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EV Platform Global Market Report 2024 - By Trends, Size, Share And Industry Analysis, Forecast To 2033
EV Platform Market
As per the report, 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 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%.
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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.
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 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
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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.
Contents of the report:
1. Executive Summary
2. EV Platform Market Report Structure
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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