Smart e-Drive Market Worth 1,468.2 Million USD by 2022
PUNE, India, October 24, 2017 /PRNewswire/ --
The report "Smart e-Drive Market by Component (Power Electronics, E-Brake Booster, Inverter, Motor, Battery), Application (E-Axle, Wheel Drive), Vehicle Type (BEV, HEV, PHEV, Electric Bus, Truck), Drive (FWD, RWD, AWD), and Region - Global Forecast to 2022", published by MarketsandMarkets(TM), the market for automotive, by value, is projected to grow at a CAGR of 32.00% from 2017 to 2022, to reach USD 1,468.2 Million by 2022. Factors such as rising focus on stringent CO2 emissions norms, vehicle weight reduction, government initiatives, and increase in sales of green vehicles are projected to fuel the demand for smart e-drive technologies.
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Browse 113 Market Data Tables and 59 Figures spread through 169 Pages and in-depth TOC on "Smart e-Drive Market - Global Forecast to 2022"
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"Battery market to be the largest market among smart e-drive components"
Battery is the power source for any smart e-drive system. Presently, battery costs almost one third of the total BEV price. It is observed that the battery price has shown a decline of 20% from 2011 to 2016. Hence, considering the rapid improvements in the battery technology, the price of the battery is projected to decrease significantly over the period of next five to eight years. OEMs and battery manufacturers are working towards development of high energy density battery to deliver more distance coverage on a single charge. Lithium-ion batteries are the most widely used battery technology in electric, hybrid, and plug-in hybrid electric vehicles for their features like low self-discharge, good high temperature efficiency, high energy performance, and high power-to-weight ratio compared with other battery technologies such as lead acid and Nickel-Metal Hybrid. Since the automotive industry is moving towards electric and hybrid vehicles, the battery market is booming.
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"E-Wheel drive market to grow at the fastest pace in the Smart e-Drive Market"
With the rising concerns about the factors like zero emission, vehicle weight reduction, and the need for space for other applications, the demand for e-wheel drive is likely to increase in the near future. E-Wheel drive is directly mounted on the wheel rim, which houses the brakes, motor, inverter, and power electronics fitted inside the rim. Schaeffler (Germany) is the key player operating in the e-wheel drive segment and has tested its e-wheel drive on Ford Fiesta models. The major benefit of e-wheel drive is the increase in space availability in the vehicle as many components are moved to wheel. It increases the space up to 50%, which gives the design flexibility. Since e-wheel drive is installed in the wheel, it delivers direct transmission to the road, which makes driving speedy and safe. Thus, owing to these benefits of the e-wheel drive, its market is expected to have exponential growth in the near future.
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"Presence of large number of EV manufacturers and strict emission regulations would drive the European Smart e-Drive Market"
The European region is estimated to be the fastest growing Smart e-Drive Market during the forecast period. The market growth in the region can be attributed to the presence of many established manufacturers such as GKN (UK), ZF Friedrichshafen (Germany), Robert Bosch (Germany), MAHLE (Germany), Continental (Germany), and Siemens (Germany). Also, the strict emission regulations, rapid improvement in battery technology, and increasing demand for electric, hybrid and plug-in hybrid electric vehicles will boost the market for smart e-drive in the region.
The key companies profiled in the study are Siemens (Germany), Hitachi (Japan), Robert Bosch (Germany), Continental (Germany), ZF Friedrichshafen (Germany), HYUNDAI MOBIS (South Korea), AISIN SEIKI (Japan), Magna (Canada), Schaeffler (Germany), MAHLE (Germany), GKN (UK), BorgWarner (US), Infineon (Germany), Dana (US), Linamar (Canada), American Axle (US), AVL (Michigan), PUNCH POWERTRAIN (Belgium), WRIGHTSPEED (US), TM4 (Canada) , UQM TECHNOLOGIES (US), Efficient Drivetrains (US), Shanghai Edrive (China), SINOEV (US), and Magnetic Systems (UK).
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