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Smart Education: Transforming Learning for a Digital Age
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the smart electric drive market are developing innovative solutions, such as battery management systems, to enhance battery efficiency, longevity, and safety in electric vehicles. Battery management systems are the smart electric drives that ensure the battery pack's safe, efficient, and reliable operation, which is crucial for the performance and longevity of electric vehicles and other battery-dependent systems. For instance, in October 2022, Sensata Technologies, a US-based company manufacturing electrical products, launched a new battery management system (BMS) called the Lithium Balance n3-BMS, designed for high-voltage applications in electric buses, trucks, and other heavy commercial vehicles. This system has a layered software structure that allows customers to customize the system with their code and algorithms without impacting the ASIL C certification. The n3-BMS utilizes a distributed system architecture featuring a master control unit (MCU) and can accommodate up to 32 cell monitoring units (CMUs). This setup enables precise monitoring of individual cells and temperatures.
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Major Key Players of the Market:
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.
Smart Education And Learning Market 2024 Key Insights:
• The smart education and learning market size is expected to grow to$3.27 billion in 2028 at a compound annual growth rate (CAGR) of 31.6%.
• Driving Forces Behind The Growth Of The Smart Electric Drive Market In The Era Of Increasing Electric Vehicle Demand
• Innovative Battery Management Systems Enhancing Efficiency And Safety in Electric Vehicles
• Europe was the largest region in the smart education and learning market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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