Smart Electric Vehicle Market to Reach $16.6 Billion, Globally, by 2033 at 21.3% CAGR: Allied Market Research
Wilmington,Delaware, Sept. 25, 2024 (GLOBE NEWSWIRE) -- 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.
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.
Request Sample of the Report on Smart Electric Vehicle Market Forecast 2033: https://www.alliedmarketresearch.com/request-sample/A324601
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.
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.
Procure Complete Report (324 Pages PDF with In-depth Insights, Charts, Tables, and Figures): https://www.alliedmarketresearch.com/checkout-final/smart-electric-vehicle-market-A324601
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.
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.
Make an Inquiry for Further Details of Report: https://www.alliedmarketresearch.com/purchase-enquiry/A324601
Recent Industry News
- In September 2023, Geotab, a global provider of connected transportation solutions, joined forces with BMW Group to offer a comprehensive connected mobility solution. The collaboration merged BMW Group's data with Geotab's platform for delivering fleet operators a ready-to-use connectivity solution. This benefited various entities, including fleets, leasing and rental companies, as well as car sharing and ride-hailing organizations, enabling them to make informed decisions in near real-time regarding productivity, compliance, and driver safety.
Explore More Trending Reports
Electric Vehicle Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, Vehicle Type, Vehicle Class, Top Speed and Vehicle Drive Type : Global Opportunity Analysis and Industry Forecast, 2021-2030
Electric Vehicle Motor Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Electric Vehicle Type, by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032
Electric Cargo Bike Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Application, by Range : Global Opportunity Analysis and Industry Forecast, 2023-2032
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) Offered by Allied Market Research:
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. 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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
AMR Resource Center: https://www.alliedmarketresearch.com/resource-center
© Copyright Globe Newswire, Inc. All rights reserved. The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of Globe Newswire, Inc.
