The smart electric vehicle market was valued at $2.5 billion in 2023, and is projected to reach $16.6 billion by 2033, growing at a CAGR of 21.3% from 2024 to 2033.
Smart electric vehicle is an advanced automotive technology integrated with digital systems such as advanced sensor systems, autonomous driving capabilities, automatic emergency braking, and adaptive cruise control. As these vehicles are powered by electricity instead of traditional fossil fuels, they significantly reduce greenhouse gas emissions and promote sustainability. Smart electric vehicles are connected to the internet and other devices, allowing for real-time updates, remote diagnostics, and seamless integration with smart home systems.
The growth of the global smart electric vehicle market is driven by surge in adoption of electric vehicles and increase in consumer awareness about the environmental benefits of electric vehicle. According to the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase. In addition, fluctuating fuel prices and increase in oil prices act as the key driving forces of the market. As per IEA, the average price of crude oil rose by over 50% in 2021, making electric vehicles more economically attractive. Furthermore, implementation of stringent emission regulations and rise in government incentives for adoption of electric vehicles foster the market growth. For instance, the European Union has set a target to reduce carbon emissions from new cars by 37.5% by 2030 compared to 2021 levels. Moreover, the development of charging infrastructure plays a crucial role in the widespread adoption of electric vehicles. IEA reported that the number of publicly accessible chargers worldwide grew by 60% in 2020, reaching over 1.3 million. Major investments are being made by both governments and private companies to build and improve charging networks. For example, the U.S. Government has allocated $7.5 billion for electric vehicle charging infrastructure as part of the Bipartisan Infrastructure Law. In addition, many companies are committing to electrify their fleets to meet sustainability goals. For instance, ride-sharing companies such as Uber and Lyft are focusing on deploying electric vehicles, with Uber aiming for 100% of rides to be in electric vehicles in the US, Canada, and Europe by 2030. However, higher cost associated with smart electric vehicles as compared to traditional internal combustion engine vehicles acts as a key deterrent factor of the global market. In addition, limited availability and accessibility of charging stations remains a concern, particularly in rural and underserved areas, which hamper the market growth. On the contrary, continuous improvements in battery technology are extending the range and reducing the cost of smart electric vehicles, which are expected to offer remuneration opportunities for the market growth. In addition, the development of fast charging infrastructure is a key driver, with companies such as Tesla and ChargePoint expanding their networks globally.
The global smart electric vehicle market is segmented into vehicle type, application, drive, and region. On the basis of vehicle type, the market is divided into passenger cars and commercial vehicles. Depending on drive, it is segregated into FWD, RWD, and AWD. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of drive, FWD is expected to emerge as a leading segment in the coming future.
Region wise, Europe is expected to maintain its dominance in the smart electric vehicles market by 2033.
Smart electric vehicle is an advanced automotive technology integrated with digital systems such as advanced sensor systems, autonomous driving capabilities, automatic emergency braking, and adaptive cruise control. As these vehicles are powered by electricity instead of traditional fossil fuels, they significantly reduce greenhouse gas emissions and promote sustainability. Smart electric vehicles are connected to the internet and other devices, allowing for real-time updates, remote diagnostics, and seamless integration with smart home systems.
The growth of the global smart electric vehicle market is driven by surge in adoption of electric vehicles and increase in consumer awareness about the environmental benefits of electric vehicle. According to the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase. In addition, fluctuating fuel prices and increase in oil prices act as the key driving forces of the market. As per IEA, the average price of crude oil rose by over 50% in 2021, making electric vehicles more economically attractive. Furthermore, implementation of stringent emission regulations and rise in government incentives for adoption of electric vehicles foster the market growth. For instance, the European Union has set a target to reduce carbon emissions from new cars by 37.5% by 2030 compared to 2021 levels. Moreover, the development of charging infrastructure plays a crucial role in the widespread adoption of electric vehicles. IEA reported that the number of publicly accessible chargers worldwide grew by 60% in 2020, reaching over 1.3 million. Major investments are being made by both governments and private companies to build and improve charging networks. For example, the U.S. Government has allocated $7.5 billion for electric vehicle charging infrastructure as part of the Bipartisan Infrastructure Law. In addition, many companies are committing to electrify their fleets to meet sustainability goals. For instance, ride-sharing companies such as Uber and Lyft are focusing on deploying electric vehicles, with Uber aiming for 100% of rides to be in electric vehicles in the US, Canada, and Europe by 2030. However, higher cost associated with smart electric vehicles as compared to traditional internal combustion engine vehicles acts as a key deterrent factor of the global market. In addition, limited availability and accessibility of charging stations remains a concern, particularly in rural and underserved areas, which hamper the market growth. On the contrary, continuous improvements in battery technology are extending the range and reducing the cost of smart electric vehicles, which are expected to offer remuneration opportunities for the market growth. In addition, the development of fast charging infrastructure is a key driver, with companies such as Tesla and ChargePoint expanding their networks globally.
The global smart electric vehicle market is segmented into vehicle type, application, drive, and region. On the basis of vehicle type, the market is divided into passenger cars and commercial vehicles. Depending on drive, it is segregated into FWD, RWD, and AWD. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By vehicle type, the passenger car segment is anticipated to experience fastest growth in the smart electric vehicle market by 2033.On the basis of drive, FWD is expected to emerge as a leading segment in the coming future.
Region wise, Europe is expected to maintain its dominance in the smart electric vehicles market by 2033.
Competition Analysis
Competitive analysis and profiles of the major players in the global smart electric vehicle market include Aisin Corp, Borg Warner, Bosch, Hitachi, Continental AG, Hyundai Mobis, Magna, Scaeffler, Sinoev, UQM Technologies, Shanghai Edrive, and Tesla. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to sustain the intense competition and gain a strong foothold in the market.Additional benefits you will get with this purchase are:
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Key Market Segments
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Drive
- FWD
- RWD
- AWD
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Africa
- Rest of Middle East and Africa
- Aisin Corp
- Borg Warner
- Bosch
- Hitachi
- Continental AG
- Hyundai Mobis
- Magna
- Scaeffler
- Sinoev
- UQM Technologies
- Shanghai Edrive
- Tesla
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: SMART ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE
CHAPTER 5: SMART ELECTRIC VEHICLE MARKET, BY DRIVE
CHAPTER 6: SMART ELECTRIC VEHICLE MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Smart Electric Vehicle Market include:- Aisin Corp
- Borg Warner
- Bosch
- Hitachi
- Continental AG
- Hyundai Mobis
- Magna
- Scaeffler
- Sinoev
- UQM Technologies
- Shanghai Edrive
- Tesla
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 324 |
| Published | July 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 2.5 billion |
| Forecasted Market Value ( USD | $ 16.6 billion |
| Compound Annual Growth Rate | 21.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 13 |
