PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421627
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421627
The global smart electric drive market size is expected to reach USD 29,472.48 million by 2032, according to a new study by Polaris Market Research. The report "Smart Electric Drive Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Passenger Cars, Commercial Vehicles, and 2 wheelers); By Form; By EV Type; By Application; By Component; By Drive Type; By 2-wheeler type; By Region; Segment Forecast, 2024- 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Electric vehicles are seen as the future of the automotive industry. However, without the necessary infrastructure and technology, their growth will be limited. Increasing air pollution is a major concern for governments worldwide, with the transport industry being a significant contributor. To combat this issue, governments are promoting the use of electric vehicles. The electric drive market will be driven by technological advancement. The rising cost of fossil fuels like petrol and diesel will further boost the market. Compared to other fuel alternatives, electric vehicles are more efficient and offer lower operating costs. Additionally, the environmental damage caused by conventional fuels is a growing concern, and many countries are developing innovative ways to reduce emissions from vehicles.
The COVID-19 pandemic has had a severe impact on the automotive market. Due to low demand and declining production volume, the automotive industry experienced a significant decline in both production and sales. According to the International Organization of Motor Vehicle Manufacturers (OICA), global automotive production volume decreased by 16% in 2020 compared to the previous year. Despite the global downturn in the automotive industry, electric vehicle sales experienced a significant boost during the pandemic. In 2020, new EV registrations saw a 41% increase globally compared to the previous year, making it a record-breaking year for electromobility. Government policies and subsidies for EV purchases, especially in Europe, along with changing consumer preferences towards electric mobility, fueled the growth of the smart electric drive market during the pandemic.
Virtual trials offer numerous advantages, including remote data collection, increased participant engagement, and larger population inclusion. They minimize risks associated with in-person visits and reduce the burden on participants, coordinators, and investigators. By leveraging virtual methods, the clinical trials industry can overcome challenges, improve efficiency, and facilitate prompt and effective data collection.
Polaris Market Research has segmented the Smart Electric Drive market report based on vehicle type, EV type, application, component, drive type, commercial vehicle type, 2-wheeler type, and region: