Smart Electric Drive Market to Surge to US$ 6.7 Billion by 2030, Driven by Rising Demand for Energy-Efficient and Sustainable Transportation | According to RationalStat

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The global smart electric drive market is projected to reach US$ 6,765.2 million by 2030, at a CAGR of 32.5%. Smart Electric Drives (SEDs) are advanced versions of electric drives that are more efficient, reliable, and intelligent than traditional electric drives. They are used in a variety of vehicles, including passenger cars, commercial vehicles, and two-wheelers.

Wilmington, Delaware, Nov. 24, 2023 (GLOBE NEWSWIRE) — Global Smart Electric Drive Market size is valued at US$ 942.6 million in 2023 and is predicted to rise at a substantial CAGR of 32.5% during the forecast period of 2023 and 2030 according to RationalStat analysis.


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Market Definition, Market Scope, and Report Overview

Continuous developments in electric drive technology are a major driver of the smart electric drive market’s growth. These developments make electric vehicles (EVs) more appealing and accessible to consumers, increasing industry growth. Battery technological advancements, such as increased energy density and faster charging capabilities, are increasing EV driving range and decreasing charging times.

This addresses a major customer concern known as “range anxiety.” Continuous advancements in electric drive efficiency make EVs more energy-efficient, enabling for longer distances to be covered with the same battery capacity and lowering overall energy consumption.

  • According to a deep-dive market assessment by RationalStat, the smart electric drive market has been analyzed on the basis of market segments, including component, drive, vehicle type, application, and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
  • Market intelligence for the smart electric drive market covers market sizes based on market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
  • In addition, the long-term sector and products/services 10-year outlook and its implications on the smart electric drive market. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Global Smart Electric Drive Market: Segmental and Market Share Analysis

  • Based on the Application, the commercial segment is expected to dominate the market as the adoption of EVs for office cabs and taxis is anticipated to drive the market for the smart electric drive market.

Report Synopsis

Report Metrics Details
Base Year 2023
Forecast Period 2023-2030
Base Year Market Size US$ 942.6 million
Market Size Forecast US$ 6,765.2 million
Growth Rate 32.5%
Dominant Segment Commercial Segment
Leading Region Asia Pacific
Key Market Drivers
  • Low operating costs of EVs
  • Reduced running costs
  • Rising commercial applications
  • Rising technological advancements
Companies Profiled
  • Robert Bosch GmbH
  • ZF Friedrichshafen AG
  • AISIN CORPORATION
  • NIDEC CORPORATION
  • Magna International
  • Continental AG
  • Denso Corporation
  • Hexagon AB
  • Hitachi
  • BorgWarner
  • SINOEV
  • UQM Technologies
  • Shanghai Edrive

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Competition Analysis and Market Structure

Some of the prominent players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, and partnerships and collaborations are some of the strategies followed by industry players, some of the key developments in the smart electric drive market include,

  • In November 2021, Ford Motor Company revealed an aim to grow global EV manufacturing to 6,00,000 units by 2023.

Some of the prominent players and suppliers operating and contributing significantly to the smart electric drive market growth include Robert Bosch GmbH, ZF Friedrichshafen AG, AISIN CORPORATION, NIDEC CORPORATION, Magna International, Continental AG, Denso Corporation, Hexagon AB, Hitachi, BorgWarner, SINOEV, UQM Technologies, and Shanghai Edrive, others.

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RationalStat has segmented the smart electric drive market based on component, drive, vehicle type, application, and region

  • Global Smart Electric Drive Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Component
  • Battery
  • E-Break Booster
  • Power Electronics
  • Motor
  • Global Smart Electric Drive Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Vehicle Type
  • Passenger Cars
  • Commercial Cars
  • Global Smart Electric Drive Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Drive
  • FWD
  • RWD
  • AWD
  • Global Smart Electric Drive Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
  • Wheel Drive
  • E-Axle
  • Global Smart Electric Drive Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
    • North America Smart Electric Drive Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • US
      • Canada
    • Latin America Smart Electric Drive Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • Brazil
      • Mexico
      • Rest of Latin America
    • Western Europe Smart Electric Drive Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • Germany
      • UK
      • France
      • Spain
      • Italy
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe Smart Electric Drive Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • Russia
      • Poland
      • Hungary
      • Other CIS Countries
      • Rest of Eastern Europe
    • Asia Pacific Smart Electric Drive Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • China
      • Japan
      • India
      • South Korea
      • Australia
      • ASEAN
        • Indonesia
        • Thailand
        • Philippines
        • Vietnam
        • Malaysia
        • Rest of ASEAN
      • Rest of Asia Pacific
    • Middle East & Africa Smart Electric Drive Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • GCC
        • Saudi Arabia (KSA)
        • United Arab Emirates (UAE)
        • Rest of the GCC
      • South Africa
      • Nigeria
      • Turkey
      • Rest of the Middle East & Africa

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Key Questions Answered in the Smart Electric Drive Report:

  • What will be the market value of the smart electric drive market by 2030?
  • What is the market size of the smart electric drive market?
  • What are the market drivers of the smart electric drive market?
  • What are the key trends in the smart electric drive market?
  • Which is the leading region in the smart electric drive market?
  • What are the major companies operating in the smart electric drive market?
  • What are the market shares by key segments in the smart electric drive market?  

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Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoints to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

  • Defining the problem by understanding the type of market and data required by the client.
  • Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
  • Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
  • Evaluating and analyzing the data by referring to data sources utilized and leveraged.
  • Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

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About RationalStat LLC                    

RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.

RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.

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