The smart elecrtic drive global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Smart Elecrtic Drive Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Smart Elecrtic Drive Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Elecrtic Drive Market Overview
Market Drivers –
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.
Market Trends –
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.
The smart elecrtic 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
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Regional Insights –
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 elecrtic drive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the smart elecrtic 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.
Table of Contents
1. Executive Summary
2. Smart Elecrtic Drive Market Report Structure
3. Smart Elecrtic Drive Market Trends And Strategies
4. Smart Elecrtic Drive Market – Macro Economic Scenario
5. Global Smart Electric Drive Market Size and Growth
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32. Global Smart Electric Drive Market Competitive Benchmarking
33. Global Smart Electric Drive Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Electric Drive Market
35. Smart Electric Drive Market Future Outlook and Potential Analysis
36. Appendix
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