Press release
Smart Electric Drive Market Set to Reach $4.29 Billion by 2029 with 31.51% Yearly Growth
Smart Electric Drive Market
There has been an enormous expansion in the smart electric drive market in recent periods. Its size is projected to escalate from $1.09 billion in 2024 to $1.43 billion in 2025, with an impressive compound annual growth rate (CAGR) of 31.9%. The factors contributing to the growth during the historical period include the rise in investment in electric vehicles (EV), expanded options for consumers, increased emissions, growing demand for road safety and comfort, and enhanced infrastructure development.
There is an anticipation for the smart electric drive market to experience enormous growth in the coming years, with projections estimating its worth to be $4.29 billion by 2029. This signifies a compound annual growth rate (CAGR) of 31.5%. The surge during the forecast period can be linked to an elevated preference for eco-conscious means of transport, growth in the application of smart electric drives, rising costs of fossil fuels, and an environment that supports smart electric drives. The necessity for intelligent systems and an escalating demand for electric vehicles also play a part in this growth. Major trends to look out for during the forecast period encompass soaring fossil fuel prices, technological innovations, the development of new infrastructures, improved battery technology as well as advancements in autonomous driving technology.
What Are the Forces Behind the Rapid Growth of the Smart Electric Drive Market?
The upward trend in the demand for electric vehicles is predicted to accelerate the expansion of the smart electric drive market. Electric vehicles (EVs), which use power stored in rechargeable batteries or other energy storage systems, are seeing a surge in demand, fueled by improvements in battery technology, government backing, increased availability of models, more stringent emissions norms, and the growth of secondary markets. Smart electric drives, which lie at the heart of electric vehicle technology, offer marked superiority in terms of efficiency, performance and environmental footprint, compared to their conventional internal combustion engine counterparts. For example, data released in January 2024 by the Energy Information Administration (EIA), responsible for analyzing the environmental impact of electric vehicles in the US, highlighted that approximately 12.9 million electric vehicles were manufactured across the globe in 2023, marking a 6.7% rise compared to the previous year. Consequently, the soaring demand for electric vehicles is propelling the smart electric drive market's growth.
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Who Are the Dominant Companies Influencing Smart Electric Drive Market Trends?
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.
How Is the Smart Electric Drive Market Evolving?
Leading businesses in the smart electric drive market are focusing on creating novel solutions like battery management systems to improve the efficiency, lifespan, and security of electric vehicle batteries. Battery management systems are smart electric drives that guarantee safe, efficacious, and dependable functioning of the battery pack, a critical factor for the performance and longevity of electric vehicles and other systems relying on batteries. For example, Sensata Technologies, a US-based electrical products manufacturer, introduced a new battery management system named the Lithium Balance n3-BMS in October 2022, specifically for high-voltage use in electric buses, trucks, and other heavy-duty commercial vehicles. This system comprises a layered software structure that lets users personalize the system with their code and algorithms while retaining the ASIL C certification intact. The n3-BMS employs a distributed system architecture, including a master control unit (MCU), and it can support up to 32 cell monitoring units (CMUs), facilitating meticulous monitoring of individual cells and temperatures.
What Are the Different Segmentations in the 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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Which Region Is at the Forefront of 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.
What Is Covered In The Smart Electric Drive Global Market Report?
- Market Size Analysis: Analyze the Smart Electric Drive Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Electric Drive Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Electric Drive Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Electric Drive Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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