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Global EV Platform Market Size, Share, Forecast: By Component: Suspension Systems, Motor Systems, Batteries, Brake Systems, Chassis, Electronic Control Units, Steering Systems; By Electric Vehicle Type: Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle, Others; By Vehicle Type; Regional Analysis; Competitive Landscape; 2024-2032
Global EV Platform Market Outlook
The global EV platform market size reached approximately USD 11.60 billion in 2023. The market is projected to grow at a CAGR of 20.5% between 2024 and 2032, reaching a value of around USD 62.12 billion by 2032.
Key Trends in the Market
An EV platform refers to the underlying architecture or framework upon which electric vehicles (EVs) are built. It is one of the most crucial parts of an electric vehicle. It consists of the basic structural and functional components of EVs, such as batteries, electric motors, charging systems, and chassis, among other components.
- The EV platform market growth can be attributed to technological advancements and evolving consumer interests. The electric vehicle market is experiencing rapid advancements in battery technologies, software, and motor designs, which play a significant role in the development of EV platforms.
Moreover, manufacturers have started to develop separate platforms for EVs instead of the previously used combined setup, which positively influences the growth of the market.
- Some of the EV platform market trends include favourable government policies and regulations in numerous countries aimed to mitigate greenhouse gas emissions and promote sustainable transportation. Simultaneously, consumers are increasingly drawn to electric vehicles due to their positive environmental impact and low ownership costs, favouring the market.
- Rapid urbanisation and the initiation of multiple smart city development plans are some of the factors aiding the EV platform market demand. The integration of electric vehicles with smart city infrastructure offers promising solutions for sustainable transportation by addressing issues such as traffic congestion and air quality in urban areas.
Market Analysis
Based on components, the market is segmented into suspension systems, motor systems, batteries, brake systems, chassis, electronic control units, and steering systems. The global EV platform market segmentation, on the basis of electric vehicle type, includes hybrid electric vehicle, plug-in hybrid electric vehicle, and battery electric vehicle.
The market, based on vehicle type, is categorised into hatchbacks, sedans, and utility vehicles. The major regional markets for EV platforms are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global EV Platform market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- Nissan Motor Co., Ltd.
- Mahindra & Mahindra Limited
- General Motors
- Hyundai Motor Company
- Volkswagen AG
- Tesla Group
- BYD Company Ltd.
- Open Motors
- REE Automotive Ltd.
- Others
Market Share by Electric Vehicle Type
According to the global EV platform market analysis, battery electric vehicles are expected to hold a significant market position during the forecast period. With the development of solid-state batteries utilising solid electrolytes instead of liquid or gel-based electrolytes, electric vehicle manufacturers are presented with a battery that provides higher efficiency and enhanced durability and safety than older batteries.
Market Share by Region
North America is likely to represent a major portion of the EV platform market share. Governments of Canada and the United States are increasingly implementing favourable policies for the adoption of electric vehicles and making the transition from traditional vehicles easier. These countries are some of the early adopters of electric vehicles, owing to the presence of major automobile companies in the region.
Competitive Landscape
Nissan Motor Co., Ltd., commonly known as Nissan, is a multinational automobile manufacturer headquartered in Yokohama, Japan. Established in 1933, Nissan has grown to become one of the largest and most influential automotive companies in the world. The company is known for producing a wide range of vehicles, including cars, trucks, and SUVs.
Mahindra & Mahindra Limited is one of the largest and most prominent Indian multinational corporations headquartered in Maharashtra, India. Since its foundation in 1945, the company has expanded its operations in various sectors such as automotive, aerospace, agribusiness, defence, hospitality, and information technology, among others, to become one of India's leading industrial conglomerates.
General Motors is a renowned multinational corporation founded in 1908 and currently headquartered in Michigan, the United States. General Motors (GM) has established itself as one of the largest and most influential automotive manufacturers globally by operating a diverse portfolio of automobile brands, including Chevrolet, GMC, Buick, and Cadillac.
Other EV platform market players include Hyundai Motor Company, Volkswagen AG, Tesla Group, BYD Company Ltd., Open Motors, and REE Automotive Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Component |
|
| Breakup by Electric Vehicle Type |
|
| Breakup by Vehicle Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global EV Platform Market Analysis
8.1 Key Industry Highlights
8.2 Global EV Platform Historical Market (2018-2023)
8.3 Global EV Platform Market Forecast (2024-2032)
8.4 Global EV Platform Market by Component
8.4.1 Suspension Systems
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Motor Systems
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Batteries
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Brake Systems
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Chassis
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Electronic Control Units
8.4.6.1 Historical Trend (2018-2023)
8.4.6.2 Forecast Trend (2024-2032)
8.4.7 Steering Systems
8.4.7.1 Historical Trend (2018-2023)
8.4.7.2 Forecast Trend (2024-2032)
8.5 Global EV Platform Market by Electric Vehicle Type
8.5.1 Hybrid Electric Vehicle
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Plug-in Hybrid Electric Vehicle
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Battery Electric Vehicle
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global EV Platform Market by Vehicle Type
8.6.1 Hatchbacks
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Sedans
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Utility Vehicles
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global EV Platform Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America EV Platform Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe EV Platform Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific EV Platform Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America EV Platform Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa EV Platform Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Nissan Motor Co., Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Mahindra & Mahindra Limited
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 General Motors
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Hyundai Motor Company
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Volkswagen AG
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Tesla Group
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 BYD Company Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Open Motors
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 REE Automotive Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global EV Platform Market: Key Industry Highlights, 2018 and 2032
2. Global EV Platform Historical Market: Breakup by Component (USD Billion), 2018-2023
3. Global EV Platform Market Forecast: Breakup by Component (USD Billion), 2024-2032
4. Global EV Platform Historical Market: Breakup by Electric Vehicle Type (USD Billion), 2018-2023
5. Global EV Platform Market Forecast: Breakup by Electric Vehicle Type (USD Billion), 2024-2032
6. Global EV Platform Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
7. Global EV Platform Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
8. Global EV Platform Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global EV Platform Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America EV Platform Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America EV Platform Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe EV Platform Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe EV Platform Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific EV Platform Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific EV Platform Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America EV Platform Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America EV Platform Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa EV Platform Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa EV Platform Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global EV Platform Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 11.60 billion.
The market is projected to grow at a CAGR of 20.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 62.12 billion by 2032.
The market is being driven by the rising demand for long-range electric vehicles and technological advancements enabling the manufacturing of improved components.
The implementation of policies and regulations for carbon emission control and the increasing consumer interest towards EVs due to reduced environmental impact are some of the major trends in the market.
The major regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The different vehicle types considered in the market report are hatchbacks, sedans, and utility vehicles.
The key players active in the market are Nissan Motor Co., Ltd., Mahindra & Mahindra Limited, General Motors, Hyundai Motor Company, Volkswagen AG, Tesla Group, BYD Company Ltd., Open Motors, and REE Automotive Ltd., among others.
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