Market Overview
Recent research shows that the smart drive Market has undergone a steep growth in past few years. Also, the market is anticipated to find more opportunities for further growth in the projected period of 2023 to 2030. The Global smart drive Market revenue was valued at USD 915 million in 2021 which is expected to reach the valuation of USD 2031.41 Million by 2030 with the CAGR rate of 30%. Electrification of vehicles worldwide and upgradation of the e-vehicles boost the Global smart drive Market growth in past years. Also, these aspects along with increasing demand for E-DRIVE transportation globally will be the major market drivers in the forecasted period. During Covid-19 the Global smart drive Market has faced a severe impact in production and sells. The market witnessed a huge downturn in production due to the pandemic restrictions. Although, in the post pandemic period the market started to recover rapidly with a 41% CAGR growth in 2021.
Market Segmentation
The Global smart drive Market is segmented into Components, Vehicle type, Drive, application and region.
Depending upon the components, the Global smart drive Market is divided into battery, e-break booster, power electronics and motor. The Battery segment holds the largest Global smart drive Market share within the components segment.
Depending on the Drive the market is segmented into FWD, RWD and AWD.
Depending on the Vehicle type the market is segmented into Passenger Cars, two wheeler cars, light Commercial cars and Commercial cars. The light Commercial segment holds the largest market share within this segment.
Depending on the application or end-user the market is divided into well driver and E-axle.
Regional Classification
According to the regional segmentation the Global smart drive Market is segmented into North America, Europe, Asia Pacific, South America, Middle East Asia and Africa.
North America holds the largest Global smart drive Market size due to the rapid growth in electronic vehicle industry, increasing demand for E-DRIVE transportation etc in this region.
Asia Pacific is predicted to be the fastest growing market in the projected period due to growing E-DRIVE industries, favorable government policies etc in this region. Which will help the region to hold a significant amount of Global smart drive Market revenue in the future.
Industry News
Some of the key players in the Global smart drive Market are Volvo, Hyundai, Nissan Moto, Tesla Motors, BYD, Toyota, Volkswagen, Ford, Honda and Daimler. These key companies are focusing on creating new electronic vehicle models, improving their production capacity, looking opportunist of Marge and collaborate with other etc to maintain a stronghold in this highly competitive market and gain more share in the Market.
· The ZF Friedrichshafen has announced their upcoming new generation e-mobility product launch in February 2021, which will include product like ZF Ax Trax electric axle.
· In February 2021, Tesla Inc. announced its first Indian manufacturing unit opening in the South Indian state Karnataka. This opening was made to expand the companies footprint in the growing E-DRIVE Market.
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