Product Code: A324601
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.
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:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Product Benchmarking / Product specification and applications
- New Product Development/ Product Matrix of Key Players
- SWOT Analysis
Key Market Segments
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Drive
By Region
- North America
- 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
Key Market Players:
- Aisin Corp
- Borg Warner
- Bosch
- Hitachi
- Continental AG
- Hyundai Mobis
- Magna
- Scaeffler
- Sinoev
- UQM Technologies
- Shanghai Edrive
- Tesla
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
- 1.1. Report Description
- 1.2. Key Market Segments
- 1.3. Key Benefits
- 1.4. Research Methodology
- 1.4.1. Primary Research
- 1.4.2. Secondary Research
- 1.4.3. Analyst Tools and Models
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
- 3.1. Market Definition and Scope
- 3.2. Key Findings
- 3.2.1. Top Investment Pockets
- 3.2.2. Top Winning Strategies
- 3.3. Porter's Five Forces Analysis
- 3.3.1. Bargaining Power of Suppliers
- 3.3.2. Threat of New Entrants
- 3.3.3. Threat of Substitutes
- 3.3.4. Competitive Rivalry
- 3.3.5. Bargaining Power among Buyers
- 3.4. Market Dynamics
- 3.4.1. Drivers
- 3.4.2. Restraints
- 3.4.3. Opportunities
CHAPTER 4: SMART ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE
- 4.1. Market Overview
- 4.1.1 Market Size and Forecast, By Vehicle Type
- 4.2. Passenger Cars
- 4.2.1. Key Market Trends, Growth Factors and Opportunities
- 4.2.2. Market Size and Forecast, By Region
- 4.2.3. Market Share Analysis, By Country
- 4.3. Commercial Vehicles
- 4.3.1. Key Market Trends, Growth Factors and Opportunities
- 4.3.2. Market Size and Forecast, By Region
- 4.3.3. Market Share Analysis, By Country
CHAPTER 5: SMART ELECTRIC VEHICLE MARKET, BY DRIVE
- 5.1. Market Overview
- 5.1.1 Market Size and Forecast, By Drive
- 5.2. FWD
- 5.2.1. Key Market Trends, Growth Factors and Opportunities
- 5.2.2. Market Size and Forecast, By Region
- 5.2.3. Market Share Analysis, By Country
- 5.3. RWD
- 5.3.1. Key Market Trends, Growth Factors and Opportunities
- 5.3.2. Market Size and Forecast, By Region
- 5.3.3. Market Share Analysis, By Country
- 5.4. AWD
- 5.4.1. Key Market Trends, Growth Factors and Opportunities
- 5.4.2. Market Size and Forecast, By Region
- 5.4.3. Market Share Analysis, By Country
CHAPTER 6: SMART ELECTRIC VEHICLE MARKET, BY REGION
- 6.1. Market Overview
- 6.1.1 Market Size and Forecast, By Region
- 6.2. North America
- 6.2.1. Key Market Trends and Opportunities
- 6.2.2. Market Size and Forecast, By Vehicle Type
- 6.2.3. Market Size and Forecast, By Drive
- 6.2.4. Market Size and Forecast, By Country
- 6.2.5. U.S. Smart Electric Vehicle Market
- 6.2.5.1. Market Size and Forecast, By Vehicle Type
- 6.2.5.2. Market Size and Forecast, By Drive
- 6.2.6. Canada Smart Electric Vehicle Market
- 6.2.6.1. Market Size and Forecast, By Vehicle Type
- 6.2.6.2. Market Size and Forecast, By Drive
- 6.2.7. Mexico Smart Electric Vehicle Market
- 6.2.7.1. Market Size and Forecast, By Vehicle Type
- 6.2.7.2. Market Size and Forecast, By Drive
- 6.3. Europe
- 6.3.1. Key Market Trends and Opportunities
- 6.3.2. Market Size and Forecast, By Vehicle Type
- 6.3.3. Market Size and Forecast, By Drive
- 6.3.4. Market Size and Forecast, By Country
- 6.3.5. UK Smart Electric Vehicle Market
- 6.3.5.1. Market Size and Forecast, By Vehicle Type
- 6.3.5.2. Market Size and Forecast, By Drive
- 6.3.6. Germany Smart Electric Vehicle Market
- 6.3.6.1. Market Size and Forecast, By Vehicle Type
- 6.3.6.2. Market Size and Forecast, By Drive
- 6.3.7. France Smart Electric Vehicle Market
- 6.3.7.1. Market Size and Forecast, By Vehicle Type
- 6.3.7.2. Market Size and Forecast, By Drive
- 6.3.8. Russia Smart Electric Vehicle Market
- 6.3.8.1. Market Size and Forecast, By Vehicle Type
- 6.3.8.2. Market Size and Forecast, By Drive
- 6.3.9. Rest of Europe Smart Electric Vehicle Market
- 6.3.9.1. Market Size and Forecast, By Vehicle Type
- 6.3.9.2. Market Size and Forecast, By Drive
- 6.4. Asia-Pacific
- 6.4.1. Key Market Trends and Opportunities
- 6.4.2. Market Size and Forecast, By Vehicle Type
- 6.4.3. Market Size and Forecast, By Drive
- 6.4.4. Market Size and Forecast, By Country
- 6.4.5. China Smart Electric Vehicle Market
- 6.4.5.1. Market Size and Forecast, By Vehicle Type
- 6.4.5.2. Market Size and Forecast, By Drive
- 6.4.6. Japan Smart Electric Vehicle Market
- 6.4.6.1. Market Size and Forecast, By Vehicle Type
- 6.4.6.2. Market Size and Forecast, By Drive
- 6.4.7. India Smart Electric Vehicle Market
- 6.4.7.1. Market Size and Forecast, By Vehicle Type
- 6.4.7.2. Market Size and Forecast, By Drive
- 6.4.8. South Korea Smart Electric Vehicle Market
- 6.4.8.1. Market Size and Forecast, By Vehicle Type
- 6.4.8.2. Market Size and Forecast, By Drive
- 6.4.9. Australia Smart Electric Vehicle Market
- 6.4.9.1. Market Size and Forecast, By Vehicle Type
- 6.4.9.2. Market Size and Forecast, By Drive
- 6.4.10. Rest of Asia-Pacific Smart Electric Vehicle Market
- 6.4.10.1. Market Size and Forecast, By Vehicle Type
- 6.4.10.2. Market Size and Forecast, By Drive
- 6.5. Latin America
- 6.5.1. Key Market Trends and Opportunities
- 6.5.2. Market Size and Forecast, By Vehicle Type
- 6.5.3. Market Size and Forecast, By Drive
- 6.5.4. Market Size and Forecast, By Country
- 6.5.5. Brazil Smart Electric Vehicle Market
- 6.5.5.1. Market Size and Forecast, By Vehicle Type
- 6.5.5.2. Market Size and Forecast, By Drive
- 6.5.6. Argentina Smart Electric Vehicle Market
- 6.5.6.1. Market Size and Forecast, By Vehicle Type
- 6.5.6.2. Market Size and Forecast, By Drive
- 6.5.7. REST of Latin America Smart Electric Vehicle Market
- 6.5.7.1. Market Size and Forecast, By Vehicle Type
- 6.5.7.2. Market Size and Forecast, By Drive
- 6.6. Middle East And Africa
- 6.6.1. Key Market Trends and Opportunities
- 6.6.2. Market Size and Forecast, By Vehicle Type
- 6.6.3. Market Size and Forecast, By Drive
- 6.6.4. Market Size and Forecast, By Country
- 6.6.5. Saudi Arabia Smart Electric Vehicle Market
- 6.6.5.1. Market Size and Forecast, By Vehicle Type
- 6.6.5.2. Market Size and Forecast, By Drive
- 6.6.6. UAE Smart Electric Vehicle Market
- 6.6.6.1. Market Size and Forecast, By Vehicle Type
- 6.6.6.2. Market Size and Forecast, By Drive
- 6.6.7. Israel Smart Electric Vehicle Market
- 6.6.7.1. Market Size and Forecast, By Vehicle Type
- 6.6.7.2. Market Size and Forecast, By Drive
- 6.6.8. Africa Smart Electric Vehicle Market
- 6.6.8.1. Market Size and Forecast, By Vehicle Type
- 6.6.8.2. Market Size and Forecast, By Drive
- 6.6.9. Rest of Middle East And Africa Smart Electric Vehicle Market
- 6.6.9.1. Market Size and Forecast, By Vehicle Type
- 6.6.9.2. Market Size and Forecast, By Drive
CHAPTER 7: COMPETITIVE LANDSCAPE
- 7.1. Introduction
- 7.2. Top Winning Strategies
- 7.3. Product Mapping of Top 10 Player
- 7.4. Competitive Dashboard
- 7.5. Competitive Heatmap
- 7.6. Top Player Positioning, 2023
CHAPTER 8: COMPANY PROFILES
- 8.1. Aisin Corp
- 8.1.1. Company Overview
- 8.1.2. Key Executives
- 8.1.3. Company Snapshot
- 8.1.4. Operating Business Segments
- 8.1.5. Product Portfolio
- 8.1.6. Business Performance
- 8.1.7. Key Strategic Moves and Developments
- 8.2. Borg Warner
- 8.2.1. Company Overview
- 8.2.2. Key Executives
- 8.2.3. Company Snapshot
- 8.2.4. Operating Business Segments
- 8.2.5. Product Portfolio
- 8.2.6. Business Performance
- 8.2.7. Key Strategic Moves and Developments
- 8.3. Bosch
- 8.3.1. Company Overview
- 8.3.2. Key Executives
- 8.3.3. Company Snapshot
- 8.3.4. Operating Business Segments
- 8.3.5. Product Portfolio
- 8.3.6. Business Performance
- 8.3.7. Key Strategic Moves and Developments
- 8.4. Hitachi
- 8.4.1. Company Overview
- 8.4.2. Key Executives
- 8.4.3. Company Snapshot
- 8.4.4. Operating Business Segments
- 8.4.5. Product Portfolio
- 8.4.6. Business Performance
- 8.4.7. Key Strategic Moves and Developments
- 8.5. Continental AG
- 8.5.1. Company Overview
- 8.5.2. Key Executives
- 8.5.3. Company Snapshot
- 8.5.4. Operating Business Segments
- 8.5.5. Product Portfolio
- 8.5.6. Business Performance
- 8.5.7. Key Strategic Moves and Developments
- 8.6. Hyundai Mobis
- 8.6.1. Company Overview
- 8.6.2. Key Executives
- 8.6.3. Company Snapshot
- 8.6.4. Operating Business Segments
- 8.6.5. Product Portfolio
- 8.6.6. Business Performance
- 8.6.7. Key Strategic Moves and Developments
- 8.7. Magna
- 8.7.1. Company Overview
- 8.7.2. Key Executives
- 8.7.3. Company Snapshot
- 8.7.4. Operating Business Segments
- 8.7.5. Product Portfolio
- 8.7.6. Business Performance
- 8.7.7. Key Strategic Moves and Developments
- 8.8. Scaeffler
- 8.8.1. Company Overview
- 8.8.2. Key Executives
- 8.8.3. Company Snapshot
- 8.8.4. Operating Business Segments
- 8.8.5. Product Portfolio
- 8.8.6. Business Performance
- 8.8.7. Key Strategic Moves and Developments
- 8.9. Sinoev
- 8.9.1. Company Overview
- 8.9.2. Key Executives
- 8.9.3. Company Snapshot
- 8.9.4. Operating Business Segments
- 8.9.5. Product Portfolio
- 8.9.6. Business Performance
- 8.9.7. Key Strategic Moves and Developments
- 8.10. UQM Technologies
- 8.10.1. Company Overview
- 8.10.2. Key Executives
- 8.10.3. Company Snapshot
- 8.10.4. Operating Business Segments
- 8.10.5. Product Portfolio
- 8.10.6. Business Performance
- 8.10.7. Key Strategic Moves and Developments
- 8.11. Shanghai Edrive
- 8.11.1. Company Overview
- 8.11.2. Key Executives
- 8.11.3. Company Snapshot
- 8.11.4. Operating Business Segments
- 8.11.5. Product Portfolio
- 8.11.6. Business Performance
- 8.11.7. Key Strategic Moves and Developments
- 8.12. Tesla
- 8.12.1. Company Overview
- 8.12.2. Key Executives
- 8.12.3. Company Snapshot
- 8.12.4. Operating Business Segments
- 8.12.5. Product Portfolio
- 8.12.6. Business Performance
- 8.12.7. Key Strategic Moves and Developments