Tightening Environment Laws and Soaring Demand for Electric Vehicles to Boost Market Growth
Due to impressive technological advancements and evolving regulatory landscape, the global automotive sector has witnessed considerable changes over the past couple of decades. At present, the current automotive sector around the world is increasingly moving toward a sustainable and a greener future, wherein OEMs and other stakeholders are compelled to invest in new technologies and innovations that comply with the evolving regulatory landscape. Over the past decade, electric vehicles have garnered considerable popularity around the world. While awareness pertaining to electric vehicles continues to grow around the world, with it, the global sales of electric vehicles continues to move in the upward trajectory– a factor that is expected to boost the growth of the global EV platform market.
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The demand for electric vehicles is a leading factor expected to drive the global EV platform market during the assessment period. Companies operating in the current EV platform market are increasingly focusing on offering cost-effective and efficient EV platforms to their customers, and bridging the cost gap between electric vehicle engines and internal combustion-engines (ICEs). Several top-tier players in the market are also expected to launch innovative EV platforms over the course of the upcoming decade– a factor that is likely to aid growth of the global EV platform market during the forecast period.
At the back of these factors, the global EV platform market is anticipated to surpass the US$ 97.3 Bn mark by the end of 2030.
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.
Market Players Focus on Launching New EV Platforms to Gain Competitive Edge
Witnessing the growing demand for electric vehicles and anticipating a higher penetration of electric vehicles in the future, several companies are currently inclined toward launching new EV platforms to gain a competitive edge in the current market landscape. In addition, while top tier companies are increasingly investing in the production of innovative EV platforms, several startups have entered the global EV platform market, and are forging strategic alliances with other market players to establish their presence in the highly competitive EV platform market. For instance, REE Automotive, an Israeli startup entered a partnership with Japan’s KYB Corporation to launch a cutting-edge suspension for future electric vehicle platforms. KYB Corporation is expected to offer its line of semi-active and active suspension systems for REE’s EV platform.
In addition, several leading OEMs are increasingly focusing on building dedicated EV platforms to establish a solid presence in the market. For instance, in February 2019, Hyundai announced that the company is likely to manufacture a dedicated electric vehicle platform that will primarily be used by new electric cars produced by the company.
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Demand for EV Platforms Decline in 2024 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 2024, as the global demand for EVs witnesses a steady growth following the relaxation of lockdown restrictions and trade.
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