EV Platform Market Size to Surpass US$ 96.2 Bn by 2027

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According to recent market study published by Nova One Advisor  Market reports titled, “Global EV Platform Market Size, Share, Trends Analysis , Opportunity and Forecast, 2021-2027”, the market was valued at US$ 96.2 Billion by 2027 and is expected to grow at a moderate growth rate of 4.2% by the year 2027.

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EVs offer significant advantages over conventional ICEs, and their penetration is significantly high in Europe. Countries, including China, Mexico, Brazil, and those in the EU are enacting more stringent CO2 emission targets, which is estimated to boost the sales of EVs and EV platform during the forecast period.

Regulatory norms by several organizing bodies on internal combustion engines (ICEs), along with technological enhancements in electric batteries and powertrains are driving the demand for electric vehicles (EVs) and EV platform. Most vehicle manufacturers are introducing new models in collaboration with new entrants in the vehicle industry for ICE as well as EVs to develop new EV design and EV platform.

Report Scope of the EV Platform Market

Drivers of EV Platform Market
Previously, major brands preferred developing a single platform for four five models to restrict capital investment. However, more demand from car buyers for region specific features, styling, and performance, including element of uniqueness in car prompted OEMs to develop different platform for different models, which is likely to boost the market for EV platform during forecast period.
Fossil fuels are finite and soon, fossil fuel reserves are likely to be exhausted. According to the current rate of consumption, an estimated 46.7 years of fuel resources remain across the globe, and 49.6 years of natural gas resources remain worldwide. Alternatives to fossil fuels are available in the market, including electric vehicle, CNG, LPG, air powered vehicle, and LNG. However, electric vehicles are being increasingly adopted, which are regularly utilized for transportation in urban and metropolitan cities and towns. This, in turn, is likely to act as a solution for the finite availability of natural resources. This is estimated to boost the market for EV platform.
Several manufacturers, such as Tesla Inc. and Nissan, have introduced performance EVs that run on new EV platform that are quieter on the roads and provide smooth and hassle-free ride. Low maintenance cost of EVs, owing to new design in the EV platform has been an added advantage, which is likely to benefit consumers in the long-term. This, in turn, is likely to propel the EV platform market.
Challenges for EV Platform Market
Cost of electric vehicles as compared to that of conventional ICE (internal combustion engine) vehicles is significantly high and is considered as a primary restraining factor for the electric vehicle and EV platform market
Electric powered vehicles require charging stations, and a network of such stations located strategically is required for people to travel long distances. Moreover, recharging of batteries often takes about 1 hour, which nowhere matches efficiency of a gas refuel, which further restrains the EV platform market.

Highlights of the Report:

  • Based on component, the battery segment is projected to account for a major share of the EV platform market during the forecast period. OEMs focus on the production of advanced EV battery that are expected to have lower emission at relatively lower costs, which leads to more investment in R&D for the battery segment and ultimately for EV platform.
  • Based on electric vehicle type, battery electric vehicle segment is expanding at a rapid pace for the EV platform market. Most OEMs are focusing on the development of battery electric vehicles on newly developed EV platforms rather than hybrid electric vehicles, as the demand for BEVs is more than that of HEVs. Moreover, considerably high capital investment and expertise is required to develop HEV as compared to that of a BEV, as a BEV does not include an ICE on EV platform and hence, is simpler to build.
  • Based on vehicle type, the utility vehicles segment accounted for a significant share of the global EV platform market. Consumers in China favor compact sedans; however, the arrival of new and more appealing SUVs has shifted demand toward utility vehicles. There is a decline in sales of sedans. They are not as useful as hatchbacks or more spacious as SUVs and consumers in Asia and the U.S. prefer both spacious and useful vehicles. Reduction in demand for hatchbacks across Europe and Latin America is due to an increase in size of smaller vehicle. The larger the hatchback, the less functional and maneuverable they become.

COVID-19 Impact on EV Platform Sales

  • Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the EV Platform market.
  • Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
  • Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
  • Against this backdrop, Nova one advisor’s study predicts gradual recovery for the EV Platform market 2021 onwards. This trend will however continue through the course of the report’s assessment period

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Recent report on the EV Platform market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the EV Platform market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2021 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global EV Platform market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.

The report analyzes the historical and present-day scenario of the global EV Platform market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the EV Platform market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.

The report delves into the competition landscape of the global EV Platform market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the EV Platform market that are profiled in this report.

Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The EV Platform market is analyzed at both regional and country levels.

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the EV Platform market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the EV Platform market include: 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, Saic Motor, Toyota, Volkswagen, Volvo, XAOS Motors, and Zotye.

Market Segmentation:

The report is divided into major categories comprising product, application, regions and others. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Every segment is studied thoroughly in order to offer a better picture to the buyers and stakeholders to benefit from. Information like highest prevailing product, highly demanded product by the application segment and end users are rightly mentioned in the EV Platform report.

Global EV Platform Market: Segmentation

  • EV Platform Market, by Component
    • Chassis
    • Battery
    • Suspension System
    • Steering System
    • Drivetrain
    • Vehicle Interior
    • Others
  •  EV Platform Market, by Electric Vehicle Type
    • Battery Electric Vehicle
    • Hybrid Electric Vehicle
  • EV Platform Market, by Sales Channel
    • OEM
    • Aftermarket
  • EV Platform Market, by Vehicle Type
    • Hatchback
    • Sedan
    • Utility Vehicles
    • Others
  • EV Platform Market, by Platform
    • P0
    • P1
    • P2
    • P3
    • P4

Research Methodology

A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global EV Platform market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.

These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global EV Platform market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.

Key Questions are

  • What are the key factors influencing the EV Platform market in each region?
  • How much value will the global market generate by the end of the forecast period?
  • What will be the CAGR of the global market between 2021 and 2027?
  • What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
  • What is the future scope and current trends in technologies of the global market?
  • What is the revenue of the global market based on segments?
  • Which key strategies are used by top players of the global market?
  • Which are the leading companies in the global market?
  • What are the essential strategies by key stakeholders in the market to expand their geographic presence?
  • What are the major advancements witnessed in the global market?

Why should you invest in this report?

If you are aiming to enter the global EV Platform market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for EV Platform are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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