis on Environmental Sustainability to Drive Smart Electric Drive Market Growth
The surging worldwide focus on environmental sustainability and the imperative to curb carbon emissions are anticipated to drive the smart electric drive market growth through the assessment period. Governments and consumers are becoming aware of the urgency of addressing climate change and combating air pollution, driving the widespread adoption of electric vehicles (EVs).
Consequently, there is a burgeoning demand for smart electric drives, as they play a pivotal role in enhancing the efficiency and overall performance of these EVs. These advanced technologies are set to revolutionize the automotive industry, creating a more sustainable and eco-conscious transportation landscape for the future.
Emission Standards Propel Europe to Forefront of Smart Electric Drive Market
Europe dominated the global smart electric drive market in 2022 and is expected to grow at a strong CAGR in the near future. European nations have taken a leading role in enforcing strict emissions standards and promoting environmentally friendly transportation. As a result, the use of electric vehicles (EVs) has seen significant growth in the region, which has created a need for advanced smart electric drive systems.
European automobile manufacturers have made substantial investments in electric mobility and intelligent electric drive technology. With a focus on innovation, these companies are developing a diverse lineup of electric vehicles (EVs) integrated with advanced electric propulsion systems. Furthermore, Europe boasts of a well-established network of charging infrastructure, creating favorable conditions for the widespread acceptance and utilization of EVs.
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Key Points from TOC:
Chapter 1 Introduction of the Global Smart Electric Drive Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Smart Electric Drive Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Smart Electric Drive Market, By Component
Chapter 7 Global Smart Electric Drive Market, By Drive
Chapter 8 Global Smart Electric Drive Market, By Application
Chapter 9 Global Smart Electric Drive Market, By Vehicle
Chapter 10 Global Smart Electric Drive Market, By Geography
Chapter 11 North America
Chapter 12 Europe
Chapter 13 Asia Pacific
Chapter 14 Middle East & Africa
Chapter 15 Latin America
Chapter 16 Global Smart Electric Drive Market Competitive Landscape
16.1 Overview
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint
Chapter 17 Company Profiles
17.1 Nidec Motor Corporation
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Product Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis
17.2 Magna International Inc.
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Product Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis
17.3 Continental AG
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Product Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis
17.4 Schaeffler AG
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Product Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis
17.5 BorgWarner Inc.
17.5.1 Key Facts
17.5.2 Financial Overview
17.5.3 Product Benchmarking
17.5.4 Recent Developments
17.5.5 Winning Imperatives
17.5.6 Current Focus & Strategies
17.5.7 Threat from competition
17.5.8 SWOT Analysis
Continued……
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