Smart Electric Drive Market is expected to foresee significant growth. Asia-Pacific to lead the growth!

Smart Electric Drive Market is expected to grow at a CAGR of around 35% during the forecast period 2021-2027.The global auto manufacturing industry is undergoing a rapid transition from reliance on internal combustion engines (ICEs) to battery electric vehicles. As per the IEA, China is the largest EV manufacturing country and accounted for nearly half of global EV sales in 2018. The transition to EVs is already underway globally, and policy makers coupled with industry stakeholders are continuously in discussion to introduce strategic infrastructure development plans to support EV adoption, globally. International competitors, including China, Japan, and countries in the European Union, are leading the buildout of EV production for their domestic markets and have signaled their interest in expanding sales worldwide.

The pandemic caused significant economic and financial disruptions on automotive industry. : The COVID-19 pandemic and various infection control measures have made a great impact on the regular operation of companies in automotive industry across the world. The initial effects of COVID-19 began in first quarter of 2020, when one after another, lockdowns were imposed all around the world to contain the spread of coronavirus. This resulted in complete shutdown of automotive industry as automakers as well as component and raw material suppliers halted their production in major auto markets such as China, India, Germany, France, among others. This scenario have had a negative impact on the smart electric drive market, as the market growth is proportional to vehicle production.

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Based on Vehicle Type, the market is segmented into passenger vehicle, commercial vehicle, and two-wheelers. Commercial vehicle category is expected to witness highest CAGR of during the forecast period owing to sustained economic activities, rising spending on the infrastructure sector, increasing e-commerce and mining activities, and lower interest rates on commercial vehicles. Furthermore, market players are investing heavily on the research and launch of advance electric drive for commercial vehicles, which is further expected to drive the market. For instance, in August 2018 , Robert Bosch GmbH launched its new electric vehicle drivetrain for use in electric light commercial vehicles. It consists of multiple components like electric motor, power electronics etc.

Based on drive type, the market is bifurcated into FWD, RWD, and AWD. Among these, AWD category is expected to witness stronger demand during the forecast period. With AWD, electric motors give automobile manufacturers more direct control of power or brake torque at individual wheels, which can be even more effective for snow or ice traction than focusing weight on one end of the car or the other. Many automakers offers various variants of their electric car models such as RWD/FWD or AWD. For instance, Hyundai offers its Ioniq 5 in AWD and RWD variants in the U.S. Similarly, KIA offers its EV6 in AWD and RWD drive types. In standard version, the EV6 is available with two battery sizes – 77.4kWh and 58kWh. The larger battery pack is mated to a 229hp motor in RWD model and a pair of motors, making a combined 325hp, in AWD models. Therefore, with continuous technological innovation coupled with need of enhanced driving dynamics have pushed the (OEMs) to introduce systems which cater to this demand posed in the current environment..

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For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. China was the largest motor vehicle producer in 2020; the country produced more than 25.2 million passenger cars and commercial vehicles in the year. . As per the IEA, China is the largest EV manufacturing country and accounted for nearly half of global EV sales in 2018. The transition to EVs is already underway globally, and policy makers coupled with industry stakeholders are continuously in discussion to determine where and how EVs, batteries, and charging infrastructure are built. International competitors, including China and countries in the European Union, are leading the buildout of EV production for their domestic markets and have signaled their interest in expanding sales worldwide and into the U.S. auto market.

Smart Electric Drive Market Segmentation

Market Insight, by Vehicle Type

• Passenger Vehicle
• Commercial Vehicle
• Two-Wheelers

Market Insight, by Application

• E-Axle
• E-Wheel Drive

Market Insight, by Drive Type

• Front Wheel Drive (FWD)
• Rear Wheel Drive (RWD)
• All Wheel Drive (AWD)

Market Insight, by Component

• EV Battery
• Electric Motor
• Inverter System
• E-Brake Booster
• Power Electronics

Market Insight, by Region

• North America Smart Electric Drive Market
  • US
  • Canada
  • Rest of North America
• Europe Smart Electric Drive Market
  • Germany
  • UK
  • France
  • Italy
  • Rest of Europe
• Asia-Pacific Smart Electric Drive Market
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• Rest of World Smart Electric Drive Market

Top Company Profiles

• Robert Bosch GmbH
• Nidec Corporation
• Aisin Corporation
• BorgWarner Inc.
• ZF Friedrichshafen AG
• Magna International Inc.
• Continental AG
• DENSO Corporation
• GKN Ltd.
• Meritor Inc.