Smart Electric Drive Market Size Worth $29,472.48 Million By 2032 | CAGR: 37.20%
The global smart electric drive market size is expected to reach USD 29,472.48 million by 2032, according to a new study by Polaris Market Research. The report “Smart Electric Drive Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Passenger Cars, Commercial Vehicles, and 2 wheelers); By Form; By EV Type; By Application; By Component; By Drive Type; By 2-wheeler type; By Region; Segment Forecast, 2024- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Electric vehicles are seen as the future of the automotive industry. However, without the necessary infrastructure and technology, their growth will be limited. Increasing air pollution is a major concern for governments worldwide, with the transport industry being a significant contributor. To combat this issue, governments are promoting the use of electric vehicles. The electric drive market will be driven by technological advancement. The rising cost of fossil fuels like petrol and diesel will further boost the market. Compared to other fuel alternatives, electric vehicles are more efficient and offer lower operating costs. Additionally, the environmental damage caused by conventional fuels is a growing concern, and many countries are developing innovative ways to reduce emissions from vehicles.
The COVID-19 pandemic has had a severe impact on the automotive market. Due to low demand and declining production volume, the automotive industry experienced a significant decline in both production and sales. According to the International Organization of Motor Vehicle Manufacturers (OICA), global automotive production volume decreased by 16% in 2020 compared to the previous year. Despite the global downturn in the automotive industry, electric vehicle sales experienced a significant boost during the pandemic. In 2020, new EV registrations saw a 41% increase globally compared to the previous year, making it a record-breaking year for electromobility. Government policies and subsidies for EV purchases, especially in Europe, along with changing consumer preferences towards electric mobility, fueled the growth of the smart electric drive market during the pandemic.
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Smart Electric Drive Market Report Highlights
- Passenger cars that run on electricity use electric motors and batteries instead of conventional diesel or petrol engines. They are the biggest category in the smart electric drive market in terms of value and are expected to see substantial growth in the coming period.
- In 2022, the front-wheel-drive segment had the highest share. This is because front-wheel-drive vehicles are usually lighter than their rear-wheel-drive counterparts, making them a popular choice for sedans in the medium and lower price range. The reason behind this is that front-wheel drive offers reliable traction and good balance.
- The North America region dominated the global market in 2022, with the United States having the highest demand for advanced drive systems. This has led to the best-selling EVs in the region dominating the automotive market. The leading Original Equipment Manufacturers (OEMs), including GM and Ford, are partnering with companies such as Hitachi, ZF, BorgWarner, LG, Magna, and others to improve their powered mobility. As a result, there is an expected gradual increase in the industry's requirement for sophisticated drive systems over the next few years.
- The global key market players include ABB, Aisin Corporation, Allison Transmission, Borgwarner, Bosch, Continental Ag, Dana, Hexagon AB, Hitachi, Infineon Technologies, Jing-Jin Electric Technologies, Magna International, Mahle, Meidensha Corporation, Meritor, Nidec Corporation, Shanghai mart Control Co. Ltd, Siemens AG, ZF Group.
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Polaris Market Research has segmented the Smart Electric Drive market report based on vehicle type, EV type, application, component, drive type, commercial vehicle type, 2-wheeler type, and region:
Smart Electric Drive, Vehicle Type Outlook (Revenue - USD Million, 2019 - 2032)
- Passenger Cars
- Commercial Vehicles
- 2 wheelers
Smart Electric Drive, EV Type Outlook (Revenue - USD Million, 2019 - 2032)
- BEV
- HEV
- PHEV
Smart Electric Drive, Application Outlook (Revenue - USD Million, 2019 - 2032)
- E-Axle
- E-Wheel Drive
Smart Electric Drive, Component Outlook (Revenue - USD Million, 2019 - 2032)
- EV Battery
- Electronic Motor
- Inverter System
- E-Brake Booster
- Power Electronics
Smart Electric Drive, Drive Type Outlook (Revenue - USD Million, 2019 - 2032)
- Front Wheel Drive
- Rear Wheel Drive
- All Wheel Drive
Smart Electric Drive, Commercial Vehicle Type Outlook (Revenue - USD Million, 2019 - 2032)
- Electric Buses
- Electric Trucks
Smart Electric Drive, 2-wheeler Type Outlook (Revenue - USD Million, 2019 - 2032)
- Electric Cycles
- Electric Motorcycles
- Electric Scooters
Smart Electric Drive, Regional Outlook (Revenue - USD Million, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Smart Electric Drive Market Report Scope
| Report Attributes | Details |
| Market size value in 2024 | USD 2341.24 million |
| Revenue forecast in 2032 | USD 29,472.48 million |
| CAGR | 37.20% from 2024 – 2032 |
| Base year | 2023 |
| Historical data | 2019 – 2022 |
| Forecast period | 2024 – 2032 |
| Quantitative units | Revenue in USD million and CAGR from 2024 to 2032 |
| Segments covered | By Vehicle Type, By EV Type, By Component, By Application, By Drive type, 2-wheeler type, By Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
| Customization | Report customization as per your requirements with respect to countries, region and segmentation. |
| For Specific Research Requirements |
