The rising adoption of electric vehicles and a heightened focus on environmental sustainability are key drivers boosting the automotive smart electric drive market revenue.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, July 25, 2024 (GLOBE NEWSWIRE) — The global automotive smart electric drive market (자동차 스마트 전기 드라이브 시장) stood at US$ 2.1 billion in 2023, and the global market is projected to reach US$ 14.2 billion in 2034. The automotive smart electric drive market is anticipated to expand at a CAGR of 18.6% between 2024 and 2034.
The automotive smart electric drive market is experiencing robust growth, driven by the increasing adoption of electric vehicles (EVs) and a heightened focus on environmental sustainability. Smart electric drives represent an advanced and integrated version of conventional electric drive systems, incorporating features such as over-the-air software upgrades, predictive maintenance, and enhanced efficiency. These innovations are making EVs more attractive to consumers and manufacturers alike.
One of the primary factors propelling the market is the global push towards reducing carbon emissions. EVs produce zero tailpipe emissions, significantly reducing air pollution and improving air quality, particularly in densely populated urban areas.
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This environmental benefit, coupled with government incentives and stricter emission regulations, is accelerating the shift from gasoline-powered vehicles to EVs. The International Energy Agency (IEA) projects that biofuel demand will rise by 23% to 200 billion liters by 2028, led by key markets such as Brazil, Indonesia, and India, further underscoring the momentum in sustainable transportation.
The Asia-Pacific region is at the forefront of this market expansion, accounting for a substantial share of the global landscape in 2023. The surge in EV production and demand, particularly in China and India, is a significant driver.
These countries are not only large markets for EVs but also major hubs for vehicle manufacturing. For instance, China has recorded significant market expansion due to increased EV demand, making it a pivotal player in the automotive smart electric drive market (自動車用スマート電気ドライブ市).
Technological advancements are also playing a crucial role in market growth. Innovations in battery technology, energy efficiency, and vehicle connectivity are enhancing the performance and appeal of smart electric drives. Companies like BorgWarner Inc. and Continental AG are leading the charge with developments such as advanced fuel injection systems and new elastomer compounds for automotive applications, respectively.
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Key Takeaways of Market Report
- Global automotive smart electric drive market to generate absolute dollar opportunity worth US$ 14.2 billion until 2034.
- Global automotive smart electric drive market is valued at US$ 2.1 billion in 2023.
- Asia Pacific is forecasted to hold the largest share in 2023.
Automotive Smart Electric Drive Market: Growth Drivers Top of Form
- Smart electric drives, essential in the automotive industry, offer features like over-the-air software upgrades and predictive maintenance, enhancing EV efficiency and range.
- Electric vehicles (EVs) provide numerous benefits over gasoline-powered cars, including zero tailpipe emissions, which significantly reduce air pollution and improve air quality, particularly in urban areas.
- EVs lower greenhouse gas emissions, aiding in climate change mitigation. Smart electric drives are safer and more comfortable than conventional systems.
- Energy is transmitted directly to the vehicle via batteries, which can be lead-based, lithium-ion, or solid-state. This direct transmission boosts efficiency by conserving substantial energy.
Automotive Smart Electric Drive Market: Regional Landscape
- The rise in production and demand for electric vehicles (EVs) and the increasing number of vehicles on roads, particularly in developing countries like India and China, are driving the automotive smart electric drive market share in the Asia Pacific region.
- Asia Pacific is home to some of the world’s leading vehicle manufacturers, contributing significantly to global sales of passenger and commercial vehicles. This growth is fueled by robust industrial capabilities, technological advancements, and a strong focus on sustainability. The expanding EV market in this region underscores its pivotal role in shaping the future of the automotive industry, making the Asia Pacific a key player in the global transition to smarter, greener transportation solutions.
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Automotive Smart Electric Drive Market: Key Players
- In 2023, BorgWarner Inc. introduced an advanced fuel injection system optimized for biodiesel blends, including those using Automotive Smart Electric Drive. This innovation aimed to enhance engine performance and fuel efficiency, promoting the use of renewable fuels in diesel engines.
- In 2023, Continental AG focused on sustainability by developing new elastomer compounds for automotive applications that incorporate Automotive Smart Electric Drive. These compounds improved the environmental footprint of their products by utilizing renewable resources while maintaining high performance and durability standards.
Automotive Smart Electric Drive Market: Segmentation
Application
- E-axle
- E-wheel Drive
Drive Type
- Front Wheel Drive
- Rear Wheel Drive
- All-wheel Drive
Component
- EV Batteries
- Electric Motors
- Inverter Systems
- E-brake Boosters
- Power Electronics
- Others
Vehicle Type
- Passenger Vehicles
- Hatchbacks
- Sedans
- SUVs
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses & Coaches
- Off-road Vehicles
- Agriculture Tractors & Equipment
- Construction & Mining Equipment
Electric Vehicle Type
- Battery Electric Vehicles
- Hybrid/Plug-in Hybrid Electric Vehicles
- Fuel Cell Electric Vehicles
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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