DELRAY BEACH, Fla., Nov. 29, 2024 /PRNewswire/ -- e-Corner market size is projected to grow from 128 thousand units in 2024 to 3,109 thousand units by 2035, at a CAGR of 33.7%, according to a new report by MarketsandMarkets. e-Corner Market is driven by advancements in modular skateboard chassis that allows OEMs to incorporate the e-corner system into its EV platforms. Also, growth factors such as the need for Modular designs and independent control of steering, propulsion & braking, demand for autonomous & flexible mobility, increasing demand for the cornering features such as crabwalk, diagonal driving parallel parking and adoption of autonomous vehicle are drivers for the growth of e-corner market.
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Light Commercial Vehicle will be the largest market growing segment in North America during the forecast period.
North America is leading the e-corner system market for the light commercial vehicles, with home to leading OEMs such as Tesla, GM, and Rivian among others, and is also a strong operational base for e-corner module manufacturers such as REE. These OEMs incorporate e-Corner Module in their light commercial vehicles such as GMC Hummer EV, Tesla Cybertruck, Rivian R1T with quad-motor configurations. One of the local OEMs, Rivian plans to integrate its electric vehicle design intellectual property (IP) into new models such as R1T (quad-motor variant) and other upcoming models, which are likely to boost the sales of this vehicle lineup. Apart from Light commercial vehicles these e-Corner module manufacturers are also exploring the opportunities in heavy commercial vehicles. REE is expanding their regional integration centres and manufacturing units. For instance, In July 2024, REE Automotive continued its regional expansion in North America, securing a USD 45.35 million funding round and a strategic manufacturing agreement with Motherson Group. This development, alongside the launch of production in Michigan and Maryland, positioned REE to meet the increasing demand for software-defined electric trucks.
Europe will grow at fastest CAGR during the forecast period.
The region is home to the leading electric corner module manufacturers, such as Schaeffler AG, Continental AG, REE and ZF Friedrichshafen AG among others. These manufacturers are investing heavily on R&D to incorporate e-Corner module in the EV platforms. For instance, in March 2021, REE Automotive launched five advanced REEcorner architectures and EV platforms for commercial EVs in the region. In November 2021, REE launched its first European Integration Centre in Coventry, UK, to advance commercial production of its P7 electric platform for commercial vehicles. Germany leads the e-corner system market due to investments in infrastructure by companies like Volkswagen in R&D expansion and partnerships with technology providers such as Deepdrive. Market players such as Continental, DeepDrive, and REE are partnering with local technology providers to co-develop electric corner modules, revolutionizing vehicle electrification through investments in infrastructure. For instance, in October 2023, Continental and Munich-based DeepDrive formed a strategic partnership to develop an innovative electric vehicle drive-brake system. The collaboration focused on integrating a dual-rotor electric motor with brake technology directly mounted on vehicle wheels, enhancing efficiency, and reducing space requirements.
Key Market Players e-Corner Industry:
Prominent players in the e-Corner Market include as Schaeffler AG (Germany), Protean (UK), Hyundai Mobis (South Korea), REE (Israel), Continental AG (Germany), and Elaphe LTD (Slovenia) among others. And leading OEMs incorporating e-Corner modules are BYD (China), Tesla (US), and Hyundai Motor Company (South Korea).
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This report provides insights on:
- Technology Analysis: Insights on current and upcoming technologies, future investments, and critical OEMs strategies. Covered major electric components, technological trends such as the platformization, and market players providing these.
- Market Landscape by vehicle type (Passenger Car and Commercial Vehicle), by motor configuration (Tri-motor and Quad-motor), by region (Asia Pacific, Europe, and North America).
- Case Studies and Prototype Analysis: The report analyses case studies, and prototype analysis and product offerings of leading players. It also helps stakeholders understand the strategy of the electric corner module manufacturers and provides information on their recent developments and investments in the market.
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