Press release
Smart Electric Drive Market Size Forecast: $3.98 Billion by 2029 | Global Outlook
Smart Electric Drive Market Size
What Is the Projected Market Size Valuation of the Smart Electric Drive Market by 2025?
In the past few years, there has been remarkable growth in the size of the smart electric drive market. It's projected to expand from $1.09 billion in 2024 to $1.42 billion in 2025, showing a compound annual growth rate (CAGR) of 30.5%. The impressive growth during the initial period is associated with amplifying investments in electric vehicles (EV), broadening options for consumers, escalating emissions, an upsurge in demand for road safety and comfort, as well as infrastructure advancement.
What Is the Estimated Market Growth Value for the Smart Electric Drive Industry in 2029?
In the coming years, the smart electric drive market is predicted to undergo a significant expansion. With a compound annual growth rate (CAGR) of 29.4%, it is anticipated to reach a market value of $3.98 billion by 2029. This growth trend could be due to factors such as a growing preference for eco-friendly transport, escalating fossil fuel costs, the presence of smart electric drive supportive settings, and an escalating demand for e-vehicles. Other contributing factors consist of advanced technology, improvements in infrastructure and battery technology, and advancements in autonomous driving tech. The increasing prominence and progress of smart electric drive systems and the growing need for intelligent systems are other trends expected in the forecast period.
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What Are the Growth Drivers and Opportunities in the Smart Electric Drive Market?
The smart electric drive market's expansion is anticipated to be fueled by the escalating demand for electric vehicles. Powered by rechargeable batteries or other energy storage systems, electric vehicles (EVs) are seeing a surge in demand due to improved battery technology, governmental assistance, a broader range of models, stricter emission standards, and the emerging second-hand marketplace. Smart electric drives, which underpin electric vehicle technology, offer substantial benefits in terms of efficiency, performance, and ecological impact compared to traditional internal combustion engines. As an illustration, a report from the Energy Information Administration (EIA) in the United States, which assesses the environmental impact of electric vehicles, stated that approximately 12.9 million electric vehicles were manufactured globally in 2023. This represented a rise of 6.7% relative to 2022. Consequently, the expanding demand for electric vehicles is fueling the growth of the smart electric drive market.
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What Are the Primary Segments Covered in the Global Smart Electric Drive Market Report?
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
What Are the Top Growth Trends in the Smart Electric Drive Market?
Leading firms in the smart electric drive market are pioneering innovative solutions, such as battery management systems, aimed at improving the efficiency, durability, and safety of batteries in electric vehicles. These systems are an integral part of the smart electric drives that guarantee safe, efficient, and dependable functioning of the battery pack, vital for the performance and lifespan of electric vehicles and other systems reliant on batteries. For example, in October 2022, Sensata Technologies, an American electrical product manufacturing company, introduced a new battery management system (BMS) known as the Lithium Balance n3-BMS, specifically crafted for high-voltage use in electric buses, trucks, and other large commercial vehicles. This system features a multi-layered software structure that provides customers the flexibility to tailor the system with their own code and algorithms without impacting the ASIL C certification. The n3-BMS employs a distributed system design, which includes a master control unit (MCU) that can support up to 32 cell monitoring units (CMUs). This arrangement allows for accurate monitoring of individual cells and temperatures.
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Which Companies Are Shaping the Future of 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.
Which Region Holds the Largest Market Share in the Smart Electric Drive Industry?
Europe was the largest region in the smart electric drive market in 2024. 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.
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