EV Platform Market to Grow at a CAGR of 24.6% between 2022 to 2031, Reaching Valuation of US$ 65.5 Billion: As per TMR Study

Wilmington, Delaware, United States, March 30, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global EV platform market was valued at US$ 7.2 billion in 2021. It is expected to advance at a CAGR of 24.6% between the forecast period of 2022-2031, and reach US$ 65.5 billion by its end. EV platform investments by governments worldwide, technological advancements in electric batteries and rise in public infrastructure are expected to steadily add to market growth.

Economic incentives in using EVs over traditional IC vehicles, has been a major factor that has swayed public opinion towards EV platforms. Rising fuel prices, alongside deteriorating air quality index in important cities globally has significantly driven demand in the market. Governments have incentivized the adoption of EVs for the public, and this has further encouraged the early deployment of the charging infrastructure.

Technological advancements have also significantly pushed growth in the global industry for EV platforms. High-capacity battery packs are used to store electricity for sustained periods internally in the EV. These vehicles are entirely electric, whereas hybrid vehicles offer a choice between running on battery power or gasoline.

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Market Snapshot:

Key Findings of the EV Platform Market Report

• The battery electric vehicle (BEV) platform accounted for 53.9% of the global revenue share in 2021.
• Modular platforms have been gaining popularity due to their ability to design, modify and build a large variety of EV models.

• By component, batteries account for 30% of the total global market revenue share in 2021
  
• R&D into the EV platform market by major players have significantly reduced costs for customers. This has provided scope for integration of advanced technologies like artificial intelligence (AI) and internet of things (IoT) into the EVs. These factors are further expected to help market development.
  

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Global EV Platform Market: Growth Drivers

• Governments around the world are implementing policies to encourage the adoption of EVs, such as tax incentives and subsidies. This is creating favorable market trends for EV platform manufacturers.
  
• Consumers are increasingly interested in EVs due to their environmental benefits, lower operating costs, and improved driving experience. As a result, there is a growing demand for EV platforms, which is driving the increase in market size.
  
• Advances in battery technology, charging infrastructure, on-board technology and other EV components are making EVs more practical and reliable. This is driving the development of new EV platforms that can take advantage of these advancements.
  
• EVs are becoming increasingly cost-competitive with traditional gas-powered vehicles, particularly when it comes to total cost of ownership over the vehicle's lifetime. This is making EV platforms more attractive to both consumers and fleet operators.
  

EV Platform Market: Regional Landscape

• Asia Pacific has dominated the EV platform market since 2021. Adoption of electric public transportation solutions in major EV markets like China, Japan and Taiwan is anticipated to help the region dominate market share over the forecast period, as well.
  
• North America is expected to retain a sizeable share of the EV platform market between 2022 to 2031. A well-established domestic market and the presence of leading EV manufacturers like Tesla are factors expected to drive growth in this market.
  
• Europe is also expected to grow significantly in the EV platform market due to major automobile manufacturers shifting towards electrification of their product line. For example, the Volkswagen Automobile Group (VAG) is seeking to terminate the production of IC vehicles by 2025.
  

Global EV Platform Market: Key Players & Recent Developments

Some of the key companies operating in the global EV platform business are Tesla, Alcraft Motor Company Ltd., Ford, General Motors, Faraday % Future Inc. etc. EV platform manufacturers are focusing on innovations and partnering with other companies in respective sectors to provide new products and services. These strategies are helping companies stay competitive in this market.

• In January 2022, Ford announced that it was partnering with Volkswagen to use the MEB platform for some of its future electric vehicles.
  
• In March 2022, Tesla unveiled its new "4680" battery cell, which the company claims has a 16% increase in range and a 6x increase in power compared to its previous battery technology.
  
• In June 2022, General Motors announced that it was partnering with Honda to develop and produce Ultium batteries for both companies' electric vehicles.
  
• In August 2022, Tesla made a new announcement of its partnership with LG Energy Solution to produce batteries for its vehicles, with plans to invest US$ 2.6 billion in the partnership.
  

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Global EV Platform Market: Segmentation

Component

• Chassis
• Battery
• Suspension
• System
• Steering System
• Drivetrain
• Vehicle Interior
• Others

Electric Vehicle Type

• Battery Electric Vehicle
• Hybrid Electric Vehicle

Platform

• P0
• P1
• P2
• P3
• P4
• P5

Vehicle Type

• Passenger Vehicle 
  • Hatchback
  • Sedan
  • Utility Vehicle
• Light Commercial Vehicle
• Heavy Duty Truck
• Bus & Coach
  

Sales Channel

• OEM
• Aftermarket

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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