Policies implemented by governments have Propelled the Growth of the Smart E-Drive Market in the North American region!

Policies implemented by governments can have a significant impact on the smart e-drive market by creating a favourable environment for the adoption of electric vehicles. Governments have offered financial incentives such as tax credits, rebates, and grants to consumers who purchase electric vehicles. For example, in the United States, the Internal Revenue Service (IRS) offers a tax credit of up to $7,500 for the purchase of a new electric vehicle. These incentives can help reduce the upfront cost of electric vehicles, making them more affordable for consumers. Governments have invested in the development of charging infrastructure to support the adoption of electric vehicles. For example, in the United States, the Department of Transportation has allocated $5 billion to build a national network of electric vehicle charging stations.

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Further,the North America Smart E-Drive Market is expected to grow at a strong CAGR of 22.6 % during the forecast period (2022-2030). Governments have invested in research and development to support the development of new technologies and innovations in the electric mobility industry. For example, the United States has invested over $120 billion in electric vehicle research and development through programs such as the Advanced Research Projects Agency-Energy (ARPA-E). In Europe, the European Union has invested over $1.06 billion in electric mobility research and development through programs such as the Fuel Cell and Hydrogen Joint Undertaking. These investments have helped drive down the cost of electric vehicles and improve their performance, making them more attractive to consumers.

Overall, government policies have helped boost the smart e-drive market by providing financial incentives, investing in charging infrastructure, setting standards, investing in research and development, and promoting public transportation.

FIG. 1 North America Smart E-Drive Market Revenue (2020-2030)- USD Mn

On the basis of power train, the market is segmented battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid vehicle (PHEV), and fuel cell electric vehicle (FCEV). The battery electric vehicle (BEV) held a major share of the smart E-drive market in 2022 because battery electric vehicles have zero tail emission as compared to other vehicles which makes them an attractive option offering clean and environment-friendly energy vehicles. Additionally, advancements in battery technology especially in lithium-ion batteries have made them convenient options for daily and long-distance travel options considering the cost of travel per km in the mind. Moreover, government incentives and policies which include financial incentives, subsidies, tax credits etc have attracted a lot of consumers globally, especially in China and Europe which are the major contributors to the electric vehicles market.

On the basis of components, EV battery, electric motor, inverter system, e-brake boosters, and power electronics. The EV battery segment has a significant share of the smart e-drive market because electric vehicles rely on battery technology to power their operation. Without a reliable and efficient battery system, an electric vehicle would not be able to function. The battery is a critical component of any electric vehicle, and its performance and efficiency can have a significant impact on the overall performance and range of the vehicle. In addition to its importance for the operation of electric vehicles, the battery segment of the smart e-drive market is also likely to see significant growth in the coming years. As electric vehicles become more popular and widespread, demand for high-quality and efficient battery systems is likely to increase, driving growth in this segment of the market. Overall, the significant share of the EV battery segment in the smart e-drive market is due to the critical role that batteries play in the operation of electric vehicles.

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Global Smart E-Drive Market Segmentation

Market Insight, by Vehicle Type

· Electric Two-Wheeler

· Electric Three-Wheeler

· Electric Four-Wheeler

· Others

Market Insights, by Power Train

· Battery Electric Vehicle (BEV)

· Hybrid Electric Vehicle (HEV)

· Plug-in Hybrid Vehicle (PHEV)

· Fuel Cell Electric Vehicle (FCEV)

Market Insights, by Drive Type

· Front Wheel Drive

· Rear Wheel Drive

· All-Wheel Drive

Market Insights, by Component

· Electric Motor

· Inverter System

· E-Brake Boosters

· Power Electronics

Market Insight, by Region

· North America

o U.S.

o Canada

o Rest of North America

· Europe

o Germany

o UK

o France

o Italy

o Spain

o Rest of Europe

· APAC

o China

o Japan

o India

o Rest of APAC

· Rest of the World

Top Company Profiles

· Siemens

· Hitachi

· Robert Bosch GmbH

· Continental AG

· ZF Friedrichshafen AG

· GKN PLC

· Magna International Inc.

· AISIN SEIKI Co. Ltd.

· Schaeffler AG.

· HYUNDAI MOBIS