Market Insights:As per Market Research Future (MRFR)’s analysis, the global e-drive for automotive market is projected to mark a CAGR of 14.72% during the foreacst period 2018 to 2023. The report also highlights that the valuation of the global market is poised to reach USD 19.44 Bn by the end of 2023 from USD 8.58 Bn in 2017. The drive towards the reduction of carbon emission is projected to have a favorable impact on the proliferation of the e-drive for automotive market by accelerating adoption of electronic cars.
The strong value maintained by the automotive sector coupled with the rising demand for electric and hybrid cars have revolutionized the global market. It is forecasted to exhibit a similar trend in the upcoming years.
The rising fuel prices have catalyzed the adoption of electric vehicles which is further backed by the favorable regulations enforced by governments. The e-drive for automotive market is projected to remain highly lucrative over the next couple of years. Meanwhile, the manufacturers have started focusing on the development of affordable electric cars for capitalizing on the opportunities posed by the developing economies.
Market Segmentation:By drive type, the global e-drive for automotive market has been segmented into front wheel drive, rear wheel drive and all-wheel drive.
By product, the global e-drive for automotive market has been segmented into power electronics, e-brake booster, battery, motor, and others.
By electric vehicle type, the global e-drive for automotive market has been segmented into battery electric vehicles, hybrid electric vehicles, and plug-in electric vehicles.
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Regional Analysis
:By region, the global e-drive for automotive market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific has secured the pole position in the global market and is set to exhibit remarkable growth over the assessment period. The growth is mostly attributable to the high rate of electric car adoption in China. As per the statistics published by Environmental and Energy Study Institute (EESI), the sale of electric cars in China has seen a massive growth from 1,90,000 in 2015 to 3,51,000 in 2016. The numbers are expected to inflate further in the due course of time. Additionally, Chinese government has targeted to deploy 5 million electronic vehicles on road by 2020. Other emerging country-level markets of the region that resonate strong growth opportunities include India and Indonesia.
Europe is predicted to emerge as the second-largest regional e-drive for automotive market. The inclination witnessed in the region towards reduction of carbon footprints is leading the growth of the market. The ban on fossil fuel introduced by some of the governments are likely to favor the expansion of the e-drive for automotive market in the region.
Competitive Dashboard:Some of the key players profiled in the report are ZF Friedrichshafen (Germany), Magnetic Systems Technology (Magtec) (U.K.), ACTIA Group (France), Robert Bosch AG (Germany), SMR (India), BorgWarner (U.S.), SIEMENS AG (Germany), AVL List Gmbh (Austria), GKN PLC (U.K.), and ABM Greiffenberger (Germany).
Industry News:In November 2018, British Columbia has announced that its government will introduce legislation, in 2019, requiring all new light-duty cars and trucks sold by 2040 to be zero-emission vehicles or electric.
In November 2018, Honda, a Japanese public multinational conglomerate corporation, has presented its first all-electric car for the Chinese market at the Guangzhou Auto Show.
In November 2018, The Electric Vehicles (Standardized Recharging) Bill has been introduced in the U.K. Parliament which leverages provisions for standardized payment for vehicle connectors and charging.
In November 2018, EkoRent, an electric car rental app in Helsinki, has ventured into Nairobi to increase its market presence.
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Report details
| Base Year | 2018 |
| Companies Covered | 15 |
| Pages | 128 |
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