The demand in the global smart e-drive market is projected to grow at a significant rate in the coming years as there are numerous benefits offered by this system including optimum space utilization and vehicle weight reduction. This not only helps in improving the range of electric vehicles but it also helps in providing a free hand to the automotive designers. Other noteworthy benefit of smart electric drive includes compact size, high reliability, more built-in functionalities, and higher torque generation that are anticipated to further drive the demand in the smart e-Drive for automotive market. The advancements in future mobility solutions such as integrated mobility solutions, smart transportation, truck platooning, and IoT based fleet management are also expected to accelerate demand in this market in the near future.
What initiatives are taken by the manufacturers to drive demand in the global smart e-drive market?
Key companies operating the global smart e-drive market are focusing on using advanced technologies that will help in providing their customers advanced and efficient electric vehicles. Moreover, it will also help to boost demand in the automotive sector across the globe as it is aligned with the growing demand for electric vehicles. In addition, manufacturers have also started using advanced battery technologies and are installing hybrid and plug-in hybrid electric vehicles which helps them in making stronger hold in the market.
Adding further, strict regulation related to carbon emission, weight of vehicles, material used in making accessories in the automotive industry, and growing awareness among the people are some of the key reasons pushing manufacturers to take these types of decisions. According to the report Siemens, GKN, Robert Bosch, ZF Friedrichshafen, Continental, and MAHLE are the prominent players operating in the market.
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Which region is likely to lead the global smart e-drive market in the coming years?
The report covers North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among these Europe is projected to dominate the market over the forecast tenure. Strict government regulations on emission and rapid development of charging infrastructure are the major factors driving growth in this market. In addition, huge presence of original equipment manufacturers and large base of tire-1 are few other factors benefiting the global smart e-drive market. North America is also expected to contribute significant growth in the smart e-drive market in the coming years. moreover, growing trend for weight reduction in vehicles, rising demand for states-of-art technology, and increasing demand for green vehicles has further augmented the growth in this market.