EV Platform Market by Type, Passenger Car, Electric CV, Component and Regional Competitive Landscape

"Increasing sales of EVs with increased range, advanced battery technologies, and technological advancements in EV platforms to drive the growth of the EV Platform market."

The 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% during the forecast period. Cost advantages and improved cab design that EV platforms offer, plus the demand for advanced batteries, lightweight EV components, and an increased range of electric vehicles, are expected to ultimately drive the demand for EV Platforms.

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"Electric Vans and Pickup Trucks are expected to be the fastest-growing segment for commercial vehicle EV platforms."

Electric Vans and Pickup Trucks segment is expected to be the fastest-growing commercial vehicle EV platform during the forecast period, followed by Electric Buses. The development of efficient and emission-less public transportation and the growth of the logistics and freights industry are expected to boost the need for emission-free commercial vehicles. Moreover, OEMs are shifting their focus to developing electric commercial vehicles for better operational accuracy, fuel economy, and coordination. All these factors are expected to drive the EV platform technologies in the commercial vehicle segment. For example, in the US, where a large part of the freights is carried via road, the government and companies have actively invested in developing commercial vehicle EV platforms. This includes platforms by Rivian Automotive inc. (US), Canoo (US), and Via Motors (US). Many of these firms have received substantial orders for their vehicles based on EV platforms from E-commerce giants like Amazon (US), Walmart (US), etc. With the growing e-commerce industry, increased logistics, and the number of trips, the demand for electric vans and pick-up trucks is expected to grow in the coming years, which would also drive the demand for EV platforms in this segment.

"BEV segment is expected to witness the largest market during the forecast period."

BEVs will be the largest and fastest-growing segment as compared to PHEVs. This is because it is easier for manufacturers to design and manufacture a pure EV than PHEV because of the complex design and architecture of PHEV vehicles. Also, many countries will completely phase out fossil fuel-driven vehicles by the next decade. It should also be noted that many countries don't give any tax reductions on purchasing hybrid EVs. Hence, these factors will contribute to the expected growth of BEV platforms. Presently, of the total electric vehicle sales, 74% are BEVs. PHEV sales are down because subsidies are withdrawn, and automakers concentrate on full-electric models.

The Electric Vehicle (EV) platform is at the forefront of the automotive industry's transformation towards a more sustainable and environmentally friendly future. This innovative foundation serves as the structural and technological basis for a new generation of electric vehicles, redefining the way we think about transportation.

Unlike traditional internal combustion engine (ICE) platforms, EV platforms are engineered from the ground up to accommodate the unique components and requirements of electric vehicles. They house the battery packs, electric motors, power electronics, and other essential EV components, optimizing their integration for maximum efficiency and performance.

One of the standout advantages of the EV platform is its adaptability. Automakers can use a single platform to create various vehicle models, from compact cars to SUVs, streamlining production and reducing costs. This flexibility enables manufacturers to respond more effectively to changing market demands while offering consumers a diverse range of EV options.

Furthermore, EV platforms contribute significantly to the reduction of greenhouse gas emissions and air pollution. By eliminating tailpipe emissions and utilizing renewable energy sources, electric vehicles built on these platforms are key players in combating climate change and improving urban air quality.

As technology continues to advance, the EV platform is also evolving. Innovations in battery technology, charging infrastructure, and autonomous driving capabilities are being seamlessly integrated into these platforms, shaping the future of mobility.

In conclusion, the EV platform is the cornerstone of a cleaner, more sustainable transportation landscape. Its design, adaptability, and eco-conscious features exemplify the automotive industry's commitment to forging a greener path forward, paving the way for a future where electric vehicles dominate the roads and contribute to a healthier planet.

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