Press release
Powering the Future: Exploring Growth Avenues in the EV Platform Market Landscape || Volkswagen Group, Toyota Motor Corporation, Ford Motor Company Limited, General Motors LLC
EV Platform Market
The Business Research Company offers in-depth market insights through EV Platform Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The ev platform market size has grown exponentially in recent years. It will grow from $9.69 billion in 2023 to $12.43 billion in 2024 at a compound annual growth rate (CAGR) of 28.4%. The growth in the historic period can be attributed to government regulations, rise of environmental concerns, automotive industry transformation, reduced battery costs, consumer demand for electric mobility.
The ev platform market size is expected to see exponential growth in the next few years. It will grow to $31.12 billion in 2028 at a compound annual growth rate (CAGR) of 25.8%. The growth in the forecast period can be attributed to regulatory push for zero-emission vehicles, cost reduction in battery production, increase in range and performance, global investments in ev infrastructure, global electrification initiatives. Major trends in the forecast period include versatile modular architectures, standardization and compatibility, urban mobility solutions, focus on lightweight materials, increased connectivity and data handling.
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Market Segmentation:
The ev platform market covered in this report is segmented -
1) By Platform: P0, P1, P2, P3, P4
2) By Component: Chassis, Battery, Suspension System, Steering System, Drivetrain, Vehicle Interior, Other Components
3) By Electric Vehicle Type: Hybrid Electric Vehicle, Battery Electric Vehicle, Plug-in Hybrid Electric Vehicles
4) By Sales Channel: Original Equipment Manufacturer(OEM), Aftermarket
5) By Application: Passenger Vehicle, Commercial Vehicle
Major Driver - Rising Electric Vehicle (EV) Demand Fueling Growth In EV Platform Market
The increase in demand for electric vehicles (EVs) is expected to propel the growth of the EV platform market going forward. The electric vehicle is an automotive device powered by an electric motor that takes electricity from a battery and can be charged from an external source. Automobile manufacturers prefer EV platforms for producing various vehicles, including EV automobiles, as they support flexible manufacturing of vehicles, such as electric vehicles, by enabling a more spacious interior, larger batteries, and less wasted space. For instance, in September 2022, according to the Global EV Outlook 2022 report, by the International Energy Agency, a France-based autonomous intergovernmental organization, electric vehicle (EV) sales had doubled in 2021 compared to 2020, reaching a new high of 6.6 million units in 2021. Further, the sales of electric cars worldwide in 2021 had a sales share of 4%. Therefore, the increase in demand for electric vehicles (EVs) is driving the growth of the EV platform market.
Competitive Landscape:
Major companies operating in the ev platform market report are Volkswagen Group, Toyota Motor Corporation, Ford Motor Company Limited, General Motors LLC., Bayerische Motoren Werke GmbH, Honda Motor Co. Ltd., SAIC Motor Corporation Limited, Tesla Inc., Nissan Motor Co. Ltd., BYD Company Ltd., Geely Auto Group, Great Wall Motor Co. Ltd., Hyundai Motor Co. Ltd., Chery Automobile Co. Ltd., Anhui Jianghuai Automobile Co. Ltd., Guangzhou Xiaopeng Motors Technology Co Ltd.,Rivian LLC, Kia America Inc., Polestar, Canoo Inc., Leapmotor Inc., Byton Ltd., Faraday Future Intelligent Electric Inc., Bovie Medical Corporation, Lucid Group Inc., Fisker Inc., Nikola Corporation, Hyliion Holdings Corp, Ztractor, BAIC Group.
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https://www.thebusinessresearchcompany.com/report/ev-platform-global-market-report
Top Trend - Technological Advancements Driving Evolution In The Ev Platform Market
Technological advancements are a key trend gaining popularity in the EV platform market. Major companies operating in the EV platform market are adopting new technologies to sustain their position in the market. For instance, in May 2023, London Electric Vehicle Company (LEVC), a UK-based automotive company, launched the Space Oriented Architecture (SOA), a new advanced modular EV platform co-developed with Geely Holding Group, a China-based automobile company. This adaptable Space-Oriented Architecture (SOA) includes pure electric vehicle technology with a sophisticated and scalable SOA platform that improves connectivity, range, efficiency, safety, and charging times. The most recent advancements in electronic platform technology are also incorporated into space-oriented architecture (SOA), including L-OS, a full-featured digital operating system with autonomous driving and intelligent cockpits.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. EV Platform Market Characteristics
3. EV Platform Market Trends And Strategies
4. EV Platform Market - Macro Economic Scenario
5. EV Platform Market Size And Growth
…..
27. EV Platform Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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