According to the International Energy Agency (IEA), the total number of battery electric vehicle (BEV) cars and BEV vans will rise from 6,850,327 units in 2020 to 79,975,992 units by 2030 and 427,525 units in 2020 to 11,041,648 units by 2030, respectively. Furthermore, the organization also forecasts that the stock of plug-in hybrid electric vehicle (PHEV) cars and PHEV vans will expand from 3,346,713 units in 2020 to 44,355,904 units by 2030 and 8,384 units in 2020 1,959,625 units by 2030, respectively.
The burgeoning penetration of electric vehicles (EVs) and hybrid vehicles is expected to strengthen the smart e-drive market in the foreseeable future. The rising shift toward EVs and hybrid vehicles can be primarily owed to the surging need to reduce the level of greenhouse gases (GHGs), which are largely emitted by vehicles. For example, the U.S. Environmental Protection Agency estimates that on-road vehicles emitted 1,512.7 teragrams of carbon dioxide equivalent (Tg CO2 Eq) of CO2, 32.7 Tg CO2 Eq of hydrofluorocarbons (HCFs), and 9.3 Tg CO2 Eq of nitrogen dioxide (N2O) in the U.S. in 2019.
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| Smart E-Drive Market Report |
All-wheel drive (AWD), rear-wheel drive (RWD), and front-wheel drive (FWD) systems offered by Magna International Inc., Hyundai Mobis Co. Ltd., BorgWarner Inc., Robert Bosch GmbH, Continental AG, Infineon Technologies AG, GKN plc, Siemens AG, AISIN SEIKI Co. Ltd., Hitachi Ltd., Schaeffler AG, MAHLE GmbH, and ZF Friedrichshafen AG are used for e-axle and wheel drive applications. In recent years, AWD gained prominence over RWD and FWD due to the rising need for better acceleration, traction, and towing capabilities in multi-utility vehicles (MUVs) and sport-utility vehicles (SUVs).
Globally, the European region is expected to lead the smart e-drive market in the coming years. This will be on account of the burgeoning
demand for EVs and hybrid vehicles and toughening vehicle emission norms in the region. Additionally, the presence of prominent automotive original equipment manufacturers (OEMs) such as ZF Friedrichshafen AG, Robert Bosch GmbH, and Continental AG and the rapid expansion of charging infrastructure will also facilitate the adoption of smart e-drive features in European countries.
Thus, the soaring number of EVs and hybrid vehicles and the increasing implementation of stringent emission control norms will result in the widescale usage of smart e-drive features.
