EV Platform Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2030

Published Date : Nov 2020 | No. of Pages : 250 Pages | Category : Automation and Transport

The global EV platform market size is expected to reach US$ 97 billion by 2030 expanding at a CAGR of 3.4% from 2021 to 2030. The market growth is primarily driven by growing demand for electric vehicles, increasing government support for electric vehicles, development of cutting-edge electric vehicle technology, and tightening environment protection laws and regulations. Market players should focus on launching innovative and cost-effective electric vehicle platforms to gain a competitive edge and establish a solid foothold in the market.

EVs offer significant advantages over conventional ICEs, and their penetration is significantly high in Europe. Countries, including China, Mexico, Brazil, and those in the EU are enacting more stringent CO2 emission targets, which is estimated to boost the sales of EVs and EV platform during the forecast period.

Regulatory norms by several organizing bodies on internal combustion engines (ICEs), along with technological enhancements in electric batteries and powertrains are driving the demand for electric vehicles (EVs) and EV platform. Most vehicle manufacturers are introducing new models in collaboration with new entrants in the vehicle industry for ICE as well as EVs to develop new EV design and EV platform. Global sales of battery EVs (excluding hybrids) have been increasing by ~40% since 2012. The increase in sales of EVs is boosting the market for EV platform, as the market for EV platform directly depends on the demand for electric vehicles.

OEMs are trying to improve vehicle platform design by investing more in R&D by investing in native or purpose-built EV platforms, while other OEMs opt to produce EVs based on modified ICE-vehicle platforms. Customized EV platforms possess lower material cost, and they offer better performance for varied range, interior space, and acceleration. However, this customized platform comes at an additional cost leading to higher cost allocation, particularly for low volume vehicle production.

Overview

  • The global EV platform market is anticipated to expand at a CAGR of 3.4% during the forecast period. This is primarily due to increasingly stringent emission norms for automobiles coupled with the promotion of hybridization and electrification of vehicles in order to reduce the impact of harmful exhaust gases on the environment. Government regulations against diesel and gasoline vehicles is a major reason for the changing preference of customers toward electric vehicles and boost the demand for EV platform during the forecast period.
  • Market for EVs is expanding at a significant pace and investments at the early stage is significantly high for buses, as governments in most regions are investing considerably in major cities in order to address carbon emission likely to boost the market for EV platform. EV platform for electric buses witness high demand in most economies, as electrification of public platform is likely to impact more effectively in improving air quality.

Drivers of EV Platform Market

  • Previously, major brands preferred developing a single platform for four five models to restrict capital investment. However, more demand from car buyers for region specific features, styling, and performance, including element of uniqueness in car prompted OEMs to develop different platform for different models, which is likely to boost the market for EV platform during forecast period.
  • Fossil fuels are finite and soon, fossil fuel reserves are likely to be exhausted. According to the current rate of consumption, an estimated 46.7 years of fuel resources remain across the globe, and 49.6 years of natural gas resources remain worldwide. Alternatives to fossil fuels are available in the market, including electric vehicle, CNG, LPG, air powered vehicle, and LNG. However, electric vehicles are being increasingly adopted, which are regularly utilized for transportation in urban and metropolitan cities and towns. This, in turn, is likely to act as a solution for the finite availability of natural resources. This is estimated to boost the market for EV platform.
  • Several manufacturers, such as Tesla Inc. and Nissan, have introduced performance EVs that run on new EV platform that are quieter on the roads and provide smooth and hassle-free ride. Low maintenance cost of EVs, owing to new design in the EV platform has been an added advantage, which is likely to benefit consumers in the long-term. This, in turn, is likely to propel the EV platform market.

Challenges

  • Cost of electric vehicles as compared to that of conventional ICE (internal combustion engine) vehicles is significantly high and is considered as a primary restraining factor for the electric vehicle and EV platform market
  • Electric powered vehicles require charging stations, and a network of such stations located strategically is required for people to travel long distances. Moreover, recharging of batteries often takes about 1 hour, which nowhere matches efficiency of a gas refuel, which further restrains the EV platform market.

Market Players Focus on Bridging Cost Gap between ICE and Electric Engines

Although the demand for electric vehicles has witnessed consistent growth over the past few years, a handful of OEMs make substantial profit via sales of electric vehicles. The wide cost gap between electric engines and ICEs is a major factor expected to drive innovations and pave the way for cost-effective EV platform models in the near future. High cost of electric batteries is one of the key reasons why electric vehicles are priced higher than that of hybrid or vehicles that operate on ICE-vehicle architecture. As a result, several players operating in the EV platform market landscape are seeking new ways to compensate these costs by focusing on designing the EV on a scalable and a modular platform. While several OEMs are increasingly investing in the development of purpose-built EV platforms to manufacture electric vehicles, others are primarily relying on ICE-vehicle architecture for the production of electric vehicles. In their bid to make electric vehicles production profitable, market players are increasingly exploring different concepts, including simpler assembly lines.

Demand for EV Platforms Decline in 2020 amid COVID-19 Pandemic

The global automotive sector has experienced a major setback in 2020 due to the outbreak of the novel COVID-19 pandemic. The onset of the COVID-19 pandemic has moved the growth of the EV platform market into the slow lane in 2020, as the automotive sector in China was under lockdown especially in the first quarter of 2020. Due to this, the supply of raw materials and automotive components took a major hit worldwide. However, as China gradually opened up its industries, other major automotive hubs were restricting cross-border trade and transportation as a measure to curb the spread of the virus.

The EV platform market is expected to gradually gain momentum toward the last quarter of 2020, as the global demand for EVs witnesses a steady growth following the relaxation of lockdown restrictions and trade.

 

Market Segmentation

  • Based on component, the battery segment is projected to account for a major share of the EV platform market during the forecast period. OEMs focus on the production of advanced EV battery that are expected to have lower emission at relatively lower costs, which leads to more investment in R&D for the battery segment and ultimately for EV platform.
  • Based on electric vehicle type, battery electric vehicle segment is expanding at a rapid pace for the EV platform market. Most OEMs are focusing on the development of battery electric vehicles on newly developed EV platforms rather than hybrid electric vehicles, as the demand for BEVs is more than that of HEVs. Moreover, considerably high capital investment and expertise is required to develop HEV as compared to that of a BEV, as a BEV does not include an ICE on EV platform and hence, is simpler to build.
  • Based on vehicle type, the utility vehicles segment accounted for a significant share of the global EV platform market. Consumers in China favor compact sedans; however, the arrival of new and more appealing SUVs has shifted demand toward utility vehicles. There is a decline in sales of sedans. They are not as useful as hatchbacks or more spacious as SUVs and consumers in Asia and the U.S. prefer both spacious and useful vehicles. Reduction in demand for hatchbacks across Europe and Latin America is due to an increase in size of smaller vehicle. The larger the hatchback, the less functional and maneuverable they become.

Regional Analysis

  • Based on region, the global EV platform market has been segregated into North America, Europe, East Asia, South APAC, Latin America, and Middle East & Africa
  • Consistent rise in penetration of EVs at a significant pace across several countries in East Asia and Europe is a prominent factor driving the global EV platform market, as investment in R&D in these countries is increasing. Europe is witnessing a robust increase in penetration of EVs. Subsequently, the demand for EVs is expected to rise during the forecast period, which is likely to boost the market for EV platform.
  • The East Asia EV platform market is anticipated to expand significantly, followed by Europe and North America. The automotive industry in countries, including China, Japan, and South Korea is inclined toward technology, innovation, and development of advanced EVs. Development of more advanced and fast charging stations is projected to propel the EV and EV platform market. BYD, BAIC, Chery, and SAIC are key players operating in the East Asia EV market, accounts for the maximum share of the EV platform market.

EV Platform Market Players

Prominent players operating in the global EV platform market include Alcraft Motor Company, Baic Motor, BMW, BYD, Byton, Canoo, Chery, Daimler, Faraday Future, Fisker, Ford, Geely, General Motors, Honda, Hyundai, JAC, Kia Motors, Nissan Motor, Open Motors, REE Auto, Rivian, Saic Motor, Toyota, Volkswagen, Volvo, XAOS Motors, and Zotye.

Global EV Platform Market: Segmentation

  • EV Platform Market, by Component
    • Chassis
    • Battery
    • Suspension System
    • Steering System
    • Drivetrain
    • Vehicle Interior
    • Others
  •  EV Platform Market, by Electric Vehicle Type
    • Battery Electric Vehicle
    • Hybrid Electric Vehicle
  • EV Platform Market, by Sales Channel
    • OEM
    • Aftermarket
  • EV Platform Market, by Vehicle Type
    • Hatchback
    • Sedan
    • Utility Vehicles
    • Others
  • EV Platform Market, by Platform
    • P0
    • P1
    • P2
    • P3
    • P4
  • EV Platform Market, by Region
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • France
      • South Europe
      • Italy
      • Spain
      • East Europe
      • Russia
      • Poland
      • Czech Republic
      • Slovakia
      • Rest of Europe
    • East Asia
      • China
      • Japan
      • South Korea
      • South APAC
      • India
      • ASEAN
      • ANZ
      • Middle East & Africa
      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa

The EV platform market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of EV platform market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global EV platform market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the EV platform market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted EV platform market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the EV platform capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of EV platform by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global EV platform market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major EV platform market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of EV platform market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the EV platform industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

EV platform market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to EV platform market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of EV platform market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new EV platform market. These factors have benefited the growth of the global market for EV platform. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for EV platform. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of EV platform are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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