Tuesday, 17 January 2023 03:42 PM
Company Update
WILMINGTON, DE / ACCESSWIRE / January 17, 2023 / Transparency Market Research Inc. - The global electric vehicle (EV) platform market is likely to grow at a CAGR of 24.6% from 2022 to 2031. The EV platform is a charging station consisting of underbody components and suspension. The vehicle's body and chassis are merged into the flooring, thereby ensuring that the EV remains lightweight. Increase in adoption of EVs across the world is projected to be a key factor propelling global electric platform (EV) platform industry.
Customizable EV platforms are being designed, modified, and constructed to support different EV models. EVs have now become more affordable owing to this technology. Customized EV platforms have low material cost offering superior performance. This is because modular electric vehicle platforms are designed, built, and modified for accommodating different variety of electric car models. Low operational and maintenance costs of EVs are projected to increase sales. This presents significant business opportunities in the electric vehicle (EV) platform market owing to the projected increase in the sales rate of EVs in the next few years.
According to TMR report, the global electric vehicle (EV) platform market stood at US$ 7.2 Bn in 2021 and is anticipated to reach US$ 65.5 Bn by the end of 2031. Rise in government support to set up charging stations for EVs is projected to bolster market expansion in the near future.
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Key Findings of Study
- Imposition of Regulations on Internal Combustion Engines: Governments across the world have imposed strict emission standards on vehicles to minimize the harmful effects of exhaust fumes. Deployment of federal regulations that restrict gasoline and diesel-powered automobiles is one of the primary reasons for customers' shift toward EVs. This is projected to create significant business opportunities in the electric vehicle (EV) platform market during the forecast period.
- Continuous Efforts in R&D to Lower Cost of Battery for EVs: The need for long lasting battery backup when the EV is on road is increasing as all EVs run on batteries. Rise in demand for zero-emission vehicles is projected to bolster the need for batteries in vehicles. This, in turn, is likely to bolster the electric vehicle (EV) platform market during the forecast period. Most manufacturers of the EV platform are investing significantly in research & development of better battery performance and battery packs that are affordable. This is likely to augment the global market for EV platform during the forecast period.
Key Drivers
- Rise in demand for zero-emission vehicles is expected to boost the global market during the forecast period
- Increase in adoption of new technologies for emission control is likely to augment the need for EV platform, thereby driving the global market
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Regional Growth Dynamics
- Asia Pacific accounted for dominant share of the global electric vehicle (EV) platform market in 2021. The trend is anticipated to continue during the forecast period owing to the presence of major vehicle manufacturers and OEMs in the region.
- Expansion of production units and increase in focus on technological advancements in the EVs industry are projected to drive the electric vehicle (EV) platform market development during the forecast period
Key Players
Notable players in the global electric vehicle (EV) platform market are Zoyte, Volvo Cars, Volkswagen AG, Toyota Motor Corporation, SAIC Motor Corporation Limited, Rivian, Nissan Motor Corporation, Kia America Inc., JAC Motors, Hyundai Motor Company, Honda Motor Co. Ltd., Mercedes-Benz Group, Byton, BYD Company, BMW AG, BAIC Group, Tesla, Chery, Faraday &Future, Inc., Geely Auto, Honda Motor, and Fisker, Inc.
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Electric Vehicle (EV) Platform Market Segmentation
Component
- Chassis
- Battery
- Suspension System
- Steering System
- Drivetrain
- Vehicle Interior
- Others
Electric Vehicle (EV) Type
- Battery Electric Vehicle (EV)
- Hybrid Electric Vehicle (EV)
Platform
- P0
- P1
- P2
- P3
- P4
Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Commercial Vehicle
- Heavy Duty Truck
- Bus & Coach
Sales Channel
- OEM
- Aftermarket
Region
North America
Europe
Asia Pacific
Middle East & Africa
South America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Italy
- Spain
- Russia & CIS
- China
- India
- Japan
- ASEAN
- Brazil
- Mexico
- GCC Countries
- South Africa
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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