Global E-Drive for Automotive Market Size By Vehicle Type, By Application, By Component, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global E-Drive for Automotive Market Size By Vehicle Type, By Application, By Component, By Geographic Scope And Forecast
E-Drive for Automotive Market Size And Forecast
E-Drive for Automotive Market size was valued at USD 9.50 Billion in 2023 and is projected to reach USD 15.5 Billion by 2030, growing at a CAGR of 8.10% during the forecast period 2024-2030.
Global E-Drive for Automotive Market Drivers
The growth and development of the E-Drive for Automotive Market is attributed to certain main market drivers. These factors have a big impact on how integrated gas systems are demanded and adopted in different sectors. Several of the major market forces are as follows
Governmental Guidelines and Promotions Electric vehicle (EV) adoption is being driven by strict emission standards and laws that aim to reduce carbon emissions and promote sustainable mobility.
Governments provide All over the world frequently provide financial incentives, tax breaks, and subsidies to entice manufacturers and customers to adopt electric vehicles.
Environmental Issues Automakers are being pushed to invest in E-Drive technology as a result of growing consumer demand for electric vehicles and the need to cut carbon emissions.
Technological Progress The improved energy density, charging infrastructure, battery technology, and other ongoing developments in electric vehicle technology all add to the improved efficiency, price, and range of electric vehicles.
Consumer Knowledge and Interest Demand for E-Drive solutions is being driven by growing public awareness of the advantages of electric vehicles over conventional combustion engines and their effects on the environment.
Lowering Expenses and Accessibility Electric vehicles become more accessible to a wider range of consumers as production costs decline and economies of scale are realised.
Business Projects A large number of automakers have committed to manufacturing a specific percentage of electric vehicles in their fleets, made major investments in the development of electric vehicles, and established aggressive sustainability targets.
Development of Infrastructure The broad adoption of electric vehicles depends on the expansion of the infrastructure for charging, especially fast-charging networks. Increasing investment in this sector can propel market growth.
Market Rivalry E-Drive technologies are developing quickly because to the fierce competition between automakers and tech companies for supremacy in the electric vehicle sector.
Increasing Fuel Prices Electric vehicles are seen as a more reliable and possibly affordable alternative due to fluctuating fuel prices and worries about energy security.
Global E-Drive for Automotive Market Restraints
The E-Drive for Automotive Market has a lot of room to grow, but there are several industry limitations that could make it harder for it to do so. It’s imperative that industry stakeholders comprehend these difficulties. Among the significant market limitations are
High starting price Compared to conventional internal combustion engine vehicles, electric vehicles (EVs) frequently have higher initial costs. This is mostly because of the expense of batteries. For customers, this can be a major deterrent even with possible long-term fuel and maintenance savings.
Restricted Range of Driving Some consumers continue to worry about range anxiety since electric vehicles may have shorter driving ranges than conventional cars with internal combustion engines. Enhancing battery technology to increase range is a top concern for the sector.
Infrastructure for Charging For electric vehicles to be widely adopted, infrastructure for charging them must be easily accessible. A lack of charging outlets and the length of time needed to charge can put off prospective customers.
Limitations of Battery Technology Even though battery technology has advanced, problems including low energy density, lengthy charging periods, and short battery lifespans are still priorities for research and development.
Problems with the supply chain The cost and manufacturing of electric vehicles can be influenced by the global supply chain, which also includes the availability of vital elements like cobalt and lithium. Geopolitical issues or supply chain interruptions can make it difficult to source necessary components.
Weight and Performance of the Vehicle The overall weight and handling of an electric vehicle might be affected by the weight of its batteries. It’s still difficult for manufacturers to balance battery size, weight, and performance.
Views and Education of Consumers It’s possible that some people are still ignorant of electric vehicle technology or have false beliefs about its general feasibility, performance, and infrastructure for charging. To get past these obstacles, awareness-raising and education initiatives are essential.
Worries about Resale Value Customers may be reluctant to purchase electric vehicles if they have doubts about their long-term resale value. Determining precise resale values for old electric cars may become more crucial as the market develops.
Standardisation of Technology Lack of standardisation in infrastructure and charging mechanisms can prevent interoperability and broad adoption. For electric car customers’ convenience, efforts to create universal standards are crucial.
Uncertainty in Regulations Both automakers and buyers may experience uncertainty as a result of changing laws and policies pertaining to electric vehicles, such as modifications to incentive programmes or emissions rules.
Global E-Drive for Automotive Market Segmentation Analysis
The Global E-Drive for Automotive Market is Segmented on the basis of Vehicle Type, Application, Component, and Geography.
By Vehicle Type
Passenger Electric Vehicles (EVs) This category covers electric cars, from luxurious to compact, that are intended for use as personal transportation.
Commercial Electric Vehicles Electric trucks, vans, and buses that are intended for commercial use are included in the category of commercial electric vehicles.
By Application
Electric Two-Wheelers Consists of electric scooters and motorcycles intended for individual use.
Electric Three-Wheelers Electric trikes and other three-wheeled vehicles intended for a variety of uses, including transportation of cargo and daily commuting, are included in this category.
By Component
Electric Motors There are many different kinds of electric motors used in electric cars, such as DC and AC motors.
Electric Drivetrain The set of parts, including the axles and gearbox, that work together to transfer power from the electric motor to the wheels of the car.
By Geography
North America
Asia-Pacific
Latin America
Middle East & Africa
Europe
Key Players
The major players in the E-Drive for Automotive Market are
Tesla Inc.
Nissan Motor Corporation
BMW AG
General Motors Company
Ford Motor Company
Volkswagen Group
BYD Company Limited
Daimler AG
Toyota Motor Corporation
Hyundai Motor Company
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Tesla Inc.
Nissan Motor Corporation
BMW AG
General Motors Company
Ford Motor Company
Volkswagen Group
BYD Company Limited
Daimler AG
SEGMENTS COVERED
Vehicle Type, Application, Component, and Geography.
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