EV Platform Market Projected to Grow at 27.8% CAGR, Crossing US$ 119.2 Bn by 2032 - Marketresearch.biz Report
Marketresearch.biz highlights that innovations in battery technology, like high-capacity charging and long-lasting batteries, are boosting EV platform growth by extending range and performance. Increased R&D investments from both established and emerging players are essential for market expansion, enhancing efficiency and demonstrating a commitment to innovation.
New York, Oct. 23, 2023 (GLOBE NEWSWIRE) -- According to marketresearch.biz, the EV Platform Market is projected to reach a value of approximately *USD 119.2 billion* by the year 2032, marking a significant growth from its 2022 valuation of *USD 10.9 billion*. This remarkable expansion is anticipated to occur at a remarkable *CAGR of 27.8%* during the forecast period spanning from 2023 to 2032.This growth is driven by factors such as government incentives, advancements in technology and the implementation of environmental regulations. Electric vehicles (EVs) are gaining popularity over combustion engines (ICEs) in Europe as countries like China, Mexico, Brazil and the EU strive to meet CO2 emission targets. These changing regulations and advancements, in battery technology are reshaping the industry.Automakers are strategically teaming up to emphasize an effort, in the design and development of vehicles (EVs). The global sales of battery vehicles have experienced a 40% increase since 2012 illustrating the growing popularity of EVs and the demand, for advanced EV systems. Original Equipment Manufacturers (OEMs) are investing heavily in research and development to enhance vehicle platform architecture. This includes creating EV platforms or modifying existing platforms that were initially designed for combustion engine (ICE) vehicles. These tailored EV platforms offer cost efficiencies and improved performance despite initial expenses especially when producing low volumes of vehicles.
Although the initial expenses, for developing a platform are quite high the adaptable nature of it ultimately results in cost savings due to economies of scale. Moreover, when multiple battery powered vehicles are produced on a platform it requires resources in terms of money, labour and time. The EV Platform Market has been greatly affected by the COVID 19 pandemic resulting in disruptions in the supply chain and delays in production. However, experts predict a recovery after the pandemic due to an increasing preference, for sustainable transportation options.
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*Key Takeaways*
· The *battery industry* is expected to be a driving force in the expansion of the EV Platform Market. OEMs' focus on creating superior EV batteries that offer lower emissions at a cheaper cost is generating major R&D investments.
· *Battery Electric Vehicles (BEVs)* are surpassing Hybrid Electric Vehicles (HEVs) in the EV market. The majority of OEMs are strategically moving their focus to the development of BEVs on purpose-built EV platforms.
· *Utility vehicles*, particularly SUVs, are redefining customer choices, particularly in regions such as China, Asia, and the United States.
· The *Asia-Pacific (APAC) region*, led by automotive powerhouses such as China, Japan, and South Korea, is positioned for rapid EV platform market expansion.
*Driving Factors*
*Technological Advancements in Battery Technology*
Advancements, in battery technology including the development of capacity charging and long lasting batteries are driving the growth of electric vehicle (EV) platforms. These breakthroughs significantly enhance the range and performance of EVs addressing concerns about range anxiety and making them more appealing to a range of consumers. The improvement in battery technology is crucial, for the success and popularity of vehicles as it directly impacts their feasibility and desirability.
*Rising R&D Funding*
Both known car manufacturers and emerging players, in the industry are putting money into research and development (R&D) to improve vehicle (EV) technologies and platforms. This involves creating EV platforms designed for types of vehicles. These investments are crucial for expanding the market as they improve performance, efficiency and cost effectiveness. They demonstrate a dedication to innovation which's essential, for the advancement of the EV platform market.
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*Restraining Factors*
*Infrastructure Issues*
For the adoption and effective use of vehicles (EVs) and their associated platforms a well-established charging infrastructure is crucial. If there is a shortage of charging stations, in areas or countries it can deter people from considering EVs as an option. To overcome this challenge, it is important to focus on implementing initiatives that promote the development of a charging infrastructure enabling the growth of the EV platform market.
*Growth Opportunities*
*Material Innovations that are light in weight*
Advancements, in materials like carbon fibre composites and improved alloys have the potential to decrease the weight of electric vehicle (EV) systems. This leads to energy efficiency and range for EVs. The use of technologies not enhances the efficiency of EVs but also contributes to longer battery life and better performance. Additionally, it plays a role, in reducing the impact associated with EV production.
*Grid Integration and Vehicle-to-Grid (V2G) Technology*
By incorporating V2G capabilities into EV platforms electric vehicles can establish a two-way communication channel with the grid. This enables them to transfer energy forth benefiting both the grid stability and EV owner’s finances. As the use of energy sources continues to expand V2G technology becomes increasingly crucial, for maintaining a sustainable energy ecosystem. Therefore, the integration of V2G enabled electric vehicle platforms plays a role, in establishing a more environmentally friendly energy infrastructure.
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*Report Scope*
*Report Attribute* *Details*
Market Value (2022) US$ 10.9 Billion
Market Size (2032) US$ 119.2 Billion
CAGR (from 2023 to 2032) 27.8% from 2023 to 2032
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032
*Regional Analysis*
North America, Europe, APAC (Asia Pacific) Latin America and the Middle East and Africa are the regions driving the EV platform market. APAC and Europe are experiencing an increase, in the adoption of vehicles (EVs) driven by substantial investments in research and development (R&D). APAC is the dominant region. Whereas, Europe is witnessing a growth in the integration of EVs. This trend is expected to continue in the foreseeable future providing a significant boost to the EV platform market.
APAC is poised for expansion with Europe and North America following suit. China, Japan and South Korea play roles in the industry due to their emphasis on technology, innovation and advancements in cutting edge EVs. Furthermore, the proliferation of efficient charging stations is projected to strengthen the EV market while positively influencing the demand, for EV platforms.
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*Segment Analysis*
The battery industry is set to have an impact and hold a market share in the coming years. This growth can be attributed to Original Equipment Manufacturers (OEMs) shifting their attention, towards developing vehicle (EV) batteries that promise reduced emissions at a more affordable cost. The increased focus on creating batteries is leading to investments, in research and development benefiting not just the battery market but also the overall advancement of EV platforms.
Battery electric vehicles (BEVs) are becoming increasingly dominant among types of electric vehicles (EVs) experiencing rapid growth. Most original equipment manufacturers (OEMs) are strategically focusing on developing BEVs, on established EV platforms of hybrid electric cars (HEVs). This shift is supported by the growing demand for BEVs, over HEVs.
Utility vehicles have become a contender, in the automotive industry. We've noticed a change in consumer preference among Chinese buyers. In the past compact sedans were all the rage. Now there’s been a shift towards more appealing SUV models. This shift is primarily driven by the desire for spaciousness and practicality qualities that SUVs excel at compared to sedans. At the time we're seeing a decrease in demand for hatchbacks, in both Europe and Latin America markets.
*Segments Covered in the Report*
*By Component*
· Chassis
· Battery
· Suspension System
· Steering System
· Drivetrain
· Vehicle Interior
· Others
*By Electric Vehicle Type*
· Battery Electric Vehicle
· Hybrid Electric Vehicle
*By Vehicle Type*
· Hatchback
· Sedan
· Utility Vehicles
· Others
*By Geography*
· North America
· Europe
· Asia-Pacific
· Latin America
· Middle East & Africa
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*Competitive Landscape Analysis*
Prominent manufacturers have control in the EV platform market. They are actively incorporating cutting edge technologies to strengthen their position. These industry frontrunners employ strategies such, as acquiring companies collaborating with others and introducing products all while prioritizing the integration of tech driven solutions. Moreover, they are leading the way by initiating mergers, acquisitions and partnerships to demonstrate their dedication to solidifying their position, in this competitive market.
*Key Market Players*
· 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
· Zotye
*Recent Development*
· BYD unveiled their ground-breaking e4 quad motor platform, for high performance vehicles in *January 2023*. The initial offerings on this platform will consist of a 5-meter electric off road SUV and a high speed hyper car both set to be released under the established Yang Wang brand.
· In *October 2023* Foxconn, the world’s leading electronics manufacturer has chosen NVIDIAs state of the art technology, including the NVIDIA DRIVE Hyperion 9 platform. This platform showcases the NVIDIA DRIVE Thor computer and an advanced sensor architecture.
· Lancia, which is part of the Stellantis group is planning to introduce a flagship vehicle in 2026. Lancia primarily focuses on the market and these new electric vehicles are not expected to be available, in the United States.
· In *November 2022* Hyundai Motor Company introduced the BEV Platform E GMP, for the market, with the IONIQ 5. This advanced electric vehicle platform consists of a chassis that incorporates a battery, motor and power system. It also features a lasting battery pack and a versatile bi directional charging port.
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