EV Platform Market: Introduction
According to the report, the global EV platform market is projected to surpass US$ 97.3 Bn by 2030, expanding at a CAGR of 3.5% during the forecast period. 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.
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Expansion of EV Platform Market
Governments across all regions are emphasizing on improvement of air quality index in their regions, thereby encouraging society to opt for electric vehicles or any other zero-emission vehicles by providing numerous incentives and benefits for consumers. Providing economic incentives, particularly to bridge the cost gap between EVs and less expensive internal combustion engine (ICE) vehicles, is projected to boost the demand for EVs and subsequently, propel the EV platform market during the forecast period. Based on sales channel, the global EV platform market has been segmented into OEM and aftermarket. Companies that manufacture vehicle are considered under the OEM segment, while key players in the EV platform ecosystem, including component manufacturers are part of the aftermarket segment. Small-scale EV manufacturers depend on R&D from service/solution providers. Most component manufacturers in the supply chain of the electric vehicle market invest more on their R&D. Moreover, investment from key OEMs in component manufacturers is responsible for a significant share held by the aftermarket segment of the EV platform market. For instance, Ford invested US$ 500 Mn in Rivian to build battery electric vehicle using Rivian’s skateboard platform. In addition, companies have agreed to work together to develop an all-new, next-generation battery electric vehicle for Ford’s growing EV portfolio using Rivian’s skateboard EV platform.
In terms of vehicle type, the utility vehicles segment dominated the market in 2019. Presently, the demand for SUVs across the global is rising at a rapid pace, as consumer trend is shifting from sedans to SUV models. Moreover, OEMs, including Ford, announced their plans to phase out most of their sedan models and replace them with utility vehicles in North America. Numerous models of EVs are projected to be introduced in the market during the forecast period. Moreover, most EVs to be introduced fall under the utility vehicle segment, as demand for SUVs and crossover vehicles is high in developing nations for larger family size, which is expected to boost the utility vehicle segment during the forecast period.
Regional Analysis of EV Platform Market
In terms of region, the global EV platform market has been segregated into North America, Europe, East Asia, South APAC, Latin America, and Middle East & Africa. East Asia accounts for a significant share of the global market due to the presence of China, Japan, and South Korea. These countries have taken initiatives to introduce more zero-emission vehicles to enhance environmental conditions. The market for electric vehicles in China has been expanding by 50% for the past few years, which further solidifies China’s significant position in electric vehicle sales. The country presently has a larger EV market of majorly battery electric vehicles than combined Europe and the U. S. Domestic OEMs currently dominate the EV market in China and account for around 94% share in terms of sales.
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
- Suspension System
- Steering System
- Vehicle Interior
- EV Platform Market, by Electric Vehicle Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- EV Platform Market, by Sales Channel
- EV Platform Market, by Vehicle Type
- Utility Vehicles
- EV Platform Market, by Platform
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