Global Smart E-Drive Market Analysis – 2023-2033

According to the Market Statsville Group (MSG), the Global Smart E-Drive Market size is estimated to grow from USD 1,630.74 million in 2023 to USD 29,322.18 million by 2033, at a CAGR of 33.5% from 2023 to 2033 

A specialized version of a conventional electric drive system is called a smart e-drive. In order to provide seamless and safe driving dynamics, Smart Electric Drive utilizes the vehicle's battery as a source of power and provides direct transmission. The Smart electronic Drive consists of a battery, motor generating system, electronic brake booster, and power booster. By saving energy, it makes driving better. A contemporary grid-drive vehicle utilizing Smart Electric Drive technology has been unveiled by Daimler AG. Electric vehicles such as cars, trucks, trains, planes, lorries, boats, and others using electric propulsion are some of the most popular examples. The electric drive uses electric energy as a kind of propulsion for electric cars. When compared to fossil fuel-powered vehicles, electric drives are different in that their energy comes from a number of sources, such as nuclear power, fossil fuels, renewable sources including solar, tidal, and wind power, or a mix of those. A Smart Electric Drive uses electricity rather than fuel to operate.

The electrification of vehicles around the world is driving the smart electric drive market over the forecasting period. Smart electric drives are enhanced or modernized versions of conventional electric drives that ensure an effective gearbox of the car and draw power from a battery. Additionally, these drives guarantee effective energy utilization by including cutting-edge components like power electronics, brake boosters, and others, resulting in reduced running costs than traditional e-drives.

Moreover, the growing demand for sustainable transportation solutions and producing less amount of carbon emissions is also driving the market demand in this market. Governments around the world are implementing stringent regulations and offering more subsidies to promote the adoption of electric vehicles (EVs), which has led to a surge in demand for Smart Electric Drive systems. On the other hand, new and advanced technologies for smart e-drive, including e-axel and e-wheel drive, are still expensive. The high cost of e-drive systems/modules primarily limits their use to medium to high-range electric vehicles. Hence this factor is hampering the market growth over the forecasting period worldwide.

Market Segmental Analysis, 2023-2033

Based on vehicle type, the market is divided into passenger vehicles and commercial vehicles. The passenger vehicles segment accounted for the largest market share in 2023. Passenger electric vehicles are automobiles that run on electricity rather than fuels like petrol, diesel, or other types of fuel. Along with other mechanical elements, they use EV batteries and electric motors to power the vehicle's propulsion system. Due to the rise in popularity of electric vehicles, there is a greater demand for passenger automobiles. European nations intend to reduce their automobile emissions in response to the increasingly strict emission standards. The availability of a wide range of models, upgraded technology, increased consumer awareness, and the availability of subsidies and tax rebates have all contributed to the growth of the market.

Based on the regions, the global smart e-drive market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America accounted for the largest market share in 2023. Demand for smart e-drives is anticipated to rise throughout the forecast period as a result of rising EV sales and the presence of top EV producers like General Motors, Tesla, and others. Additionally, technical advancement in the American automotive sector will soon have an even greater impact on market growth.

Key Market Players, 2023

The Major key players in the global smart e-drive market are: 

• Hyundai Mobis
• Continental AG
• ZF Friedrichshafen AG
• Robert Bosch GmbH
• Siemens
• Magna International Inc
• Gkn Plc
• Aisin Seiki Co. Ltd
• Hitachi
• Schaeffler AG
• Tesla
• Mercedes-Benz
• Daimler AG
• BYD
• Volkswagen
• Ford

Recent Development 

• In January 2020, Mercedes and Geely announced joint ownership of their Smart brand. As part of its expansion strategy, Mercedes and Geely extended Smart’s product portfolio into the rapidly expanding B-segment, that provides a premium all-electric rival for the Peugeot e-208, Renault ZOE and Volkswagen ID.3.

Report Scope of the Global Smart E-Drive Market 

This market research study categorizes the smart e-drive market-based on component, driving type, battery type, vehicle type, and application area at the regional and global levels.

By Component Outlook (Sales, USD Million, 2019-2033)

• Battery
• Motor Generator
• Power Electronics
• E-Brake Booster

By Drive Type Outlook (Sales, USD Million, 2019-2033)

• Front Wheel Smart Electric Drive
• Rear Wheel Smart Electric Drive
• All Wheel Smart Electric Drive

By Battery Type Outlook (Sales, USD Million, 2019-2033)

• Lithium-ion
• Nickel-based
• Lead Acid
• Solid State Batter

By Vehicle Type Outlook (Sales, USD Million, 2019-2033)

• Passenger Vehicle
• Commercial Vehicle

By Application Outlook (Sales, USD Million, 2019-2033)

• E-Axle
• Wheel Drive

By Region Outlook (Sales, USD Million, 2019-2033)

• North America 
• US
• Canada
• Mexico
• Europe 
• Germany
• Italy
• France
• UK
• Spain
• Poland
• Russia
• The Netherlands
• Norway
• Czech Republic
• Rest of Europe
• Asia Pacific 
• China
• Japan
• India
• South Korea
• Indonesia
• Malaysia
• Thailand
• Singapore
• Australia & New Zealand
• Rest of Asia Pacific
• South America
• Brazil
• Argentina
• Colombia
• Rest of South America
• The Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Northern Africa
• Rest of MEA