The smart electric drive market comprises electric drives that use advance control mechanisms and algorithms for smooth vehicle operations and improved driving experience. Electric drives are essential components in electric vehicles as they provide torque and power to rotate the wheels. They utilize power electronics to control electric motors efficiently and deliver high torque at low speeds for better pickup. The adoption of electric drives is growing owing to stringent emission regulations on fuel-based vehicles and supportive government policies for electric mobility. Additionally, electric drives help automakers comply with Corporate Average Fuel Economy standards.
Key Takeaways
Key players operating in the smart electric drive market are ABB, Aisin Corporation, Allied Motion, BorgWarner, Bosch, Continental, Dana, Magna, Siemens, ZF Friedrichshafen.
The growing Smart Electric Drive Market Size due to rising environmental concerns and supportive government policies is a major factor driving the growth of the smart electric drive market. Several countries have announced plans to ban sales of conventional fuel vehicles to reduce emissions. This is increasing the adoption of electric drivetrains in passenger and commercial vehicles.
Technological advancements in power electronics and control systems are enhancing the performance and efficiency of smart electric drives. Advancements such as silicon carbide power modules, 3D silicone integration, and sensorless controls are allowing automakers to develop more compact and powerful electric drivetrains.
Market Trends
Two major trends influencing the Smart Electric Drive Market Analysis are reduction of rare-earth elements usage and development of integrated drive systems. To reduce overdependence on rare-earth metals, drive system manufacturers are developing magnet-free and synchronous reluctance motor technologies that have fewer rare-earth contents. Another trend is the integration of multiple drive components into a single unit for compact packaging and optimized efficiency. Integrated drive units comprising motor, gearbox, and power electronics are gaining popularity.
Market Opportunities
Growing application of electric drives in commercial vehicles and off-highway applicationspresents major opportunities. With initiatives toward electrification of buses, trucks, construction and mining equipment, demand for heavy-duty electric drivetrains will surge. Another area offering opportunities is development of highly efficient and durable drives for high-performance electric vehicles and autonomous driving applications.
Impact of COVID-19 on Smart Electric Drive Market Growth
The COVID-19 pandemic has significantly impacted the growth of the smart electric drive market. During the initial outbreak, market growth declined sharply as various end-use industries such as automotive, mining, and power generation witnessed production halts. Supply chain disruptions led to disruption in the procurement of critical components such as motors, inverters, converters, and sensors. Demand from the automotive and mining industries significantly reduced as production came to a standstill during nationwide lockdowns across several countries. However, with resumption of economic activities post relaxations in lockdown restrictions, market growth is slowly recovering. Key manufacturers are focusing on strategic partnerships and innovation to drive future growth.
Geographical Concentration of Smart Electric Drive Market Value
The smart electric drive market in terms of value is currently concentrated in Asia Pacific region, primarily driven by China and Japan. Both these countries account for over 50% share of the global market. High automobile production volumes in China along with government support for electric vehicles are propelling market growth. Growing investments in electrification of rail and mining projects are also boosting demand. North America is the second largest regional market led by the US, while Europe is another major revenue generator for smart electric drive suppliers globally.
Fastest Growing Region for Smart Electric Drive Market
Asia Pacific region is projected to be the fastest growing regional market for smart electric drives during the forecast period. This will be led by China, India and Southeast Asian countries. Factors such as rapid urbanization, industrialization and infrastructure development are driving demand from various end-use industries in the region. Additionally, supportive government policies and initiatives towards cleaner industrialization are encouraging adoption of smart electric drive systems. Developing nations are increasingly investing in electrified transportation networks and renewable energy integration which will augment future prospects.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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