HOME Research Insight New Product Development and Geographical Expansion to Gain Traction in the Smart E-Drive Market.

New Product Development and Geographical Expansion to Gain Traction in the Smart E-Drive Market.

The smart e-drive market is estimated to grow at a CAGR of 32.00% from 2017 to 2022, to reach USD 1,468.2 Million by 2022. The OEMs are focusing on advancements in the engine and exhaust technologies and vehicle weight reduction to adhere to the stringent emission regulations. The shifting focus toward electric and hybrid vehicles is also intended to achieve the fleet level emissions. With increasing demand for electric and hybrid vehicles in the region, the European smart e-drive market is projected to witness significant growth during the forecast period. The market growth in the region can also be attributed to the presence of several electric vehicle OEMs and Tier 1 suppliers.

The smart e-drive manufacturers have adopted the strategies of new product development and geographical expansion to gain traction in the smart e-drive market. While new product development helps a company to have a technological advantage, expansion helps to formulate a better business strategy as it enables a strong global footprint. For example, Schaeffler has developed a new smart e-drive technology called E-Wheel drive to propel the vehicles, which is installed in the wheel rim. Siemens has expanded its presence in North America with a newly opened manufacturing facility that will deliver smart e-drive and related products to its clients in North America.

Based on factors such as revenue generation, product branding strategy, geographic footprint, and organic and inorganic strategies, the top players in the smart e-drive market are GKN (UK), Continental (Germany), Magna (Canada), ZF Friedrichshafen (Germany), Hyundai Mobis (South Korea), and Infineon (Germany).

GKN has a strong presence in the European and North American markets. It has been adopting multiple strategies such as new product development, expansion, joint ventures, and networking to strengthen its position in the smart e-drive market. Of these, new product development is the key strategy adopted by the company owing to its strong R&D capabilities. The company was the first to develop an integrated e-drive system in the market. It has also developed smart e-drive related products for eco-friendly vehicles to widen its product line and cater to the requirements of clients more efficiently. Also, in September 2017, the company opened a new facility at Tokoname City, Japan, which would help to meet the rising demand for smart e-drive and AWD products.

Continental has strong R&D and production capacities. Strong presence in the developed markets of North America and Europe has made the company a formidable competitor in the global smart e-drive market. The company’s key strengths are high revenue and advanced R&D capabilities, which have helped it to adopt the strategy of new product development. In April 2017, Continental announced that it would spend USD 330.68 million in the electric drive business alone by 2021. This decision was made in the wake of growing demand from the OEMs for lowest emissions internal combustion engine technologies and fully electric drive systems. These strategies have helped the company to increase its presence in the smart e-drive market.

Related Reports:

Smart e-Drive Market by Component (Power Electronics, E-Brake Booster, Inverter, Motor, Battery), Application (E-Axle, Wheel Drive), Vehicle Type (BEV, HEV, PHEV, Electric Bus, Truck), Drive (FWD, RWD, AWD), and Region - Global Forecast to 2022

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