PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1055794
PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1055794
Smart Electric Drive Market is anticipated display a CAGR of around 35% over the forecast period (2021-2027). Global Smart Electric Drive market is majorly driven by the steady growth in the vehicle sales with the overall demand for the advance electric systems. Autonomous driving (AD), connected cars, electrification of powertrain, and shared mobility (ACES) are the major trends that are mutually reinforcing developments in the automotive industry. These trends combined, are not only disrupting the automotive value chain and impacting all stakeholders but also are major drivers for the market. Furthermore, rising adoption of electric vehicles in also driving the demand for smart electric drive. China is estimated to produce more than 13 million battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) by the end of FY2023, more than any other country globally.
The COVID-19 pandemic have had a severe impact on the entire automotive industry. This has resulted in disruptions in the supply of automotive components due to lockdowns imposed by governments. This scenario negatively affected the Smart Electric Drive market, as the growth of this market is directly related to the production of vehicles. In 2020, worldwide motor vehicle production fell sharply, dropping 15.4% from the previous year, because of travel restriction measures and an overall decline in economic activity due to the COVID-19 pandemic. Passenger cars experienced a more significant drop in production than commercial vehicles, with decreases of 16.9% and 11.6%, respectively..
Based on Vehicle Type, the market is segmented into passenger vehicle, commercial vehicle, and two-wheelers. Commercial vehicle category is expected to witness highest CAGR of during the forecast period owing to sustained economic activities, rising spending on the infrastructure sector, increasing e-commerce and mining activities, and lower interest rates on commercial vehicles. Furthermore, market players are investing heavily on the research and launch of advance electric drive for commercial vehicles, which is further expected to drive the market. For instance, in August 2018 , Robert Bosch GmbH launched its new electric vehicle drivetrain for use in electric light commercial vehicles. It consists of multiple components like electric motor, power electronics etc.
Based on component, the market is bifurcated into EV battery, electric motor, inverter system, e-brake booster, and power electronics. EV battery category to account for majority share mainly due to their high cost in overall e-drivetrain. Furthermore, government has been introducing number of schemes and incentives for electric vehicle manufacturers, which is expected to increase the demand of electric vehicle batteries during the forecast period.
Based on application type, the market is bifurcated into e-axle and e-wheel drive. E-axle category to witness strong growth during the forecast period owing to increasing demand for EVs, globally. Europe is also expected to be a large market, with GKN producing e-axles for companies like Volvo, BMW, and Porsche. Similarly, most manufacturers in the North American region use in-house manufacturing for passenger cars, and companies like BorgWarner, Meritor, etc., manufacture e-axles for electric trucks. For Instance, in January 2019, BorgWarner launched its new range of electric drivetrains through its new iDM e-axle. It is developed for use in all kinds of EVs.
For a better understanding of the market adoption of Smart Electric Drive, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and Rest of World. In 2020, APAC region held the highest market share in the global smart electric drive market. Some of the major players operating in the market Robert Bosch GmbH, Nidec Corporation, Aisin Corporation, BorgWarner Inc., ZF Friedrichshafen AG, Magna International Inc., Continental AG, DENSO Corporation, GKN Ltd., and Meritor Inc.
The Smart Electric Drive Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.