What Has Been the Progress and Growth of the Smart Electric Drive Market in Recent Years?
The smart electric drive market has seen considerable growth due to a variety of factors.
• The smart electric drive market has grown exponentially in recent years. It will rise from $1.09 billion in 2024 to $1.43 billion in 2025 at a compound annual growth rate (CAGR) of 31.9%.
The growth is fueled by increasing investments in electric vehicles (EV), more choices for consumers, rising emissions, demand for road safety and comfort, and infrastructure development.
What Is The Expected Growth In The Smart Electric Drive Market Size Evolve over the Forecast Period?
The smart electric drive market is expected to maintain its strong growth trajectory in upcoming years.
• The smart electric drive market is projected to grow rapidly, reaching $4.29 billion by 2029 at a CAGR of 31.5%.
The growth is attributed to the increasing demand for eco-friendly transportation, the rise of electric vehicles, rising fossil fuel prices, and the need for intelligent systems. Key trends include advancements in technology, infrastructure development, battery technology, and autonomous driving technologies.
What Main Forces Are Fueling Expansion In The Smart Electric Drive Market?
The surge in electric vehicles' popularity is anticipated to drive the smart electric drive market's expansion. Electric Vehicles (EVs), which are powered by rechargeable batteries or other energy storage systems, are witnessing a growing demand. This surge is attributed to improvements in battery technology, government backing, an increasing number of available models, stricter emission standards, and the rise of the second-hand market. Smart electric drives, pivotal to electric vehicle technology, offer substantial benefits in terms of efficiency, performance, and reduced environmental impact when compared to traditional internal combustion engines. For instance, a report from the Energy Information Administration (EIA) in January 2024, a US-based institution assessing the environmental impact of electric vehicles, documented that around 12.9 million electric vehicles were manufactured globally in 2023, marking a 6.7% increase compared to 2022. As a result, this growing demand for electric vehicles is fuelling the advancement of the smart electric drive market.
What Are The Primary Segments In The Global Smart Electric Drive Market?
The smart electric 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
Subsegments:
1) By All Wheel Drive: Electric AWD Systems, Dual Motor All-Wheel Drive, Multi-Motor All-Wheel Drive
2) By Front Wheel Drive: Electric FWD Systems, Single Motor Front-Wheel Drive, In-Wheel Motor Front-Wheel Drive
3) By Rear Wheel Drive: Electric RWD Systems, Single Motor Rear-Wheel Drive, Dual Motor Rear-Wheel Drive
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What Trends Are Reshaping The Future Of The Smart Electric Drive Market?
Leading businesses in the smart electric drive market are creating innovative solutions such as battery management systems to improve the efficiency, durability, and safety of batteries in electric vehicles. Battery management systems, a type of smart electric drive, play a crucial role in ensuring the safe, efficient, and dependable functioning of the battery pack, which is vital for the performance and lifespan of electric vehicles and systems reliant on batteries. For example, in October 2022, Sensata Technologies, an American manufacturer of electrical goods, introduced a new battery management system (BMS) known as Lithium Balance n3-BMS. This system, intended for high-voltage applications in electric buses, trucks, and other heavy commercial vehicles, has a multi-layer software structure which allows users to personalize the system with their code and algorithms, without affecting the ASIL C certification. The n3-BMS comes with a master control unit (MCU) and supports up to 32 cell monitoring units (CMUs), facilitating accurate monitoring of individual cells and temperatures.
Who Are the Key Players In The Smart Electric Drive Market?
Major companies operating in the smart electric 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.
What Is The Most Dominant Region In The Smart Electric Drive Market?
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 electric drive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
