Press release
EV Platform Market Expected to Achieve 25.5% CAGR by 2029: Growth Forecast Insights
EV Platform
How Large Will the EV Platform Market Size By 2025?
The market for EV platforms has seen significant expansion in the past few years. The size of the market is projected to grow from $12.29 billion in 2024 to $15.68 billion in 2025, with a compound annual growth rate (CAGR) of 27.6%. Factors such as government regulations, increasing environmental awareness, the changing landscape of the automotive industry, decreasing battery costs, and increased consumer interest in electric mobility are responsible for the observed growth during the historic period.
How Big Is the EV Platform Market Size Expected to Grow by 2029?
The size of the EV platform market is predicted to witness dynamic growth in the upcoming years, escalating to a market value of $38.86 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 25.5%. The predicted surge during the forecast period can be associated with various factors such as the regulatory drive towards zero-emission vehicles, reduction in the cost of producing batteries, improvements in range and performance, worldwide investments in EV infrastructure, and universal electrification drives. Key factors influencing the market trends in the forecast period involve flexible modular architectures, standardization and compatibility, solutions for urban mobility, emphasis on lightweight materials, enhanced connectivity and data management.
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Which Key Market Drivers Powering EV Platform Market Expansion and Growth?
The anticipated surge in electric vehicle (EV) demand is likely to accelerate the expansion of the EV platform market in the future. As a vehicle powered by an electric motor that derives energy from a battery and can be recharged externally, the electric vehicle has become a favored choice for car manufacturers. Implementing EV platforms in the production process of different vehicles, such as EV cars, is advantageous. It allows for a more adaptable manufacturing process, encompassing vehicles with spacious interiors, larger battery capacities, and minimized unnecessary space. For instance, the International Energy Agency, an independent intergovernmental association based in France, reported in April 2023 that the number of electric vehicles sold globally in 2022 exceeded 10 million. This marked a rise of 14% from 2022, bringing the total number of electric vehicles on the streets to 16.5 million. Moreover, electric car sales around the world accounted for a sales share of 4% in 2021. Consequently, the escalating demand for electric vehicles (EVs) is propelling the expansion of the EV platform market.
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Which Fast-Growing Trends Are Poised to Disrupt the EV Platform Market?
The EV platform market is witnessing a surge in technological developments, a trend that is growing in popularity. Many dominant firms in this sector are embracing innovation to maintain their competitive edge. For instance, in May 2023, a leading UK automotive firm, London Electric Vehicle Company (LEVC), unveiled an advanced modular EV platform called the Space Oriented Architecture (SOA). This platform, co-created with the China-based Geely Holding Group, is a flexible SOA that incorporates superior electric vehicle technology. It effectively enhances connectivity, range, efficiency, safety, and charging durations. The cutting-edge developments in the field of electronic platform technology, such as L-OS, a comprehensive digital operating system boasting autonomous driving and intelligent cockpits, have also been integrated into the SOA.
What Are the Emerging Segments in the EV Platform Market?
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), After market
5) By Application: Passenger Vehicle, Commercial Vehicle
Subsegments:
1) By P0: Conventional ICE Platform With Electric Drive Integration
2) By P1: Hybrid Electric Vehicle (HEV) Platform
3) By P2: Plug-In Hybrid Electric Vehicle (PHEV) Platform
4) By P3: Battery Electric Vehicle (BEV) Platform
5) By P4: Fuel Cell Electric Vehicle (FCEV) Platform
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Who Are the Global Leaders in the EV Platform Market?
Major companies operating in the EV platform market include 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., Faraday Future Intelligent Electric Inc., Lucid Group Inc., Fisker Inc., Nikola Corporation, Hyliion Holdings Corp, Ztractor, BAIC Group.
Which are the Top Profitable Regional Markets for the EV Platform Industry?
North America was the largest region in the EV platform market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the EV platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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