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Smart Electric Vehicle Market
WILMINGTON, NEW CASTLE, DE, UNITED STATES, December 24, 2024 /EINPresswire / -- Allied
market Research published a report, titled, "Smart Electric Vehicle Market by Vehicle Type (Passenger Cars and Commercial Vehicles), and Drive (FWD, RWD and AWD): Global Opportunity Analysis and
industry Forecast, 2024-2033". According to the report, the smart electric vehicle market was valued at $2.5 billion in 2023, and is estimated to reach $16.6 billion by 2033, growing at a CAGR of 21.3% from 2024 to 2033.
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The global smart electric vehicles market is experiencing significant growth due to a confluence of technological advancements, environmental concerns, and supportive government policies. Firstly, rapid innovations in battery technology and energy management systems are enhancing the performance, range, and affordability of electric vehicles (EVs), making them more accessible to a wider audience. Secondly, increasing awareness about climate change and the need to reduce carbon emissions is driving consumers towards cleaner transportation options, with smart EVs presenting a sustainable alternative to traditional fossil fuel-powered vehicles.
Prime determinants of growth
The smart electric vehicle market is expected to expand due to technological advancements such as improvements in battery technology which is fueling the expansion of the smart electric vehicle industry. Development of autonomous driving features, connectivity enhancements, including Vehicle-to-Everything (V2X) communication and Internet of Things (IoT) integration will create lucrative growth opportunities for the market. However, limited driving range and infrastructure restrain market growth.
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Recent Key Developments
In April 2024, in India, Jamshedpur, Morris Garages launched a smart ZS EV and MG Comet EV drive. The aim behind this launch was to spread awareness about electric vehicles as a cost-effective, eco-friendly, and viable transportation solution for urban areas. The Morris Garages is a renowned British automobile company.
In April 2024, in India, Jamshedpur, Morris Garages launched a smart ZS EV and MG Comet EV drive. The aim behind this launch was to spread awareness about electric vehicles as a cost-effective, eco-friendly, and viable transportation solution for urban areas. The Morris Garages is a renowned British automobile company.
In December 2023, to explore and drive vehicle-to-home energy management and support optimal home energy management, Resideo and Ford Technologies launched a joint stimulation project. The project explored, quantified, and tested the consumer advantages of pairing bi-directional electric vehicle charging with a Resideo smart to help consumers reduce strain on the U.S. electric grid, enable the use of clean energy, and save money on monthly electric bills.
By Vehicle Type
The passenger cars segment is expected to grow faster throughout the forecast period.
By Vehicle Type, the passenger car segment is anticipated to experience faster growth in the smart electric vehicle market. Technological advancements play a crucial role, with improvements in battery efficiency, energy management systems, and charging infrastructure making smart EVs more practical and appealing to consumers. Enhanced battery technology has increased the range and reduced the charging time of these vehicles, addressing two of the primary concerns of potential EV buyers.
By Drive
The FWD segment is expected to grow faster throughout the forecast period.
By Drive, the FWD segment is anticipated to experience growth in the smart electric vehicle market . FWD systems are inherently more efficient and cost-effective to produce, as they typically require fewer components and less complex engineering than all-wheel or rear-wheel drive systems. This cost efficiency makes FWD smart EVs more affordable for consumers, thus driving FWD segment in smart electric vehicle market.
By Region
Europe to maintain its dominance by 2033.
By Region, Europe is expected to maintain its dominance in the smart electric vehicles market by 2033 owing to the region's strong regulatory framework aimed at reducing carbon emissions and promoting sustainable transportation. The European Union (EU) has implemented stringent emission standards and set ambitious targets for the reduction of greenhouse gas emissions, which has spurred both consumer demand and manufacturer investment in electric vehicles.
Additionally, Europe benefits from substantial government incentives, including subsidies, tax breaks, and grants for both consumers and manufacturers of electric vehicles.
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Key Players:-
Tesla Inc.
Aisin Corp
Borg Warner
Bosch
Hitachi
Continental AG
Hyundai Mobis
Magna
Scaeffler
Sinoev
UQM Technologies
Shanghai Edrive
The report provides a detailed analysis of these key players in the global smart electric vehicles market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
About us :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.