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EV Platform Market Report 2024 - EV Platform Market Insights, Trends, And Growth
EV Platform Market
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According to The Business Research Company's, 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 Drivers and Trends:
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 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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
EV Platform Market 2024 Key Insights:
• 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%.
• Rising Electric Vehicle (EV) Demand Fueling Growth In EV Platform Market
• Technological Advancements Driving Evolution In The Ev Platform Market
• North America was the largest region in the EV platform market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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