Global Smart e-Drive Market Information Report by Component (Power Electronics, E-Brake Booster, Inverter, Motor, Battery), by application (e-Axle, Wheel drive), by drive type (Front wheel drive, Rear wheel drive, others), by battery type (Lithium-ion, Nickel-based, Lead acid and Solid state battery) and By Region – Forecast To 2023
The global smart e-drive market has seen remarkable growth in the global market and its demand in future is expected to grow with the CAGR of ~20%.
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The smart e-drive market is majorly driven by the high demand for hybrid and electric vehicle, and the introduction of stringent rules and regulations by various governments. These governments plan to reduce carbon emission by promoting the use of electric vehicles. The government of various countries, all over the globe provide some kind of tax benefits and incentives to the original equipment manufacturers of electric vehicles, thereby driving the growth of the smart e-drive market. Due to the rising concerns regarding environmental pollution, many governments have implemented several regulations and policies to reduce vehicle emission over the last few years. Global warming has also been a major threat to the environment and human life. Moreover, the emergence of eco-friendly vehicles, has also played a major role in the increasing sales of smart e-drive.
The prominent players in the global smart e-drive market include Siemens (Germany), Robert Bosch (Germany), Continental (Germany), Aisin Seiki (Japan), Schaeffler (Germany), BorgWarner (US), Infineon (Germany), UQM Technologies (US), Efficient Drivetrains (US), Shanghai Edrive (China) and SINOEV (US).
Based on applications, the global smart e-drive market has been segmented as e-Axle and wheel drive. Among these, the e-axle segment is expected to grow with the highest growth rate during the forecast period. The growth of this segment can be attributed to various factors such as increasing focus on vehicle electrification, overall vehicle efficiency in passenger cars and increase in fuel economy. The use of electric drive axles reduces the interface and bearing, which in turn, results in better performance, reduced noise and less use of energy.
Based on battery type, the smart e-drive market has been segmented as Lithium-ion, nickel-based, lead acid and solid state battery; lead acid battery expected to grow, significantly. over the forecast period. They require low maintenance and rechargeable batteries. This battery is the most widely used battery type, because of its high power density and ease of use. It comes in all shapes, voltages, amperages and sizes. Lead acid batteries are widely accepted as they do not allow for the addition or loss of liquid.
Geographically, the global smart e-drive market has been divided into four major regions of North America, Europe, Asia Pacific and Rest of the World. Europe region is expected to dominate the global smart e-drive market over the forecast period owing to factors such as introduction of strict emission control regulations by the government in the region, the rapid advancements in the technology for batteries and the boom in the demand for electric, plug in hybrid and hybrid vehicles in the region. Also, the presence of a large number of electric vehicle manufacturers in the region, is expected to spur the growth of the smart e-drive market in the Europe region.
The report for global smart e-drive market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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