The global EV platform market is expected to cross USD 97.3 Billion by 2030
EV platform market Size, Share & Trends Estimation Report By Type Outlook (Hybrid Electric Vehicle, Battery Electric Vehicle), By Application Outlook (Passenger Vehicles, Commercial Vehicles), By Sales Channel Outlook (OEM, Aftermarket), Region and Forecasts, 2023 - 2030
Region : Global | Format : 
| Report ID : 230836 | No. of Pages : 175
| Report ID : 230836 | No. of Pages : 175
Market Overview
Global EV platform market is expected to cross USD 68.0 Billion by 2030 and is projected to grow at a CAGR of 28.7% during the forecast period from 2022 to 2030.
A charging station for electric cars is a stage. It mostly changes the features and specs of electric cars because of this. There are built-in ways to turn, suspend, and lower the base. The car's body and frame are both the floor. A car's power comes from its battery. Different kinds of electric cars can use these systems because they have been made, changed, and put together in different ways. The price of electric cars goes down because of this technology. These types of electric cars are better than the ones that came before them in terms of their seats, engines, and batteries. The global EV platform market is expected to grow because more people around the world want EVs, the car industry is moving toward EVs, and the price of lithium-ion batteries is still going down.
A charging station for electric cars is a stage. It mostly changes the features and specs of electric cars because of this. There are built-in ways to turn, suspend, and lower the base. The car's body and frame are both the floor. A car's power comes from its battery. Different kinds of electric cars can use these systems because they have been made, changed, and put together in different ways. The price of electric cars goes down because of this technology. These types of electric cars are better than the ones that came before them in terms of their seats, engines, and batteries. The global EV platform market is expected to grow because more people around the world want EVs, the car industry is moving toward EVs, and the price of lithium-ion batteries is still going down.Market Dynamics
Drivers: The advantages of a modular EV platform over a normal chassis
The prices of both the EV platform and the electric vehicle depend on the prices of the batteries; the cost of the batteries is about 40% of the cost of the electric vehicle. How much this will cost depends directly on how big the battery is. At first, big cells were very expensive. On the other hand, prices have gone down over time, making it easier for people to buy batteries with a lot of power. The cost per kWh of a battery has gone down because of changes in rules and economies. As more batteries are made, there are more chances to make new things and more government incentives to do so. So, prices tend to go down as more and more people use battery options. Niti Aayog asked the government for permission in 2020 to build up to ten big plants that would use government money to make lithium-ion batteries for electric cars. This would help bring down the price of batteries in India as a whole. Researchers are trying to make battery packs bigger, which will help electric car bases and cut costs.
Restraints: It costs a lot of money up front to make EV systems
In electric cars, the size of the battery pack depends on how far the car can go, and the price of the car depends on how big the battery pack is. It's hard to build the base for an electric car because the battery is so big. So, cars with internal combustion engines cost more than cars with electric engines. (ICE). To figure out how much the whole thing will cost, it's also important to know how much new batteries will cost. In an electric car, the base lasts much longer than the battery. So, depending on how often the electric car platform is used, the battery must be replaced at least once or twice during its lifetime. The battery's life depends on how far you drive each day, how far you drive each year, the working temperature, the charging level, and the charging rate.
The infrastructure for EVs also costs a lot to build. The battery of an electric vehicle (EV) needs to be charged quickly and often with tools like electric chargers, which can only be found at EV charging stations. The cost of the battery, charger, and installation add to the cost of the EV platform, making EVs more expensive than standard cars with an internal combustion engine. (ICE). Even though electric vehicle systems are better for the environment and have lower fuel costs than diesel vehicles, one of the main reasons why more people don't use them is that they cost a lot to start.
Opportunity: Choose EVs with high power and a long range
The range of an EV on a single charge is the most important thing that needs to be improved. As battery technology gets better, OEMs are working on making EVs with a longer range. Because of this, EV systems will be a better choice for business cars in the future. By 2028, electric cars will have more power and go farther thanks to solid-state batteries. By 2028, there will be a lot of solid-state batteries on the market, which will bring down their price and make them good for electric cars.
The range of an EV on a single charge is the most important thing that needs to be improved. As battery technology gets better, OEMs are working on making EVs with a longer range. Because of this, EV systems will be a better choice for business cars in the future. By 2028, electric cars will have more power and go farther thanks to solid-state batteries. By 2028, there will be a lot of solid-state batteries on the market, which will bring down their price and make them good for electric cars.
EVs take longer to charge than other kinds of cars. Filling up with gas or diesel takes much less time than charging an electric car. Levels 1 and 2 take 8 to 16 hours to charge, but level 3 only takes 20 minutes. This is a lot more than gas or CNG, which can both be put in a car in less than 5 minutes. Most of the time, the slow rise of electric cars is due to how long it takes to charge them. In the years to come, new technologies will make charging faster, but batteries that can be charged quickly and at a high power will still need to be made. Commercial electric vehicles take longer to charge than other EVs because they have more and bigger battery packs to increase their range and payload capacity. This is because electric cars use less electricity per mile than electric trucks. But now, businesses are making trucks that can be charged faster. By 2021, superchargers will fully charge the new Tesla Semi in about 40 minutes.
Challenges: Several companies also make solutions for electric cars with a long range
The BYD Company Ltd. in China released a new e-platform 3.0 for electric cars in September 2021. The company also made a new Ocean-X model, which is a mid-size car built on the company's new EV platform. The new e-platform 3.0 is meant to have a range of more than 1000 kilometers, go from 0 to 100 km/h in just 2.9 seconds, and make the batteries 20% more thermally efficient. Volkswagen Group in Germany released the MEB+ platform in December 2022. It made charging, digital infrastructure, and storing technology better. The MEB+ base is made up of unit cell batteries, which give EVs a range of up to 700 km and allow them to charge at speeds of 175 to 200 kW.
A flexible platform for electric cars costs a lot of money to make. Because this tool can be used in so many ways, economies of scale will cover this cost. Also, it costs less money, takes less work, and takes less time to make battery-powered electric cars on an EV base than on other systems. Honda Motor says it costs about USD 455 million to make one EV model, and batteries make up about 40%–50% of that cost. It takes between USD 73 million and USD 110 million to change the production lines of a factory so that they can make EVs.
Major Market Segments Covered
On the basis of Type
Hybrid Electric Vehicle
Hybrid electric cars use both a gas engine and one or more electric motors, which get their power from batteries. You can't plug a hybrid electric car in to charge the battery. Instead, the internal combustion engine and regenerative braking charge the battery.
Battery Electric Vehicle
A battery electric vehicle (BEV), also called a pure electric vehicle, only-electric vehicle, fully electric vehicle, or all-electric vehicle, is a type of electric vehicle (EV) that runs only on chemical energy saved in rechargeable battery packs and has no other way to move. (a hydrogen fuel cell, internal combustion engine, etc.). BEVs don't have internal combustion engines (ICEs). Instead, they use electric motors and motor drivers to move.
On the basis of Application
Passenger Vehicles
EVs are cars that have an electric motor and get some or all of their power from electricity. Most of the time, they are charged by plugging a wire into a charger at home, at work, or in a public place. However, they could also be charged by a hydrogen fuel cell.
Commercial Vehicles
Commercial EV sales rest a lot on how many good financing options are out there, and right now, the Indian market is suffering from a lack of truly customer-focused options. Turno has found a key missing piece in the ecosystem that solves problems with money, distribution, and maintenance.
On the basis of Sales Channel
OEM
OEM stands for "Original Equipment Manufacturer." Compared to replacement parts, OEM parts have a number of advantages and benefits.
Aftermarket
EV sales in the U.S. skyrocketed in 2022, even though prices were high. New models and a lot of interest pushed sales past 800,000 for the first time, according to Kelley Blue Book. This was a 65% increase from 2021. EVs made up 5.8% of the market, up from 3.2% in 2021.
Regional insights
Geographically The EV platform Market has been broken down into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. (MEA).
East Asian and European countries are spending more money on research and development, so more people are getting electric cars (EVs). This is a big player in the global EV platform market. The number of electric vehicles on the road in Europe is growing very quickly. The EV market is expected to grow over the next few years because of this, which could help the EV platform market.
The market for EV platforms is expected to grow faster in East Asia than in Europe or North America. Countries like China, Japan, and South Korea are putting more focus on technology, creativity, and making more advanced electric cars. The market for EVs and EV systems should grow as charging stations get better and faster. The main players in the East Asian EV market are BYD, BAIC, Chery, and SAIC. Together, they account for most of the EV platform market.
East Asian and European countries are spending more money on research and development, so more people are getting electric cars (EVs). This is a big player in the global EV platform market. The number of electric vehicles on the road in Europe is growing very quickly. The EV market is expected to grow over the next few years because of this, which could help the EV platform market.The market for EV platforms is expected to grow faster in East Asia than in Europe or North America. Countries like China, Japan, and South Korea are putting more focus on technology, creativity, and making more advanced electric cars. The market for EVs and EV systems should grow as charging stations get better and faster. The main players in the East Asian EV market are BYD, BAIC, Chery, and SAIC. Together, they account for most of the EV platform market.
Scope of Report
| Attribute | Details |
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Estimated year | 2023 |
| Forecast period | 2023-2030 |
| Historic Period | 2017-2022 |
| Units | Value (USD Billion) |
| Growth Rate | CAGR of 28.7% from 2023 to 2030 |
| By Type |
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| By Application |
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| By Sales Channel |
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| By Companies |
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| Regional Scope |
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| Reasons to Purchase this Report and Customization Scope |
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Key Vendor
- 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
- Baic Motor
- Toyota
- Volkswagen
- Volvo
- XAOS Motors
- Zotye and others.
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Alcraft Motor Company
Alcraft Motor Company Ltd is focused on making unique cars and products that use less carbon. Alcraft Motor is a British company that makes high-tech, high-performance products with a focus on style.
Based in the growing Silverstone innovation center, They are working on new technologies to meet the needs of customers who want cars that are both environmentally friendly and fun to drive, as well as cars that are both cutting-edge and made in the traditional way. Company goal is to combine the freedom and excitement of driving an electric car with Britain's world-leading position in beautifully designed high-end, low-volume cars with motorsport-derived dynamics.
- Baic Motor
BAIC Motor was started in September 2010, and it is the BAIC Group's platform for vehicle source aggregation and business growth. The Beijing Municipal Government is a big supporter of BAIC Motor. BAIC Motor sold its H shares to the public for the first time on December 19, 2014, and they were traded on the Main Board of the Stock Exchange.
- BMW
The BMW Group is the world's top maker of high-end cars and motorbikes under the BMW, MINI, Rolls-Royce, and BMW Motorrad brands. It also offers high-end financial and mobility services. The BMW Group has more than 30 production sites around the world, and the company sells its products in more than 140 countries.
- BYD
BYD is a top high-tech company in China that has been around since 1995. It focuses on IT, cars, and new energy. BYD is the biggest company in the world that makes rechargeable batteries. It has the biggest part of the market for Nickel-cadmium batteries, handset Li-ion batteries, cell-phone chargers, and cell-phone keypads. It also has the second biggest share of the world market for cell phone cases.
- BYTON
BYTON is a new company that is making fully electric cars from the ground up. It has customers all over the world. They want to be a world leader in the coming era of connected mobility by making their cars like smart devices on wheels that are fully connected. They bring together the best experts from around the world.
The auto business is going through the biggest and most interesting change in its more than 100-year history. The company is sure that this change isn't about making cars go faster. As a new company, They make it possible for people to think and act freely. They will lead the change in the mobility business with the help of this strong group of partners.
- Canoo
The goal of Canoo is to get EVs to everyone. Canoo has made groundbreaking electric vehicles that are unlike anything else on the road. These vehicles are changing the way cars are made with bold design innovations, new technologies, and a unique business plan that covers all owners for the full lifecycle of the electric vehicle.
Industrial development
In January 2023 BYD announced that its new e4 quad-motor platform for speed cars would be on the market. The first cars made on this platform should be a 5-meter electric off-road SUV and a fast Yangwang-branded hypercar.
In December 2022 Volkswagen Group will make changes to its MEB electric technology so that it will be more competitive. Instead of switching to an 800-volt system like the Hyundai-Kia platform, the company's updated electric car design will keep the 400-volt system it uses now. But because the new base is different, the speed of charging will go from 135–170 kWh to 175–200 kWh. The MEB design will also make it possible to charge the car faster and give it a range of up to 435 miles. (700 km). This is much better than the normal MEB system, which can only go 342 miles. (550 km). A factory in Salzgitter, Germany, and a factory in Northvolt, Sweden, will both make battery cells that will be used in the new EV platform. Batteries are half as pricey because these uniform cells can work with different kinds of chemistry.
In December 2022,At the China Tech Vision Day 2022 event, General Motors showed off a new look for a Chevy EV sedan called the FNR-XE. It was made with General Motors' Ultium technology.
In August 2022 Mahindra and Mahindra and Volkswagen Group signed a deal for Mahindra to use MEB Electric Components in its new electric SUV. Both companies will look for ways they might be able to work together in India in the field of e-mobility, which includes projects for cars, charging and energy solutions, and the making of cells.
In August 2022 Mahindra and Mahindra showed off a new "INGLO EV platform". They want to sell five e-SUVs with new names in the next two to four years. Mahindra and Mahindra's new INGLO EV technology is based on a modular electric skateboard. It will be the foundation for the company's new line of electric cars, which will come out by the end of 2024. With its new INGLO EV platform, Mahindra will be able to make SUVs with a wheelbase between 4,368 mm and 4,735 mm. The e-SUVs would have batteries that could hold between 60 and 80 kWh and could be quickly charged with 175 kW. This would let the battery go from being empty to being 80% full in less than 30 minutes.
In July 2022 Hyundai released the new IONIQ 6. It has a range of 379 miles. This was a demo for the IONIQ N speed EV, which is coming out soon. It has the same features as the IONIQ 5 and is built on the same 800 V E-General Motors P base.
In March 2022, people could buy the Cadillac Lyriq. It was made with BEV-3 EV technology. The SUV made on BEV3 is longer, shorter, has a higher energy density, and can be charged faster than BEV2. The rear-wheel-drive car has a 102-kWh battery pack and a single electric motor, which give it an estimated 340 hp, 325 lb-ft of power, and a range of 312 miles.
In January 2022, Renault and Nissan joined forces to make electric cars for the future. They put 26 billion dollars into this project. Both businesses plan to work on battery and platform technology to make their future electric vehicles (EVs) easier to change and less reliant on supply chain problems that cause shortages.
In January 2022 REE Automotive showed off a new electric base for delivery cars. The P7 electric Chassis is flat from one end to the other. With a 120-kWh battery, electric and self-driving cars built on this platform can go up to 600 km (370 miles) on a single charge. The fastest these cars can go is 130 km/h. (80 mph).
In January 2022, REE Automotive put out a new line of parts and systems called REEcorners. These methods connect the most important parts of an electric car between the wheel and the frame.
Market Segmentation
The market research report on EV Platform market is broken down by type, applications, and region.
On the basis of Type
- Hybrid Electric Vehicle
- Battery Electric Vehicle
On the basis of Application
- Passenger Vehicles
- Commercial Vehicles
On the basis of Sales Channel
- OEM
- Aftermarket
The EV platform market Regional insights
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Conclusion
Research report provides an in-depth analysis of , Restraints ,Challenges and opportunities by its historical and current current information about key players and vendors, as well as all of the above growth factors and possible changes in the future, to help clients get important information about the structure of the market and predictions for the next few years. The study gives details about the growth of the EV platform market through a quantitative analysis of the present market. The study will help the market leaders and new companies that want to get into this market by giving them information about how close the revenue numbers for the EV platform market and its subsegments come to being accurate.This will also help the key players find the area with the most potential and make sure their product portfolio fits the needs of the market.
Frequently Asked Questions
What is the CAGR of the EV platform Market?
The global EV platform Market Is Exhibiting A CAGR Of 3.5% during the Forecast Period.
Which region had major share in the global EV platform Market?
East Asia holds the major share in global EV platform Market
What are the key players in the EV platform Market?
Alcraft Motor Company,Baic Motor,BMW,BYD,Byton,Canoo,Chery,Daimler,Faraday Future,Fiskeru00a0u00a0,Ford,Geely,General Motors,Honda,Hyundai,JAC,Kia Motors,Nissan Motor,Open Motors,REE Auto,Rivian,Saic Motor,Toyota,Volkswagen,Volvo,XAOS Motors,Zotye and others.
