The report “Smart Electric Drive Market by Vehicle Type (PC, CV, 2W), EV Type (BEV, PHEV, HEV), Component (Power Electronics, E-Brake Booster, Inverter, Motor, Battery), Application (E-Axle, Wheel Drive), Drive (FWD, RWD, AWD), and Region – Global Forecast to 2026″, The global smart electric drive market size is projected to grow from USD 915 million in 2021 to USD 4,245 million by 2026, at a CAGR of 35.9%.
The growth of the market is influenced by factors such as increasing demand for electric vehicles around the world, growing demand for smart electric drive equipment due to their higher vehicle efficiency, lower parts weight and compact size of assembly. The growing concern for larger distance commuting using EV’s will also boost the market.
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Asia is expected to be the largest market during the forecast period.
The Asia Pacific Smart electric drive market will be led by countries like China, Japan and South Korea. The governments of these countries have supported the growth of EV demand through subsidies, favorable policies for EV’s and discouraging the use of petrol. This will lead to a fast-growing demand for the smart electric drive Market in the region with their increased adoption in EV’s and rising EV demand. The adoption of smart electric drives have been in use in China and Japan followed by South Korea, India and rest of Asia Pacific. With the rise in production capacity/ mass manufacturing for smart drivetrain and adoption of technology by OEMs in a country would support growth of smart electric drive market. China is expected to be the largest and fastest-growing market with high EV demand in the country and companies like Geely, GAC etc. using e-axles to develop their EV’s. Japan will be one of the fast-growing market in the region due to top component manufacturers like Nidec, Aisin, Denso manufacturing smart electric drive modules and components.
EV Battery is estimated to account for the largest market size during the forecast period
EV battery is expected to be the largest market by value due to EV batteries accounting for a major part of EV drivetrain cost. Companies like Samsung SDI, LG Chem, CATL, SK Innovation, BYD, and Panasonic have been providing batteries for use in EVs over the years and account for a major part of the EV battery demand in the market. Some manufacturers like Tesla and BYD use in-house build EV batteries for their electric vehicles. The demand for EV batteries will be the highest in Asia Pacific due to China being the world’s largest EV market and Japan, South Korea, and India steadily growing their EV demand. Thus, with rise in adoption of advanced integrated technologies for smart electric drives, the demand for EV batteries would also rise.
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E-axle segment is estimated to account for the largest market during the forecast period
E-axle demand will be growing at a rapid pace with the increase in demand for EVs in the market. This is due to the fast-growing demand for mass produced EVs in the market and growing demand for zero-emission vehicles. Asia Pacific is expected to be the largest market with many large EV manufacturers using e-axles from Aisin and Nidec in the region. For instance, In February 2020, Nidec announced the launch of its two-new e-axles developed for 200 kW and 50 kW drivetrains. Their e-axle system comprises a fully integrated traction motor system with an electric motor, reduction gearbox, and inverter. The Ni200Ex is developed for D and E segment cars and offers a higher output than its earlier available Ni150Ex model. Europe is also expected to be a large market, with GKN producing e-axles for companies like Volvo, BMW, and Porsche. Most manufacturers in the North American region use in-house manufacturing for passenger cars, and companies like Dana, Meritor, etc., manufacture e-axles for electric trucks. For Instance, in January 2019, BorgWarner launched its new range of electric drivetrains through its new iDM e-axle. It is developed for use in all kinds of EVs. Thus, with component manufacturers and OEMs adopting advanced integrated technologies to provide smart electric drive, the market would grow in the near future.
Key Market Players
The smart electric drive market is dominated by global players such as Nidec Corporation (Japan), Aisin Corporation (Japan), BorgWarner (US), Bosch (Germany) and ZF group (Germany). These companies have been developing new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the high-growth smart electric drive market.
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Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Address: 630 Dundee Road Suite 430
State: IL 60062
Country: United States