EV Architecture Market: Introduction
- A vehicle architecture describes the physical layout of the vehicle, and the way it performs its functions.
- EV architectures are different layouts used by OEMs to develop electric vehicle models. These architectures are either derived from the previously existing versions or newly developed, specifically for electric vehicle applications.
Key Drivers of EV Architecture Market
- Increase in prices of fossil fuels and awareness among people regarding emissions from IC engines has boosted the sale of electric vehicles. The International Energy Agency stated in their Global EV Outlook 2024, that in 2019, sales of electric cars stood at more than 2.1 million worldwide with a 40% year-on-year growth. This rise in demand for electric vehicles has prompted OEMs to develop and launch new vehicle models based on novel architecture. For instance, Daimler AG is working on a new customized electric vehicle architecture, which is expected to be launched by 2024. This architecture is being designed to be scalable which can facilitate its use across various vehicle models of Daimler AG. Likewise, the Hyundai Motor Company has partnered with Canoo to develop new architecture for electric vehicles. Thus, on-going development activities amidst a rise in sale of electric vehicles are driving the EV architecture market across the globe.
- Government agencies across the globe are stressing upon electrification of all on-road vehicles by offering incentives to customers to adopt electric vehicles. Furthermore, they are partnering with automakers to remove technology barriers. Agencies such as United Nations, U.S. Department of Energy, and the National Institution for Transforming India have initiated various programs to boost the adoption of electric vehicles in passenger as well as commercial segments. These programs are encouraging the development of new electric vehicle models and hence, fueling the global EV architecture market.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=80874
Challenges in EV Architecture Market
- The high cost and time associated with design and development of different architectures for every electric vehicle model is compelling OEMs to use a single architecture for different models. For instance, in 2019, Volkswagen AG announced the development of modular electric drive matrix (MEB) architecture for manufacturing all upcoming electric vehicle models. This trend of common architecture is restraining the global EV architecture market.
Impact of COVID-19 pandemic on EV Architecture Market
- The recent outbreak of COVID-19 pandemic decreased the sales and production of electric vehicles, as the supply of raw materials and automotive components took a major hit worldwide. Decline in sale and production of electric vehicles during the onset of COVID-19 pandemic is estimated to restrain the EV architecture market in 2024. However, the EV architecture market is anticipated to expand in next few years, as automobile manufacturers and suppliers are restarting their operations with preventive measures to curb the spread of the virus and the cross-border trade and transportation activities are reopening.
Europe holds Significant Share of Global EV Architecture Market
- Europe accounted for a significant share of the global EV architecture market, owing to the high presence of OEMs coupled with the stringent emission norms that are encouraging the adoption of electric vehicles. Furthermore, automobile companies are partnering to create an electric vehicle charging network across Europe. For instance, BMW AG, Daimler AG, Ford Motor Company, Volkswagen AG, AUDI AG, and Porsche AG have partnered to develop a fast charging network for electric vehicles in Europe, which can deliver a charge of 240 miles range within 15 minutes. These factors are boosting the penetration of electric vehicles, thus driving the share held by Europe in the global EV architecture market.
Key Players Operating in EV Architecture Market
The global EV architecture market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the global EV architecture market are:
- Alcraft Motor Company Ltd
- Aptiv
- Automobili Lamborghini S.p.A.
- BAIC Motor Corporation., Ltd
- BMW AG
- BYD Auto Co., Ltd.
- Canoo
- Chery
- Continental AG (Vitesco)
- Daimler AG
- Faraday&Future Inc.
- Fisker, Inc.
- Ford Motor Company
- Geely Auto
- General Motors
- Honda Motor Co., Ltd.
- Hyundai Motor Company
- Ricardo
For Right Perspective & Competitive Insights on EV Architecture Market, Request for a Sample https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=80874
Global EV Architecture Market: Research Scope
Global EV Architecture Market, by Type
- Non-native
- Conversion
- Flexible
- Native
Global EV Architecture Market, by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global EV Architecture Market, by Electric Vehicle
- Battery Electric Vehicle (BEV)
- IC Engine/Battery Hybrid Vehicle
- IC Engine/Supercapacitor Hybrid Vehicle
- Plug-in Hybrid Vehicle
- Hybrid Electric Vehicle (HEV)
- Fuel Cell Electric Vehicle
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
Related Reports Press-Release –
Contact
Transparency Market Research
90 Sate Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
Website: https://www.transparencymarketresearch.com/
