The EV Platform Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s EV Platform Global Market Report 2024, The ev platform market size has grown exponentially in recent years. It will grow from $9.69 billion in 2023 to $12.43 billion in 2024 at a compound annual growth rate (CAGR) of 28.4%. The growth in the historic period can be attributed to government regulations, rise of environmental concerns, automotive industry transformation, reduced battery costs, consumer demand for electric mobility.
The ev platform market size is expected to see exponential growth in the next few years. It will grow to $31.12 billion in 2028 at a compound annual growth rate (CAGR) of 25.8%. The growth in the forecast period can be attributed to regulatory push for zero-emission vehicles, cost reduction in battery production, increase in range and performance, global investments in ev infrastructure, global electrification initiatives. Major trends in the forecast period include versatile modular architectures, standardization and compatibility, urban mobility solutions, focus on lightweight materials, increased connectivity and data handling.
The increase in demand for electric vehicles (EVs) is expected to propel the growth of the EV platform market going forward. The electric vehicle is an automotive device powered by an electric motor that takes electricity from a battery and can be charged from an external source. Automobile manufacturers prefer EV platforms for producing various vehicles, including EV automobiles, as they support flexible manufacturing of vehicles, such as electric vehicles, by enabling a more spacious interior, larger batteries, and less wasted space. For instance, in September 2022, according to the Global EV Outlook 2022 report, by the International Energy Agency, a France-based autonomous intergovernmental organization, electric vehicle (EV) sales had doubled in 2021 compared to 2020, reaching a new high of 6.6 million units in 2021. Further, the sales of electric cars worldwide in 2021 had a sales share of 4%. Therefore, the increase in demand for electric vehicles (EVs) is driving the growth of the EV platform market.
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The ev platform market covered in this report is segmented –
1) By Platform: P0, P1, P2, P3, P4
2) By Component: Chassis, Battery, Suspension System, Steering System, Drivetrain, Vehicle Interior, Other Components
3) By Electric Vehicle Type: Hybrid Electric Vehicle, Battery Electric Vehicle, Plug-in Hybrid Electric Vehicles
4) By Sales Channel: Original Equipment Manufacturer(OEM), Aftermarket
5) By Application: Passenger Vehicle, Commercial Vehicle
Top Major Players
Volkswagen Group
Toyota Motor Corporation
Ford Motor Company Limited
General Motors LLC.
Bayerische Motoren Werke GmbH
Technological advancements are a key trend gaining popularity in the EV platform market. Major companies operating in the EV platform market are adopting new technologies to sustain their position in the market. For instance, in May 2023, London Electric Vehicle Company (LEVC), a UK-based automotive company, launched the Space Oriented Architecture (SOA), a new advanced modular EV platform co-developed with Geely Holding Group, a China-based automobile company. This adaptable Space-Oriented Architecture (SOA) includes pure electric vehicle technology with a sophisticated and scalable SOA platform that improves connectivity, range, efficiency, safety, and charging times. The most recent advancements in electronic platform technology are also incorporated into space-oriented architecture (SOA), including L-OS, a full-featured digital operating system with autonomous driving and intelligent cockpits.
The ev platform market report table of contents includes:
1. Executive Summary
2. EV Platform Market Characteristics
3. EV Platform Market Trends And Strategies
4. EV Platform Market - Macro Economic Scenario
5. Global EV Platform Market Size and Growth
..........................
32. Global EV Platform Market Competitive Benchmarking
33. Global EV Platform Market Competitive Dashboard
34. Key Mergers And Acquisitions In The EV Platform Market
35. EV Platform Market Future Outlook and Potential Analysis
36. Appendix
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Global sales of electric cars have improved by decreasing battery prices, regulating the fuel economy, rising commitments from automotive makers driven by the procurement of subsidies, and growing market demand.
Global Market Database is a world’s first dynamic Market Research Platform which provides free market research tools.To generate power, the FCV electric motor uses hydrogen as fuel.
Using a fuel cell stored in the FCV tanks, electricity is produced from compressed hydrogen gas.
The FHV consists of power generation batteries, electric motors, and ICVs.
By regenerative braking, the batteries are recharged during the braking phase and thus use electric power during acceleration or steady speed.
This problem is expected to be solved with new business opportunities arising in the automotive sector in the long run with a decent return of investment.Two commodities that are co-dependent on one another are electric vehicles and charging infrastructure.
