According to a new report published by Proficient Market, titled, “Global Smart Electric Drive Market – Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2015 – 2027″ The report has offered an all-inclusive analysis of the global smart electric drive market taking into consideration all the crucial aspects like growth factors, constraints, market developments, top investment pockets, future prospects, and trends. At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.
According to the report, Global Smart Electric Drive Market in 2019 stood at USD 154.42 million and is expected to reach USD 2041.2 million by 2027 growing at a CAGR of 38% from 2020 to 2027.
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A smart e-Drive is an advanced integrated version of the conventional electric drive system. Smart e-Drive uses the battery as a power source and provides direct transmission in the vehicle which makes driving smooth and safe on the road. The smart e-Drive includes a battery, motor generator, electric brake booster, and power booster. It provides efficient driving by saving energy.
Smart Electric Drive Market Key Players: The research study includes profiles of leading companies operating in the global smart electric drive market. Key players profiled in the report include:
Schaeffler & MAHLE
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Drivers for the Global Smart Electric Drive Market: The Key growth drivers in the global smart e-drive market are strict norms and regulations by governments across the globe, cost benefits in terms of declining battery price, and improved vehicle efficiency and fuel economy. The adoption of greener energy pertaining to the current environmental scenario also contributes to drive the growth of the market. The demand for electric and hybrid vehicles is increasing, which is primarily fueled by stringent governments’ rules and regulations, subsidies, tax refunds, and grants. The growing sales of environment-friendly vehicles is boosting the market for smart e-drive systems.
Opportunities for the Global Smart Electric Drive Market: Rapid increase in demand for electric vehicles is expected to be a key factor that is likely to drive the smart e-Drive for automotive market during the forecast period. Implementation of stringent norms on the automotive industry regarding emission and concerns by global regulatory bodies are also anticipated to augment the smart e-Drive for automotive market. Factors such as weight reduction and space for other applications can be fulfilled by smart e-Drive. Numerous benefit such as high reliability, compact size, higher torque generation, and more built-in functionalities are estimated to boost the smart e-Drive for automotive market during the forecast period. This is expected to provide lucrative opportunities for the automobile industry.
Restrains for the Global Smart Electric Drive Market: Major factors restraining the growth of the smart e-drive market are long-term return on investment, lack of reliability, and proper infrastructure. The vehicle with smart e-drive system initially costs a lot of money and the return on investment takes a much longer time to break even. Also, in developing nations, infrastructure for smart vehicles is poor, therefore, it acts as a restraint in the growth of the industry in these nations around the world. Thus all these factors are hampering the growth of the smart electric drive market.
Region Wise, Global Smart Electric Drive Market Analysis: Report covers the region wise analysis, global Smart Electric Drive market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Europe leads the global Smart Electric Drive market share followed by North-America and Asia-pacific. While the Europe leads the global Smart Electric Drive market due to the strict environmental norms and regulations by the European Union Commission, and thus increasing the demand for hybrid and electric vehicles, resulting in the growth of the market in the region. Also, the presence of established original equipment manufacturers (OEMs) such as Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, and others, and rapid expansion of charging infrastructure are acting as the driving forces for the market.
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Global Smart Electric Drive Market: Product analysis
Front wheel smart electric drive market
Rear wheel smart electric drive market
All wheel smart electric drive market
On the basis of type, All wheel smart electric drive market accounted for largest share of total revenue generated due to its advantages, which include benefits of both front-wheel drive (FWD) and rear-wheel drive (RWD). Additionally, growing demand for better traction, acceleration, and towing capabilities in vehicles has fueled the demand for sport-utility vehicles (SUVs) and multi-utility vehicles (MUVs) equipped with All wheel smart drive worldwide. Furthermore, rising demand for electric and hybrid SUVs and MUVs, the All Wheel smart electric Drive category is dominating the smart e-drive market.
Global Smart Electric Drive Market: Application analysis
The demand of Global Smart Electric Drive Market is highest from E-axle, due to the factors such as governments’ policies favoring vehicle electrification, and improvements in vehicle efficiency and fuel economy; thus, bringing down the energy usage and operating cost of the vehicle. Thus all these factors are fueling the use of smart electric drive solutions in E-axle solution which is fueling the smart electric drive market.
Global Smart Electric Drive Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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