Ottawa, July 28, 2023 (GLOBE NEWSWIRE) -- OttawaThe global EV Platform market size was valued at USD 11,830 million in 2022. EV platform is a chief vehicle frame excluding a power unit, a body, or a chassis. The basic structure will act as a fully autonomous system containing many EV components, like battery assembly, wheels, and suspension systems. The simplicity and modularity of EVs allow car designers to analyze with different proportions and foster the same architecture on other smaller and larger segment vehicles more efficiently, which declines development times and investment costs for car manufacturers.
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Regional Insights
North America is expected to expand in the EV platform market at a significant rate during the forecast period. The United States market for electric vehicles carries the success of the Tesla Model 3, which is independently responsible for nearly half of all EV sales in the country.
Substantial research and development activities in the electric vehicle market along with the presence of major key players to invest in such programs promote the growth of the EV platform market in North America. For instance, Volkswagen built its Battery Engineering Lab (BEL) in June 2022 in Chattanooga to verify and optimize batteries in the American marketplace. It is developing a critical battery expert in-house for the $22 million Volkswagen to profit a competitive edge in the drive to electric mobility.
Moreover, multiple business activities such as collaboration, acquisition and partnerships are taking place in the region. This element highlights the growth of the market with the assurance of advancements in the upcoming years. For instance, In January 2022, Ford declared it was collaborating with Volkswagen to use the Modular Electric Drive matrix (MEB) platform for some of its future electric vehicles.
Latin America is another lucrative marketplace for electric vehicles which subsequently promotes the growth of EV platform market. Latin America has the cleanest electricity matrices worldwide, with 60% of installed capacity from renewables, higher than the global average. Brazil is considered to be the leader of the Latin American electric vehicle market. Vammo, an electric mobility firm for delivery workers, has chosen to release 85% of its electric grid that runs on conventional energy sources in the country.
Report Insights
By component, the steering segment dominates the global market. A steering system is used to improve the driving experience for EV drivers. Companies are adopting steer-by-wire technology to reduce the vehicle's mechanical linkages and the weight of electric vehicles. This element is expected to support the growth of the segment.
By electric vehicle type, the battery electric vehicle segment shows significant growth during the forecast timeframe, the continuous advancement in battery technologies, which is observed to decrease the price of the batteries of the electric vehicle, is one of the major factors for the growth of the segment.
By vehicle type, the utility vehicle segment is the highly invested segment in the EV platform market. Utility vehicles such as trucks and vans require to cover a long distance, EV platform offer sufficient range capability for such operational requirements. The passenger vehicle segment dominated the EV platform market, and this is because governments in several nations strongly support electric passenger cars.
By sales channel, the OEM segment is expected to dominate the EV platform market during the forecast period. Using OEM parts is viewable throughout servicing time. Cars come with a warranty period that protects the owner, peace of mind, and indemnity from expenditures incurred due to a defect or malfunction of a mechanical part. It also provides a warranty on the vehicle parts.
By application, the commercial vehicles segment is expected to be the most attractive segment of the market. Electric powertrains offer instant torque, providing quick acceleration and better performance for commercial vehicles. This can be advantageous in applications such as delivery vans, trucks, and buses.
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Scope of this report
| Coverage | Details |
| Market Size by 2032 | USD 1,52,610 Million |
| Market Size in 2023 | USD 15,280 Million |
| Growth Rate from 2023 to 2032 | CAGR of 29.14% |
| Largest Market | Asia Pacific |
| Segments Covered | By Component, By Electric Vehicle Type, By Vehicle Type, By Sale Channel, and By Application |
| Key Players | Nissan Motor, Open Motors, REE Auto, Rivian, Saic Motor, XAOS Motors, Baic Motor, BMW, BYD, Byton, Canoo, Toyota, Volkswagen, Volvo, Chery, Daimler, Faraday Future, Fisker, Ford, Geely, Zotye, and others |
Market Dynamics:
Driver
- Investment in R&D by companies on new technologies
Major automotive companies have expanded their electric vehicle lineups, offering consumers various models. This element is increasing the availability of electric vehicles in different segments, including sedans and trucks, and has helped cater to consumer preferences and lifestyles. Governments, organizations, and businesses are investing in developing charging infrastructure, including public charging stations and fast-charging networks. Governments worldwide have implemented policies to promote the adoption of electric cars, including financial incentives such as tax credits, rebates, and subsidies for EV purchases, as well as regulations requiring automakers to meet specific electric vehicle production quotas. Such policies have helped increase demand for EVs.
Restraint
- High initial investment to develop EV platforms
Developing an EV platform requires extensive research and development to design and engineer various parts, such as the battery system, motor, power electronics, electric drive train, and overall vehicle architecture. This requires significant investments in technology and testing. The investment factor limits small scale which is expected to act as a restraint for the market’s growth.
Opportunity
- Development of lightweight EV platforms
Advanced manufacturing techniques, such as 3D printing and lightweight joining methods, enable the production of complex and light structures. These techniques allow for greater design flexibility and the integration of components, further reducing weight. Using lightweight materials such as aluminum, carbon fiber, and composites to construct vehicle structures helps reduce weight while maintaining structural integrity. These materials are more robust and lighter than traditional steel, making them ideal for EV platforms. Such advancements are observed to offer opportunities for the market to grow.
Challenge
- Lack of sufficient knowledge about electric vehicles
Because of the lack of consumer acceptance and limited availability, buyers have limited knowledge about electric vehicles and their benefits. Growing misconceptions about EV are the factors that hinder the growth of the market. This creates challenges, limits players from innovating advanced EV platforms to address, educate the masses about its importance. Electric vehicles are more costly to build mainly because of batteries. All such elements collectively create a challenge for the market.
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Recent Developments
- In June 2023, a non-banking financial firm, Greaves Finance Ltd, introduced a financial platform called evfin that aims to revolutionize EV financing along with other services. This step by Greaves Finance Ltd is expected to promote the switch towards green energy.
- In April 2022, Tesla, Texas-based Gigafactory, was a crucial step in the firm's delayed plans to begin producing its electric Cybertruck. Tesla plans to develop Model Ys and Model 3s destined for the East Coast and the long-delayed Tesla Semi. According to the firm's recent earnings report, the firm has started to create Model Y crossovers at the unfinished Texas Gigafactory.
Market Segmentation:
By Component
- Chassis
- Steering System
- Suspension System
- Drivetrain
- Battery
- Vehicle Interior
By Electric Vehicle Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
By Vehicle Type
- Sedan
- Hatchback
- Utility Vehicle
- Others
By Sale Channel
- OEM
- Aftermarket
By Application
- Passenger Vehicles
- Commercial Vehicles
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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