Smart Electric Drive Market by Vehicle Type (PC, CV, 2W), EV Type (BEV, PHEV, HEV), Component (Power Electronics, E-Brake Booster, Inverter, Motor, Battery), Application (E-Axle, Wheel Drive), Drive (FWD, RWD, AWD), and Region - Global Forecast to 2026
Northbrook, IL -- (SBWIRE) -- 11/10/2021 -- The report "Smart Electric Drive Market by Vehicle Type (PC, CV, 2W), EV Type (BEV, PHEV, HEV), Component (Power Electronics, E-Brake Booster, Inverter, Motor, Battery), Application (E-Axle, Wheel Drive), Drive (FWD, RWD, AWD), and Region - Global Forecast to 2026", The global smart electric drive market size is projected to grow from USD 915 million in 2021 to USD 4,245 million by 2026, at a CAGR of 35.9%.
The growth of the market is influenced by factors such as increasing demand for electric vehicles around the world, growing demand for smart electric drive equipment due to their higher vehicle efficiency, lower parts weight and compact size of assembly. The growing concern for larger distance commuting using EV's will also boost the market.
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The Asia Pacific Smart electric drive market will be led by countries like China, Japan and South Korea. The governments of these countries have supported the growth of EV demand through subsidies, favorable policies for EV's and discouraging the use of petrol. This will lead to a fast-growing demand for the smart electric drive Market in the region with their increased adoption in EV's and rising EV demand. The adoption of smart electric drives have been in use in China, Japan and South Korea, followed by India and rest of Asia Pacific. With the rise in production capacity/ mass manufacturing for smart drivetrain and adoption of technology by OEMs in a country would support growth of smart electric drive market. China is expected to be the largest and fastest growing market with high EV demand in the country and companies like Geely, GAC etc. using e-axles to develop their EV's. Japan will be one of a fast-growing market in the region due to top component manufacturers like Nidec, Aisin, Denso manufacturing smart electric drive modules and components.
The European smart electric drive market will be led by countries like Germany, France and UK. These countries will be the first markets for EV's with top OEM like Volkswagen, Stellantis, Daimler, Renault etc. catering to the region. These companies have been using smart electric drive components from companies like GKN, Continental AG, Bosch, ZF, etc. Their governments will also support the growth of EV's for emission reduction measures. The European region will be one of the fastest growing markets for smart electric drives in the world with high demand in Germany, UK and France. Germany is expected to be the fastest growing market in the region with many automakers like BMW, Daimler, Volkswagen, Porsche, Volvo etc. and GKN, Continental AG, Bosch, ZF etc. providing EV's using smart electric drive components in the country.
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The North American region will have one of the fastest-growing demand for the smart electric drive market. The market in the region will be led by sales of some top selling EV's in US and Canada due to high demand across some of their states. Top OEM's like GM, Ford are working with smart electric drive component manufacturers like BorgWarner, Hitachi, LG, Magna, ZF etc. for their EV's. This will lead to a gradual increase in demand for the smart electric drive market in the coming years.
Key Market Players
The smart electric drive market is dominated by global players such as Nidec Corporation (Japan), Aisin Corporation (Japan), BorgWarner (US), Bosch (Germany) and ZF group (Germany). These companies have been developing new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the high-growth smart electric drive market.
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