Global EV Platform Market- WishTree Insight

Global EV Platform Market by Electric Vehicle Type (Hybrid Electric Vehicle and Battery Electric Vehicle), by Component (Suspension System, Chassis, Battery, Steering System, Vehicle Interior), by Sales Channel (Aftermarket and OEM), and Regions, (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The EV Platform market size was valued at USD 12.1 billion in 2022 and is expected to surpass USD 153.1 billion by 2032, expanding at a CAGR of 30 % during the forecast period, 2022–2032. The market's growth is attributed to rising environmental concerns, increased cost competitiveness with conventional gas vehicles, rising fuel prices, and deteriorating air quality index.

INTRODUCTION

An EV platform, also known as an Electric Vehicle platform, refers to the underlying architecture or framework that serves as the foundation for designing and manufacturing electric vehicles (EVs). It encompasses the essential components and systems required to support the electric propulsion and operation of the vehicle.

The EV platform market refers to the rapidly growing sector focused on developing and supplying electric vehicle platforms to automakers and other stakeholders in the electric mobility industry. It encompasses the companies and technologies involved in providing the underlying architecture, components, and systems necessary for the production of electric vehicles.

In recent years, there has been a surge in demand for electric vehicles due to factors such as increasing environmental concerns, government incentives, and advancements in battery technology. This has led to a significant expansion of the EV platform market as automakers seek to develop and launch their electric vehicle models quickly and efficiently.

The EV platform market consists of various players, including established automakers, technology companies, and specialized EV platform providers. Automakers often invest in developing their proprietary EV platforms to maintain control over their vehicle designs and performance. At the same time, technology companies and EV platform providers offer scalable and customizable platforms that can be utilized by multiple automakers, enabling cost savings and faster time-to-market.

Key components of the EV platform market include battery systems, electric motors, power electronics, charging infrastructure, and vehicle control systems. These components are continuously evolving, with advancements focused on improving energy efficiency, range, charging speed, and overall vehicle performance. The market also encompasses the development of software and connectivity solutions to enable features such as remote vehicle monitoring, over-the-air updates, and smart charging management.

Market Trends, Drivers, Restraints, and Opportunities

• Rising consumer demand for electric vehicles is driving the EV Platform market.
• Rising environmental concerns and increasing fuel prices are propelling the market growth.
• Fluctuation in component prices is considered a restraining factor in the growth of the market.
• The rising utilization of electric vehicles in commercial applications will create lucrative opportunities in the market.

Scope of the Report

Market Segment Insights

The battery vehicle segment is expected to expand at a rapid pace

Based on electric vehicle type, the EV Platform market is divided into hybrid electric vehicles and battery electric vehicles. The battery vehicle segment is expected to expand rapidly during the forecast period owing to the evolution of lithium-ion, zero-emission assets, increased technological advancement, and the ability to not emit toxic gases.

The steering system segment is projected to register a considerable CAGR

Based on components, the EV Platform market is divided into the suspension system, chassis, battery, steering system, and vehicle interior. The steering system segment is expected to expand rapidly during the forecast period as it has enhanced the risk of accidents, reduced the risk of accidents, and increased safety regulations by creating responsive & precise steering systems.

The OEM segment is projected to register a considerable CAGR

On the basis of sales channel, the EV Platform market is segregated into aftermarket and OEM. The OEM segment is projected to register a considerable CAGR during the forecast period owing to the rising demand for vehicle conversion and customization. On the other hand, the aftermarket segment is anticipated to account for a major market share during the forecast period due to the rising retrofitting activities and cheaper & affordable rates compared to the OEM segment.

Asia Pacific dominates the market share

In terms of regions, the EV Platform market is classified as APAC, Europe, North America, and LAMEA. The market of Asia Pacific is expected to constitute a key share of the market during the projected period owing to the proliferation of EV demand through favorable policies and subsidies for EVs by distressing the use of gasoline-diesel vehicles. However, the market of Europe is anticipated to expand at a rapid pace during the forecast period due to the focus on sustainable transportation modes, changing consumer preferences, and concerns about climate change.

Competitive Landscape

Key players competing in the EV Platform market are Nissan Motor; Volkswagen; Daimler; Faraday Future; Toyota; XAOS Motors.

FAQs

How much is the market worth?

The EV Platform market size was valued at USD 12.1 billion in 2022 and is expected to surpass USD 153.1 billion by 2032.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 30%.

What are the key drivers of the market?

The market's growth is attributed to rising environmental concerns, increased cost competitiveness with conventional gas vehicles, rising fuel prices, and deteriorating air quality index.

What segments are covered in the EV Platform report?

The segments covered in the report are Electric Vehicle Type (Hybrid Electric Vehicle and Battery Electric Vehicle), Component (Suspension System, Chassis, Battery, Steering System, Vehicle Interior), by Sales Channel (Aftermarket and OEM).

Mention which region is expected to hold the highest share of the EV Platform market.

The Asia Pacific region is expected to hold the highest share of the EV Platform market.

Mention the key players in the market.

Key players competing in the EV Platform market are Nissan Motor; Volkswagen; Daimler; Faraday Future; Toyota; XAOS Motors.