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.
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| Smart E-Drive Market |
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.
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.
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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.
