Emphasis on Motor Configuration (Tri-Motor and Quad-Motor); Vehicle Type (Passenger Vehicle and Light Commercial Vehicle); and Region/Country
The e-corner market was valued at 98 thousand units in 2023 and is expected to grow at a robust CAGR of around 30% during the forecast period (2024-2032) driven by the increasing demand for electric and autonomous vehicles, and urbanization and smart city initiatives.
The e-Corner Market is witnessing a robust growth rate within the forecast period. Emerging technologies have the power to transform the automotive industry for both OEMs and dealers. One such transformation is known as e-Corner, which is supported by the burgeoning adoption of electric vehicles. The e-corner market has been a paradigm change factor in the freedom of vehicles and has brought a significant change in the design, production, service, and operation of automobiles. Till the present, forward and backward driving along with life and right-direction movement were the restrictions for automobiles. However, with the e-corner system, which is the core technology for future mobility, the conditions of movement and driving have changed; crab driving moves life or right or forms a dimension of 360° rotation on the spot. Such intricate moves are possible with the next technology, which combines driving, braking, steering, and suspension systems as components in each wheel of the vehicle. E-corner systems can be used in mobility solutions, such as shuttles going into and out of the city center, robot taxis, logistics vehicles, and commuting vehicles.
AI-Enabled E-Corner Systems
e-Corner technologies have been adopted to blend into AI's driving force such as adaptive driving dynamics and predictive maintenance. AI-empowered integrated systems are used to improve real-time decision-making, optimize electricity consumption, and allow for voiceless navigation through complex urban environments. For instance, a front-wheel application that integrates steering is being introduced by Continental to improve vehicle handling and adaptability when moving around in cities. The Electric Corner Module is one of the most effective systems in increasing the efficiency, serviceability, and maneuverability of an electric vehicle because it includes in one compact design all major components necessary: a trailing arm suspension featuring an adjustable air spring, a horizontally mounted damper, an electric-powered, integrated motor-hub, and a dry braking system, which are all located at the corners of the vehicle. The greatest thing about the ECM is that it saves space and combines fewer complex units, another example of which is the hub motor. But just incorporate the hub motor their energy loss problems further that they have a fine design. This makes the mechanism act as a motor with no reduction gearing. By optimizing the motor operational range, one generates efficiencies of up to 20% in the WLTP Test Cycle.
The Asia Pacific (APAC) region not only dominated the entire e-corner market but also emerged as the frontrunner during the entire forecast period. It is because the region is urbanizing at a rapid pace and the growing adoption of electric vehicles (EVs), complemented by a strong automotive manufacturing ecosystem developed in the region as well as several government initiatives that promote clean and smart mobility, which supported such a form of market dominance. This growth of the e-Corner market in the region is mainly driven by the increasing demand for electric corner modules in luxury vehicles, for example, Yangwang U8 & U9, which are developed based on BYD's e4 platform. The Asia Pacific region is taking the lead in the adoption of electric corner modules, where countries such as China, South Korea, and Japan play fundamental roles in the transformation brought about by such technology. The leading e-corner manufacturers, such as Hyundai Mobis, integrate their e-corner module into vehicles such as the Hyundai IONIQ 5N and upcoming IONIQ 7. Moreover, Chinese firms, such as others, are also bringing electric corner modules into light, adapted for use in maneuverable electric light commercial vehicles and autonomous delivery systems.
The e-corner market is competitive and concentrated, with few global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some major players operating in the market are Schaeffler AG, Protean, Hyundai Motor Group, REE, Elaphe LTD, and Continental AG.
In January 2024, Hyundai Mobis announced the successful integration of its next-generation e-corner module into a prototype vehicle. The module combines four key functions: steering, braking, driving, and suspension into each wheel, allowing for 90-degree rotation and sideways driving. This innovation enables zero-turn parking and crab-like movement, ideal for urban environments and tight parking spaces. Hyundai Mobis plans to commercialize the technology by 2025, targeting electric vehicle (EV) manufacturers and urban mobility startups.
The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
The report presents a quick review of overall industry performance at one glance.
The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
The study comprehensively covers the market across different segments.
Deep dive regional level analysis of the industry.
The global e-corner market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global E-Corner Market Size (Thousand Units), 2022-2032f
7. Market Insights By Motor Configuration
8. Market Insights By Vehicle Type
9. Market Insights By Region
10. Value Chain Analysis
11. Competitive Landscape
12. Company Profiled
13. Acronyms & Assumption
14. Annexure
Analyzing the historical market, estimating the current market, and forecasting the future market of the global e-corner market were the three major steps undertaken to create and analyze the adoption of e-corner in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global e-corner market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the e-corner through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the e-corner market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are motor configuration and vehicle type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of e-corner. Further, we conducted factor analysis using dependent and independent variables such as motor configuration and vehicle type of the e-corner market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the e-corner market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global e-corner market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
The industry’s market size, in terms of (thousand units) and the adoption rate of the e-corner market across the major markets domestically
All percentage shares, splits, and breakdowns of market segments and sub-segments
Key players in the global e-corner market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global e-corner market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the motor configuration and vehicle type in the global e-corner market.
The current & future market trends of the global e-corner market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Analyze the current and forecast market size of the e-corner market in terms of size (thousand units). Also, analyze the current and forecast market size of different segments and sub-segments.
Segments in the study include areas of the motor configuration and vehicle type.
Define and analyze the regulatory framework for the e-corner
Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
Analyze the current and forecast market size of the e-corner market for the major region.
Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
Company profiles of the e-corner market and the growth strategies adopted by the market players to sustain in the fast-growing market.
Deep dive regional level analysis of the industry
Q1: What is the current market size and growth potential of the e-corner market?
The e-corner market was valued at 98 thousand units in 2023 and is expected to grow at a CAGR of 30% during the forecast period (2024-2032).
Q2: What are the driving factors for the growth of the e-corner market?
The burgeoning adoption of electric vehicles, rising demand for autonomous vehicles, and increased urbanization and smart city initiatives have primarily driven the e-corner market.
Q3: Which segment has the largest e-corner market share by Motor Configuration?
The quad-motor segment has the largest e-corner market share by Configuration type.
Q4: What are the emerging technologies and trends in the e-corner market?
AI-Enabled e-Corner System is one of the significant trends in the e-corner market.
Q5: Which region will dominate the e-corner market?
Asia Pacific is expected to dominate the market during the forecast period.
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