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Smart E-Drive Market Overview
The global smart e-drive market is expected to witness significant growth in the coming years, owing to the implication of stringent governments’ norms and regulations for emissions on the automotive industry across the globe. Additionally, the growing demand for hybrid and electric vehicles, with an objective to reduce carbon emission is another reason, which is anticipated to propel the market growth. Furthermore, advancement of truck platooning and integrated mobility solutions, which are probable to use the hybrid and electric automobiles for ideal functioning, are expected to boost the demand for smart e-drive systems.
Among all categories based on drive type, all-wheel drive (AWD) is the leading category and is anticipated to continue dominating this segment during the forecast period, owing to its advantages, which include benefits of both front-wheel drive (FWD) and rear-wheel drive (RWD). Additionally, growing demand for better traction, acceleration, and towing capabilities in vehicles has fueled the demand for sport-utility vehicles (SUVs) and multi-utility vehicles (MUVs) equipped with AWD drivetrain, globally. Furthermore, rising demand for electric and hybrid SUVs and MUVs, the AWD category is expected to dominate the smart e-drive market in the coming years.
The smart e-drive market is categorized into e-axle and wheel drive on the basis of application. The e-axle category is expected to dominate the market during the forecast period, owing to factors such as governments’ policies favoring vehicle electrification, and improvements in vehicle efficiency and fuel economy; thus, bringing down the energy usage and operating cost of the vehicle.
Geographically, the market is classified into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The European region is expected to dominate the smart e-drive market during the forecast period. The reasons being the strict environmental norms and regulations by the European Union Commission, and thus increasing the demand for hybrid and electric vehicles, resulting in the growth of the market in the region. Also, the presence of established original equipment manufacturers (OEMs) such as Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, and others, and rapid expansion of charging infrastructure are acting as the driving forces for the market.
Smart E-Drive Market Dynamics
Key growth drivers in the global smart e-drive market are strict norms and regulations by governments across the globe, cost benefits in terms of declining battery price, and improved vehicle efficiency and fuel economy. The adoption of greener energy pertaining to the current environmental scenario also contributes to drive the growth of the market. The demand for electric and hybrid vehicles is increasing, which is primarily fueled by stringent governments’ rules and regulations, subsidies, tax refunds, and grants. In 2017, more than one million electric vehicles were sold, increased the total number of electric and plug-in hybrid cars on roads to more than 3 million, which grew by 54% as compared to the sales in 2016. The growing sales of environment-friendly vehicles will boost the market for smart e-drive systems during the forecast period.
Major factors restraining the growth of the smart e-drive market are long-term return on investment, lack of reliability, and proper infrastructure. The vehicle with smart e-drive system initially costs a lot of money and the return on investment takes a much longer time to break even. Also, in developing nations, infrastructure for smart vehicles is poor, therefore, it acts as a restraint in the growth of the industry in these nations around the world.
Smart E-Drive Market Competitive Landscape
There are few established players operating in the smart e-drive market. For a new entrant, it is difficult to make its place in the industry, owing to the domination of the established players and high research and development cost. Some of the key players in the market are Magna International Inc., Robert Bosch GmbH, GKN plc, Hitachi Ltd., Hyundai Mobis Co. Ltd., Continental AG, Siemens AG, Schaeffler AG, ZF Friedrichshafen AG, MAHLE GmbH, BorgWarner Inc., Infineon Technologies AG, and AISIN SEIKI Co. Ltd.
The report will also provide country-wise analysis of the market. Some of the major countries covered in the report are the U.S., Canada, Mexico, the U.K., Germany, France, Spain, Italy, the Netherlands, South Korea, China, India, Japan, Thailand, South Africa, Brazil, and Australia.