Categories: Industry

EV Platform Market Growth Size, Insights, Outlook, and Overview by 2024-2033

Overview and Scope

EV platform refers to the foundational structure, where several vehicle components are integrated into the platform. The platform’s foundation is an autonomous system made up of various EV parts that allow easy changing of the wheelbase, track width, and battery housing.

Sizing and Forecast

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.

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Segmentation & Regional Insights

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

North America was the largest region in the EV platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ev platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

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.

Key Industry Players

Major companies operating in the ev platform market report are Volkswagen Group, Toyota Motor Corporation, Ford Motor Company Limited, General Motors LLC., Bayerische Motoren Werke GmbH, Honda Motor Co. Ltd., SAIC Motor Corporation Limited, Tesla Inc., Nissan Motor Co. Ltd., BYD Company Ltd., Geely Auto Group, Great Wall Motor Co. Ltd., Hyundai Motor Co. Ltd., Chery Automobile Co. Ltd., Anhui Jianghuai Automobile Co. Ltd., Guangzhou Xiaopeng Motors Technology Co Ltd.,Rivian LLC, Kia America Inc., Polestar, Canoo Inc., Leapmotor Inc., Byton Ltd., Faraday Future Intelligent Electric Inc., Bovie Medical Corporation, Lucid Group Inc., Fisker Inc., Nikola Corporation, Hyliion Holdings Corp, Ztractor, BAIC Group.

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