EV Platform Market worth $68.0 billion by 2030 – Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 21, 2023 /PRNewswire/ — EV Platform Market is estimated to grow from USD 9.0 billion in 2022 to USD 68.0 billion by 2030 at a CAGR of 28.7% over the forecast period, according to a new report by MarketsandMarkets™. Preference for high-voltage and long-distance range EVs, high demand for solid-state batteries in EVs, growing demand for end-to-end software-defined vehicles, and development of lightweight EVs would create growth opportunities in the EV platform industry.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=127463561

Browse in-depth TOC on “EV Platform Market”


240 – Tables
47 – Figures
233 – Pages

EV Platform Market Scope:

Utility vehicles (SUVs/MPVs) would hold the largest market share.

The utility vehicles (SUVs/MPVs) segment is globally leading the EV platform market. The utility vehicles segment is expected to see greater adoption by companies due to greater public demand and sales. In recent years, SUVs have become popular as family vehicles due to their spacious interiors, safety features, and versatility. Considering the same, the EV platform manufacturers have also focused on making SUV-based platforms and diversifying it to other types. For example, Rivian Automotive Inc. (US) launched its R1S EV SUV based on its in-house developed platform in 2022.

Similarly, Zero Labs Automotive (US) made an EV platform for modifying classical SUVs such as Ford Bronco or Land rover defender. Again, in 2022, Canoo (US) gave the US Army a light tactical utility vehicle based on its EV platform. Furthermore, in 2022, Mahindra and Mahindra (India) showcased its upcoming electric SUVs – XUV-300 – re-badged as XUV-400. In 2022, Toyota (Japan) showcased a huge variety of EVs for its future, many of which were in the SUV segment based on a new platform being developed by Toyota. Hyundai and Kia also launched their Ioniq 5 and EV-6 crossover SUVs in 2022 across the globe, and both were based on Hyundai’s E-GMP platform. Of the global electric passenger car sales, ~64% were electric SUVs/MPVs in 2022. Considering the same, the electric utility segment would be the most attractive for EV platform manufacturers.

The steering system is expected to register the largest growth during the forecast period.

Electric steering systems are becoming more common in modern EVs due to their improved energy efficiency and reduced maintenance requirements. Electric steering systems are more energy efficient than hydraulic steering systems since they do not require a pump to generate hydraulic pressure. This can help to extend the range of an EV. By developing precise and responsive steering systems, researchers and automakers hope to reduce the risk of accidents and improve the overall safety of EVs. Another goal of steering system advancements in EVs is to improve the driving experience for EV drivers. This includes developing systems that provide better feedback and communication to the driver and systems that are more responsive and easier to use. The companies are adopting steer-by-wire technology to reduce the vehicle’s mechanical linkages and the weight of electric vehicles. For instance, REE automotive P7 EV chassis is built on four REEcorners featuring REE automotive x-by-wire technology. REEcorners pack critical vehicle components into the area between the Chassis and the wheel, enabling a fully flat chassis end-to-end with up to 35% more interior volume for passengers, cargo, and batteries. Electric vehicles built on the P7 Chassis have some of the lowest step-in heights, are autonomous-ready, and can be powered by batteries or fuel cells. The demand for EV platforms and an increase in safety regulations are expected to increase the demand for steering systems during the forecast period.

The Asia-Pacific will be the largest EV platform market during the forecast period.

Countries like China, Japan and South Korea will lead the Asia-Pacific EV platform market. The governments of these countries have supported the growth of EV demand through subsidies and favorable policies for EVs by discouraging the use of gasoline/diesel vehicles. This has led to a fast-growing demand for EVs in the region, making it the most attractive market for EV platform manufacturers.

Asia-Pacific is a price-sensitive market, and hatchback and SUVs/MPVs types of electric passenger cars are mostly sold in the region. Of the region’s total electric passenger car sales, ~65% were SUVs, hatchbacks, etc. Hence, an EV platform is an option that can help manufacturers meet the rising demand for EVs but would also help to increase the range of these EVs without much rise in the cost.

BYD, Hon Hai Precision Industry Co., Ltd., Toyota, Nidec Corporation, Hyundai Motor Group, and Mahindra and Mahindra are major players in China, Japan, and South Korea. In December 2022, Toyota announced that it plans to roll out 30 battery EV models by 2030, globally offering a full lineup of battery EVs in the passenger and commercial segments. Hence, it will be working on dedicated EV platforms to cater to this need. Top Japanese OEMs also plan to gradually stop manufacturing petrol vehicles by 2035 and shift to PHEVs and FCEVs. In recent years, Toyota has invested in electric vehicle (EV) technology and developed both EV and modular EV platforms and hybrid and fuel-cell vehicles. The company also has been investing in self-driving technology. It has announced a partnership with the Chinese technology giant CATL to develop solid-state batteries for electric vehicles, considered the next generation of batteries. Toyota is partnering with Suzuki Motor Corporation, Daihatsu Motor Co., and Commercial Japan Partnership Technologies (CJPT) to build mini commercial electric vans. Suzuki and Daihatsu will bring their knowledge of manufacturing mini vehicles to the table, while Toyota will come forth with its electrification technology to jointly develop the BEV system. Various top European and American OEMs also cater to the Asia Pacific EV platform market on an increasing scale. All these factors are expected to drive the EV Platform market in the Asia Pacific region.

Asia Pacific has the presence of many major EV platform manufacturers, such as BYD Company Ltd., Hyundai Motor Group, Toyota, Mahindra and Mahindra, Nidec Corporation, and Hon Hai Precision Industry Co., Ltd.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=127463561

EV Platform Market Dynamics:

Drivers:

1. Benefits of modular EV platforms over conventional chassis.

Restraints:

1. High initial investment to develop EV platforms.
2. Soaring energy costs.
3. Limited range of EV platforms.

Opportunities:

1. Preference for high-voltage and long-range EV platforms.
2. High demand for solid-state batteries to deploy in EV platforms.
3. Growing demand for end-to-end software-defined vehicle platforms.
4. Development of lightweight EV platforms.
5. Use of electric vehicles in fleet and commercial applications.

Challenges:

1. Shortage of lithium.
2. Long charging time.

Key Market Players:

The key players in the automotive EV Platform market are Volkswagen Group (Germany), BYD Company Ltd. (China), Hyundai Motor Group (South Korea), Renault (France), and Ford (US).

Recent Developments:

• In January 2023, BYD announced the launch of its new e4 quad-motor platform for performance vehicles; the first vehicles on this platform are supposed to be a 5-meter electric offroad SUV and a fast hypercar that will be launched under the newly formed Yangwang brand.
• In December 2022, Volkswagen Group is upgrading its MEB electric platform to become more competitive. The company’s upgraded electric vehicle architecture will retain the 400-volt setup it currently uses instead of adopting an 800-volt system like the Hyundai-Kia platform. However, alterations to the updated platform will see charging speeds rise from 135–170 kWh to 175–200 kWh. In addition to faster charging, the MEB+ architecture will allow a maximum range of 435 miles (700 km), a significant jump from the peak of 342 miles (550 km) achievable with the current MEB setup. The updated EV platform will also use unified battery cells sourced from a battery factory in Salzgitter, Germany, and the Swedish plant operated by Northvolt. These unified cells can support different chemistries and reduce battery costs by 50%.
• In December 2022, General Motors revealed a new Chevy EV sedan concept, the FNR-XE, during its China Tech Vision Day 2022 event based on General Motors’s Ultium platform.
• In August 2022, Volkswagen Group and Mahindra and Mahindra signed a term sheet on the supply of MEB Electric Components for Mahindra’s new Electric SUV. Both companies will explore potential opportunities for collaboration in India in the field of e-mobility, including vehicle projects, charging and energy solutions, and cell manufacturing.
• In August 2022, Mahindra and Mahindra unveiled a new ‘INGLO EV platform’ and plans to launch five e-SUVs under new brands in 2–4 years. Mahindra and Mahindra’s new INGLO EV platform is based on a modular electric skateboard that will underpin the homegrown manufacturer’s new range of EVs, which are set to arrive by the end of 2024. Mahindra’s new INGLO EV platform will build SUVs between 4,368 mm and 4,735 mm and have a flexible wheelbase. The e-SUVs battery sizes would be between 60-80kWh and support a fast charge of 175kW, charging the battery from 0–80% in less than 30 minutes.
• In July 2022, Hyundai officially debuted the new IONIQ 6 with a 379-mile range, teasing the upcoming IONIQ N performance EV. It shares the same 800 V E-General Motors P platform as the IONIQ 5, and the IONIQ 6 makes its debut with the same features.
• In March 2022, The BEV-3 EV platform-based Cadillac Lyriq was launched commercially for the public in March 2022. The BEV3-based SUV has a larger length, lower height, greater energy density, and faster charging rate than BEV2. The rear-wheel-drive vehicle has a 102-kWh battery pack and a single electric motor delivering an estimated 340 hp and 325 lb-ft of torque and an estimated 312-mile range.
• In January 2022, Renault and Nissan have formed a joint venture by investing USD 26 billion in future electric vehicles. Both companies plan on developing battery and platform technology to make their future EVs more customizable and less dependent on supply shortages due to supply chain disruptions.
• In January 2022, REE Automotive unveiled a new electric platform for delivery vehicles. The P7 electric Chassis is flat from end-to-end, and electric and autonomous vehicles based on this platform can achieve ranges of up to 600 km (370 miles) on a charge, given the 120-kWh battery. These vehicles can reach a top speed of 130 kph (80 mph).
• In January 2022, REE Automotive launched its new components product line and platforms, REEcorners. These proprietary systems combined the vital parts of an EV between the Chassis and wheel.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=127463561 

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Related Reports:

Electric Vehicle Market – Global Forecasts to 2030

EV Battery Market – Global Forecasts to 2027

Electric Commercial Vehicle Market – Global Forecasts to 2030

Electric Vehicle Charging Station Market – Global Forecasts to 2027

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: [email protected]

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/ev-platform-market.asp     

Visit Our Website: https://www.marketsandmarkets.com/

Content Source: https://www.marketsandmarkets.com/PressReleases/ev-platform.asp    

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets

Go to Source