Press release
E-Drive for Automotive Market Report on the Untapped Growth Opportunities in the Industry
The Global E-Drive for Automotive Market is valued at US$ 2.24 Bn in 2023, and it is expected to reach US$ 20.71 Bn by 2031, with a CAGR of 32.5% during the forecast period of 2024-2031.
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The automotive industry is adopting sustainable and electric mobility solutions at a high pace. E-Drive is essentially an electrification technology involving components including an electric motor, inverter, power electronics, and the battery management system that converts electrical energy into mechanical power. The core technology behind Battery Electric Vehicles, Hybrid Electric Vehicles, and Plug-In Hybrid Electric Vehicles is E-Drive. These allow them to reach a level of higher efficiency, better performance, and environment sustainability. It is applied to commercial vehicles as well, therefore decreasing the operating cost, adhering to strict emissions standards. E-Drive configurations come in different forms: Front-Wheel Drive for optimized space, Rear-Wheel Drive for improved performance, and All-Wheel Drive for improved traction and stability.
The importance of E-Drive technology is in its position as the enabler to reduce carbon emissions and further environmental sustainability. With stricter laws concerning emission in most parts of the world and incentives in place to encourage electric mobility, the demand for E-Drive systems is increasing steadily. Improvements in battery technology also push for better performance, more significant ranges, and further reliability of electric vehicles, making consumers move faster towards cleaner transportation solutions.
List of Prominent Players in the E-Drive for Automotive Market:
• ABM Greiffenberger
• ACTIA Group
• AISIN SEIKI Co. Ltd.
• AVL List Gmbh
• BorgWarner
• Continental AG
• E-TRACTION B.V
• GKN PLC
• Hitachi Ltd
• Magna International Inc.
• Magnetic Systems Technology (Magtec)
• NISSAN MOTOR CO., LTD
• Robert Bosch AG
• Schaeffler AG
• SIEMENS AG
• SMR
• Toyota Motor Corporation
• ZF Friedrichshafen
Market Dynamics:
Drivers-
The E-Drive for Automotive market is growing vigorously as demand for electric vehicles globally is rising, accompanied by more stringent government policies and better technology. With 14 million new electric cars registered in 2023, which now brings the total to 40 million around the world, consumers increasingly switch to EVs due to their cleanliness over traditional internal combustion vehicles with the added advantages of advancements in the technology of batteries, ranges, and performance. Government policies, such as tax incentives and subsidies, accelerate the adoption of EV, and further improvements in electric motors, power electronics, and battery systems improve the efficiency and attractiveness of drivetrains. Environmental concerns have grown and demand for sustainability has grown to contribute towards reducing carbon emissions around the world. In addition, investments in charging infrastructure made by governments and private entities make EV ownership easier and support smoother transition into electric mobility.
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Challenges:
The E-Drive for Automotive market faces challenges including inadequate charging infrastructure, which creates "range anxiety" for consumers, and high upfront costs that limit affordability despite long-term savings. Additionally, range limitations and battery constraints, coupled with long charging times compared to refueling traditional vehicles, deter potential buyers. Addressing these issues through expanded charging networks, advancements in battery technology, cost reductions, and faster charging solutions is essential for broader EV adoption.
Regional Trends:
The Asia-Pacific region is leading the charge in the E-Drive for Automotive market with nearly 14 million electric car sales in 2023, 95% concentrated in China, Europe, and the United States. Supportive government policies have propelled electric mobility, from EV subsidies to investments in charging infrastructure and stringent carbon emission regulations. China leads the world in EV adoption. Technological advancements in an electric drivetrain, driving the efficiency of the motor, battery, and power electronics, are meeting consumer's expectations for range and reliability. Moreover, the rapid manufacturing capabilities in the region, supported by major auto players, are encouraging fast-moving innovation and production. With rapid urbanization and rising disposable income in countries like India and Indonesia, the demand for e-vehicles equipped with the E-Drive technology also continues to grow.
Recent Developments:
• In October 2023, GKN Automotive introduced a new plug-and-play eDrive concept, the eCrate, designed for niche electric vehicle manufacturers and EV conversion companies. Leveraging 20 years of eDrive expertise, the eCrate offers a cost-effective, modular system with optimal efficiency, performance, and proven technology in an off-the-shelf format.
• In July 2024, BorgWarner secured contracts to supply its electric cross differential (eXD) to three major OEMs, including GAC Motor and a global European OEM. The technology will be used in both rear- and front-wheel-drive battery electric vehicles (BEVs), spanning super sports cars, premium sedans, and hot hatchbacks.
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Segmentation of E-Drive for Automotive Market-
By Drive Type:
• Front Wheel Drive
• Rear Wheel Drive
• All Wheel Drive
By Electric Vehicle Type:
• Battery Electric Vehicles (BEV)
• Hybrid Electric Vehicles (HEV)
• Plug-In Hybrid Electric Vehicles (PHEV)
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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