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Driving Smarter: The Future of Smart Electric Drive Market in 2024
As per the report, the smart electric drive market size has grown exponentially in recent years. It will grow from $0.83 billion in 2023 to $1.09 billion in 2024 at a compound annual growth rate (CAGR) of 31.4%. The smart electric drive market size is expected to see exponential growth in the next few years. It will grow to $3.27 billion in 2028 at a compound annual growth rate (CAGR) of 31.6%.
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Driving Forces Behind The Growth Of The Smart Electric Drive Market In The Era Of Increasing Electric Vehicle Demand
The increasing demand for electric vehicles is expected to propel the growth of the smart electric drive market going forward. Electric vehicles (EVs) are automobiles powered by electricity stored in rechargeable batteries or other energy storage devices. The demand for electric vehicles is increasing due to advances in battery technology, government support, the growing availability of models, stricter emissions standards, and second-hand markets. Smart electric drives are at the core of electric vehicle technology, offering significant advantages in efficiency, performance, and environmental impact compared to traditional internal combustion engines. For instance, in January 2024, according to a report published by the Energy Information Administration (EIA), a US-based environmental impact assessment of electric vehicles, around 12.9 million electric vehicles were produced worldwide in 2023, an increase of 6.7% compared to 2022. Therefore, the increasing demand for electric vehicles is driving the growth of the smart electric drive market.
Innovative Battery Management Systems Enhancing Efficiency And Safety in Electric Vehicles
Major companies operating in the smart electric drive market are developing innovative solutions, such as battery management systems, to enhance battery efficiency, longevity, and safety in electric vehicles. Battery management systems are the smart electric drives that ensure the battery pack's safe, efficient, and reliable operation, which is crucial for the performance and longevity of electric vehicles and other battery-dependent systems. For instance, in October 2022, Sensata Technologies, a US-based company manufacturing electrical products, launched a new battery management system (BMS) called the Lithium Balance n3-BMS, designed for high-voltage applications in electric buses, trucks, and other heavy commercial vehicles. This system has a layered software structure that allows customers to customize the system with their code and algorithms without impacting the ASIL C certification. The n3-BMS utilizes a distributed system architecture featuring a master control unit (MCU) and can accommodate up to 32 cell monitoring units (CMUs). This setup enables precise monitoring of individual cells and temperatures.
The smart elecrtic drive market covered in this report is segmented -
1) By Drive Type: All Wheel Drive, Front Wheel Drive, Rear Wheel Drive
2) By System: Vehicle-Based Communication Controller, Supply Equipment Communication Controller (SECC)
3) By Charging Type: Wired Charging, Wireless Charging
4) By Battery Type: Lithium-ion, Nickel Based, Lead Acid, Solid State Battery
5) By Application: Passenger Vehicle, Commercial Vehicle
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Major companies operating in the smart elecrtic drive market are SAIC Motor Corp. Ltd. , Tesla Inc., China FAW Group Corp. Ltd. , Siemens AG, BAIC Motor Corporation Limited, BYD Auto Co. Ltd., Zhejiang Geely Holding Group Co. Ltd., Hyundai Mobis Co. Ltd., Magna International Inc., ZF Friedrichshafen AG, Continental AG, Aisin Corporation, Great Wall Motor Company Limited, Schaeffler Group, Nidec Corporation, Changan Automobile Co. Ltd., Chery Automobile Co Ltd., BorgWarner Inc., Dongfeng Motor Corporation Ltd., Danfoss, Brilliance Auto Group, JAC Group, UQM Technologies Inc.
Contents of the report:
1. Executive Summary
2. Smart Elecrtic Drive Market Report Structure
3. Smart Elecrtic Drive Market Trends And Strategies
4. Smart Elecrtic Drive Market - Macro Economic Scenario
5. Smart Elecrtic Drive Market Size And Growth
…..
27. Smart Elecrtic Drive Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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