As per the report published by The Brainy Insights, the smart electric drive market is expected to grow from USD 0.91 billion in 2021 to USD 14.5 Billion by 2030, at a CAGR of 36% during the forecast period 2022-2030. Asia Pacific region emerged as the largest market for the smart electric drive market with a 34% share of the market revenue in 2021. Asia Pacific currently dominates the smart electric drive market due to an increase in the demand for smart electric drives to replace traditional fossil fuel vehicles. Asia-Pacific is expected to grow and become the largest market because of its huge consumer market and due to the establishment of major EV manufacturers in the region.
Smart Electric Drive Market Size by Component (Power electronics, Battery, Motor, Inverter, E-Brake Booster), Battery type (Solid State Battery, Nickel Based, Lithium-Ion Based and Lead Based), Drive Type, Application, Regions, Global Industry Analysis Report, Share, Growth, Trends, and Forecast 2022 to 2030.
Leading companies in the industry include Siemens, Robert Bosch, Continental, UQM technologies, SINOEC, Nidec corporation, Aisin corporation, BorgWarner among others which are expanding into bigger markets and investing capital in Research and development to make efficient and affordable products which will drive demand and market share along with profit margins.
The battery type segment of smart electric drive market is divided into lithium-ion, nickel based, lead acid and solid-state battery. The lithium-ion segment dominated the market with a market share of around 32% in 2021.The drive type method segment is divided into all-wheel drive, front wheel drive and rear wheel drive. The all-wheel drive segment is expected to grow at the fastest CAGR of 41% during forecast period. The application segment of smart electric drive market is divided into E-axle, wheel drive. In 2021, the E-axle segment dominated the market, accounting for around 58% of global revenue. E-axle is the preferred by manufacturers because of it is faster response and can be integrated into various systems with less effort.
Concerns about increase in the temperature of the globe due to increased carbon emission with major contribution from fossil fuel cars is driving the demand for smart electric drives as they are environment-friendly. According to the IPAC report authored by global scientists, a warning bell was sounded in the world highlighting the increased pace of climate change and its adverse effects for humankind. To survive this change in global temperature the world needs to reduce its carbon footprint. Major polluters like the United States, EU, China and India and the among these the urban clusters of these nations are considered to be the major contributors to these emissions with automobiles leading the figures. Reducing pollution from the exhaust of automobiles which run on fossil fuels in a priority and smart electric drives is the solution.
The major players of market include Continental, UQM technologies, SINOEC, Siemens, Robert Bosch, Nidec corporation, Aisin corporation, BorgWarner among others.
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