SMART ELECTRIC DRIVE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
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Rapid technological advancements
The smart electric drive market is undergoing tremendous change led by continuous innovations in automotive electrification. Lithium-ion battery technology in particular has evolved at a drastic pace enabling increased driving range in electric vehicles. Where initially an Electric Vehicle could travel only 100-150 km on a single charge, now vehicles capable of going over 500 km are becoming available. This has drastically reduced range anxiety which was a big psychological barrier for customers. Likewise, traction motors capable of providing higher torque right from zero rpm for performance driving have become commonplace. Advancements are also happening in power electronics used in electric vehicles with more efficient and compact solutions coming up. The software and connectivity side is also getting stronger with over-the-air updates and data-driven personalized services. Customers today expect their electric vehicles to match internal combustion engine vehicles in performance while transitioning to new mobility experiences. This places the onus on automakers to rapidly advance their electric drive technologies through continuous innovations. As new generations of advanced batteries and electric powertrains emerge in coming years, their widespread adoption will further stimulate the demand for smart electric drive systems.
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