Press release
EV Platform Market Is Estimated To Grow From USD 9.0 Billion In 2022 To USD 68.0 Billion By 2030 At A CAGR Of 28.7% | Volkswagen, Toyota, Ford, Mahindra, Nissan, GM, Sono Motors, Cruise Car, Solar Electric Vehicle Company
EV Platform Market
Global automakers intend to spend more than USD 500 billion on electric vehicles and batteries by 2030, increasing investments aimed at weaning car buyers away from fossil fuels and meeting increasingly stringent decarbonization targets. Carmakers plan to spend USD 515 billion over the next five to ten years on developing and manufacturing new battery-powered vehicles and transitioning away from combustion engines.
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Electric Vehicle Market Competitor Analysis
The market is moderately consolidated due to the presence of significant players. Major players in the electric vehicle market are Toyota Motor Corporation, Tesla Motors Inc., Volkswagen AG, Honda Motor Company Ltd, General Motors Group, Hyundai Kia Automotive Group, and others.
• The key players are collaborating with other players and are investing in new technologies and products to gain significant market share. For instance:
• In April 2022, General Motors and Honda announced plans to co-develop a series of affordable electric vehicles based on a new global architecture using next-generation Ultium battery technology. The new EV series is expected to go on sale in 2027, starting in North America.
• In April 2022, Honda signed a joint development agreement in lithium-metal secondary batteries with SES Holdings Pte. Ltd, a US-based EV battery research and development company.
Top Impacting Factors
• Increase in the demand for EVs globally, shift of automotive industry towards EVs and continuously declining price of li-ion battery drive the growth of the global EV platform market.
• High cost of electric vehicles in comparison to ICE vehicles and stringent rules for installation of charging stations hinder the growth of the global EV platform market.
• Supportive government policies and investment for the deployment of the public charging infrastructure provide lucrative opportunities for the global EV platform market.
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Electric Vehicle Industry Segments
An electric vehicle operates on an electric motor instead of an internal combustion engine and generates power by burning a mix of fuel and gases. Therefore, the electric car is a possible replacement for the current-generation automobile shortly to address environmental challenges.
The Electric Vehicle Market is segmented by propulsion type (battery electric vehicles, plug-in hybrid electric vehicles, fuel cell electric vehicles, and hybrid electric vehicles), vehicle type (passenger cars and commercial vehicles), and geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers the market size and forecasts in value (USD billion) for all the above segments.
Key Benefits of the Report:
• This study presents the analytical depiction of the EV platform industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of EV platform market.
• The current market is quantitatively analyzed to highlight the growth scenario of the EV platform market.
• The report provides a detailed EV platform market analysis based on competitive intensity and the competition that will take shape in coming years.
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Questions Answered in the EV Platform Market Research Report:
• Who are the leading market players active in the EV platform market?
• What would be the detailed impact of COVID-19 on the market?
• What are the current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the EV platform market?
• What are the future projections that would help in taking further strategic steps?
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