Smart E Drive Market is projected to Reach US$ 14467.59 Million by 2030, at a CAGR of 35.90% during the forecast period 2023-2030, Data By Contrive Datum Insights
According to a market research study published by Contrive Datum Insights, Europe achieved the largest market share, Asia Pacific is likely to witness the fastest growth rate during the forecast period
Farmington, March 19, 2023 (GLOBE NEWSWIRE) -- The global Smart E Drive Market size was valued at USD 915 Million in 2022 and is projected to reach USD 14467.59 Million by 2030, growing at a CAGR of 35.90% from 2022 to 2030. As more people want to drive more miles on a single charge or a vehicle's range, the market has more demand around the world. On the global market for smart e-drives, there are many different kinds of batteries that are used in many places. There are many different sizes, voltages, amps, and forms of these batteries. Lead-acid batteries are one of the most popular kinds because they can't lose or gain liquid. e-Axle applications are also in high demand because they decrease the number of bearings and interfaces, lower noise, improve performance, and lower energy use.
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Governments all over the world are working on plans to increase the number of electric cars and lower carbon emissions. This is helping the global market grow. Many countries' governments are also giving incentives and tax breaks to original equipment makers of electric vehicles. This is helping the global market grow. Also, global warming, which is making people worry about pollution, is the biggest threat to human life. With the rise of green cars, the global market and its biggest players have a lot of chances to make money.
Smart E Drive Market Recent Developments:
In September 2021, ZF announced the launch of its eDrive kit during the German IAA 2021 event. It combines the company's complete e-drivetrain expertise with a drivetrain designed for easy installation in a wide range of vehicles.
In March 2021, Magna launched its new BEV and PHEV vehicles. They are being tested in northern Sweden. Its PHEV version reduces emissions by 38%. Both models offer cloud connectivity, cruise control and eco mode.
In February 2020, Nidec announced the launch of its two new e-axles designed for 200 KW and 50 KW trains. Their e-axle system consists of a complete traction motor system with an electric motor, reduction box and inverter. Ni200Ex is designed for D and E-category vehicles which provides higher results compared to the earlier Ni150Ex model.
In August 2019, Continental AG launched a fully integrated electric vehicle that includes an electric motor, transmission system and converter. The system is designed for a total weight of less than 80 kg, which is 20% lighter than competing electric vehicles.
In January 2019, BorgWarner launched its new range of electric vehicles with its new iDM e-axle. It is designed for use with all types of EVs.
Smart E Drive Market Dynamics:
The global smart e-drive market is growing because of stricter rules and laws from the government and the high demand for electric and hybrid cars. The market is also growing because eco-friendly cars are becoming more popular and because different areas are offering tax breaks and other rewards. The US Department of Energy has put money into 16 electric car projects in the District of Columbia and 24 other states to get ready for plug-in electric vehicles and charging infrastructure. The market is growing because the government is taking steps like these.
Over the past few years, the global smart e-drive market has gotten a lot of chances to grow. This is because governments have put in place a number of rules and policies to limit the amount of pollution that vehicles put out. The smart e-drive industry and major players can make a lot of money from the rising interest in electrifying vehicles, improving fuel economy, and making passenger cars more efficient overall.
People say that high technology costs, a lack of charging facilities, and high component costs make it hard for Smart e-Drives to sell well around the world. So, the global market brings on more key players to help it grow during the evaluation time.
In 2020, Europe had the biggest share of the market. Encouragements and grants from the government to buy electric cars sped up the demand for EVs, which led to more smart electric drives being used. Also, tougher emissions rules from the European Union made people less interested in older cars and more interested in newer EVs. In the next few years, the market is likely to grow because there will be more demand for smart e-drive in Europe. This is because consumer tastes in high-end EVs are changing, and technology is improving in this area.
During the time frame of the forecast, Asia-Pacific is expected to grow the fastest. The rise of the market in the area is being driven by the high EV market in China. In the coming years, the market is also expected to grow because more and more people are buying EVs in developing economies in APAC, like India, Japan, and South Korea. During the forecast period, smart e-drive demand in APAC is also likely to be boosted by efforts by manufacturers to set up EV manufacturing units in these developing economies in order to take advantage of opportunities to make more money.
During the period of the forecast, North America is also expected to grow a lot. During the forecast period, the demand for smart e-drives is likely to rise due to the growing EV market and the presence of top EV makers like General Motors, Tesla, and others. In the near future, technological changes in the American car business will also have an effect on market growth.
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Scope of Report:
35.90% from 2023 to 2030
Market Size in 2022
USD 915 Million
Revenue Forecast by 2030
USD 14467.59 Million
Smart e-Drive Battery, Smart e-Drive Electric Motor, Smart e-Drive Inverter Unit, Smart e-Drive E-Brake Booster, Smart e-Drive Power Electronics, Other
E-Axle, E-Wheel Drive, Other
Motor generator market, Battery market, e-Brake booster market, Power electronics market
Siemens (Germany), Robert Bosch (Germany), Continental (Germany), Aisin Seiki (Japan), Schaeffler (Germany), BorgWarner (US), Infineon (Germany), UQM Technologies (US), Efficient Drivetrains (US), Shanghai Edrive (China) SINOEV (US), and Others
2017 to 2021
2023 to 2030
Smart E Drive Market Key Segments Covered:
Top Market Players:
Siemens (Germany), Robert Bosch (Germany), Continental (Germany), Aisin Seiki (Japan), Schaeffler (Germany), BorgWarner (US), Infineon (Germany), UQM Technologies (US), Efficient Drivetrains (US), Shanghai Edrive (China) SINOEV (US), and Others.
Smart e-Drive Battery
Smart e-Drive Electric Motor
Smart e-Drive Inverter Unit
Smart e-Drive E-Brake Booster
Smart e-Drive Power Electronics
Motor generator market
e-Brake booster market
Power electronics market
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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