Global EV Platform Market Size To Exceed USD 114.82 Billion
New York, United States , April 19, 2024 (GLOBE NEWSWIRE) — The Global EV Platform Market Size is to Grow from USD 9.56 Billion in 2023 to USD 114.82 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 28.22% during the projected period.
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The platform of an electric car serves as a charging station for electric automobiles. It has the greatest impact on the characteristics and specifications of electric vehicles. The platform has a steering, suspension, and bottom mechanism. The floor serves as the vehicle’s body and chassis. The vehicle’s power source is a battery. These platforms have been developed, modified, and placed to accommodate a wide range of electric vehicles. However, the industry’s shift from vehicle-centric to service-centric requires the development of new digital platforms (software, backhaul connectivity, and cloud). The future modular electric vehicle platform will be adaptable and multifunctional, allowing OEMs to save time, energy, and money when introducing new models. BYD Company Ltd. (China) will launch a new e-platform 3.0 for electric vehicles in September of 2021. The company also developed a new Ocean-X concept, a mid-size sedan based on their new EV platform. The new e-platform 3.0 is expected to have a range of over 1000 kilometers, accelerate from 0 to 100 km/h in 2.9 seconds, and improve battery thermal efficiency by 20%. However, this cost difference might discourage price-sensitive customers from acquiring EVs, particularly in emerging markets where price sensitivity is high. Furthermore, high battery costs will boost the overall cost of EVs, exacerbating the difficulty of making them affordable to the general public.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global EV Platform Market Size, Share, and COVID-19 Impact Analysis, By Type (Hatchback, Sedan, Sports Utility Vehicles), By Battery Type (Hybrid Electric Vehicle (HEV), By Platform (P0, P1, P2, P3), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033″.
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The sports utility vehicles segment is expected to hold the largest share of the global EV platform market during the anticipation timeframe.
Based on the type, the global EV platform market is categorized into hatchback, sedan, and sports utility vehicles. Among these, the sports utility vehicles segment is expected to hold the largest share of the global EV platform market during the anticipation timeframe. The sport utility vehicle is preferred by consumers in the US and Asia. SUVs outperform sedans and hatchbacks in terms of utility and space. In Europe and Latin America, demand for hatchbacks has declined as SUVs have grown in popularity.
The hybrid electric vehicle (HEV) segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the battery type, the global EV platform market is categorized into hybrid electric vehicle (HEV), and battery electric vehicle (BEV). Among these, the hybrid electric vehicle (HEV) segment is expected to grow at the fastest CAGR during the anticipation timeframe. Hybrid electric vehicles combine a gas engine with one or more motors that are powered by batteries. The hybrid electric vehicle’s battery cannot be recharged simply by plugging it in. In contrast, the internal combustion engine and regenerative braking both charge the battery. These variables increase product demand in the industry setting.
The P2 segment is expected to hold a significant share of the global EV platform market during the anticipation timeframe.
Based on the platform, the global EV platform market is categorized into P0, P1, P2, and P3. Among these, the P2 segment is expected to hold a significant share of the global EV platform market during the anticipation timeframe. By offering a common foundation that can be swiftly modified and customized to satisfy specific market demands, the P2 platform expedites the development of new EV models and variants, increasing segment demand.
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North America is projected to hold the largest share of the global EV platform market over the anticipation timeframe.
North America is projected to hold the largest share of the global EV platform market over the anticipation timeframe. The expansion can be connected to the region’s rising use of EVs. The presence of large companies such as ChargeLab Inc. and ChargePoint, Inc. is expected to boost area growth. Tesla and General Motors, for example, have committed to developing electric vehicles that are faster, cleaner, and more powerful. The electric car sector in this region is also rapidly growing.
Asia Pacific is expected to grow at the fastest CAGR growth of the global EV platform market during the anticipation timeframe. Consumers in Asia Pacific recognize the advantages of EV conversion platforms. Increased government subsidies and promotions for EVs, as well as increased awareness of their benefits, are propelling the region’s EV platform industry forward. Manufacturers in Asia Pacific are increasing their product offerings in order to benefit from the lucrative EV platform business opportunity.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global EV platform market are Hyundai, JAC, Alcraft Motor Company, Baic Motor, BMW, Open Motors, REE Auto, Rivian, Saic Motor, Toyota, Volkswagen, Volvo, Zotye, BYD, Byton, Canoo, Chery, Daimler, Faraday Future, Fisker, Ford, Geely., General Motors, Honda, Kia Motors., Nissan Motor, and Others.
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Recent Developments
- On January 2024, Tata Passenger Electric Mobility has stated that it will be using the future-ready, scalable acti. ev platform for mass-market electric vehicles. Here are several ways it differs from the JLR EMA platform, which will serve as the foundation for Avinya.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global EV platform market based on the below-mentioned segments:
Global EV Platform Market, By Type
- Hatchback
- Sedan
- Sports Utility Vehicles
Global EV Platform Market, By Battery Type
- Hybrid electric vehicle (HEV)
- Battery electric vehicle (BEV)
Global EV Platform Market, By Platform
Global EV Platform Market, By Regional
- North America
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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