EV Platform Market Size - By Vehicle type (Hybrid Electric Vehicle, Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle), By Application (Passenger Vehicle, Commercial Vehicle), Platform, Sales Channel (OEM, Aftermarket) & Forecast, 2023 - 2032

Electric Vehicle (EV) Platform Market Size

EV Platform Market size surpassed USD 9.5 billion in 2022 and is anticipated to grow at 20% CAGR from 2023 to 2032. Electric vehicle platforms have a generic foundation, lowering production costs. Contrary to the combined setup previously used to create both ICEs and EVs, separate setups are required for EVs. As a result, the industry is expected to grow at a very optimistic rate as the switch from ICEs to EVs is increasing rapidly.

Developing a reliable and efficient EV platform requires significant investments in research & development, leading to high production costs. As a result, the final cost of EVs built on these platforms is higher than that of ICE vehicles. This cost difference can deter price-sensitive customers from buying EVs, especially in the emerging markets where price sensitivity is high. Additionally, high battery costs will further increase the overall cost of EVs, adding to the challenge of making them affordable for the mass market.
 

COVID Impact

The COVID-19 epidemic had negative impacts on the EV platform market. Global restrictions imposed during the COVID-19 pandemic interfered with the manufacture and sale of new cars, including the industry. The supply chain disruptions caused production & delivery delays due to the shortage of raw materials needed to build various components of electric vehicles such as EV platforms The industrial economy experienced a sharp downturn as a result of these disturbances. However, the industry anticipates a resurgence in business following the COVID-19 epidemic due to global trend toward emission-free automobiles.
 

EV Platform Market Trends

The EV platform sector is expected to grow during 2023-2032 owing to the increasing demand for electric vehicles, technological advancements, growing investments in EV infrastructure, focus on lightweight materials, and increasing adoption of autonomous driving technology.
 

EV Platform Market Analysis

The hybrid electric vehicle segment held EV platform market value of over 3 billion in 2022, which is attributed to the need for customer-friendly technologies. Hybrid electric vehicles have a petrol engine as well as one or more electric motors that are powered by batteries. A hybrid electric car's battery cannot be charged by plugging it in. The internal combustion engine and regenerative braking, on the other hand, charge the battery. These factors increase the product demand in the industry scenario. The battery electric vehicle industry is likely to cross USD 1 trillion by 2032.
 

The P2 EV platform market captured 32% of the global share in 2022 and is expected to grow at a lucrative pace by 2032. The architecture of the P2 platform allows for flexibility and scalability, allowing companies to adapt the platform to various vehicle sizes, body styles, and configurations. As it provides a common foundation that can be easily modified and tailored to meet specific market demands, the P2 platform simplifies the development of new EV models and variant, thereby boosting the segment demand.
 

The passenger vehicle sector held a dominant industry share in 2022 and will witness 21% growth till 2032. The market is expected to see greater corporate espousal due to increased public demand and sales. SUVs have become popular as family vehicles in recent years due to their spacious interiors, safety features, and versatility. Considering this, EV platform manufacturers have also concentrated on developing SUV-based platforms and diversifying them to other types.
 

Asia Pacific EV platform market captured 28% share in 2022. China, Japan, and South Korea will dominate the regional growth. These countries' governments have encouraged the use of EVs by providing subsidies and favorable policies while discouraging the use of gasoline/diesel vehicles. As a result, the region's demand for EVs is rapidly increasing, making it the most appealing market for EV platform manufacturers. Asia Pacific is a price-sensitive market, and hatchback and SUV/MPV electric passenger cars are the most popular. As a result, an EV platform is an option that can help manufacturers meet the rising demand for EVs while also increasing the range of these EVs without significantly increasing the cost.
 

EV Platform Market Share

Some of the major players operating in the EV platform industry are

• Volkswagen Group
• BYD Company Ltd.
• Hyundai Motor Group
• Renault
• Ford

These players focus on strategic partnerships and new vehicle type launches for market expansion. Furthermore, these players are heavily investing in research, allowing them to introduce innovative vehicle types and garner maximum revenue in the market.
 

EV platform Industry News:

• In January 2023, BYD announced the launch of its new e4 quad-motor platform for performance vehicles. The first vehicles on this platform are expected to be a five-meter electric offroad SUV and a quick hypercar that will be released under the recently formed Yangwang brand.
   
• In December 2022, Volkswagen Group upgraded its MEB electric platform to make it more competitive. The company's upgraded electric vehicle architecture will keep the 400-volt setup it currently uses rather than switching to an 800-volt system like the Hyundai-Kia platform. However, changes to the updated platform will increase charging speeds 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 increase from the current MEB setup's maximum range of 342 miles (550 km). The updated EV platform will also use unified battery cells sourced from a battery factory in Salzgitter, Germany, and Northvolt's Swedish plant.
   

This EV platform market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032, for the following segments:

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Market, By Vehicle type

• Hybrid electric vehicle (HEV)
• Battery electric vehicle (BEV)
• Plug-in hybrid electric vehicle (PEV)

Market, By Material

• P0
• P1
• P2
• P3
• P4

Market, By Application

• Passenger vehicle
• Commercial vehicle
• Vans
• Buses
• Trucks

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • ANZ 
• Latin America
  • Brazil
  • Mexico
• MEA
  • UAE
  • Saudi Arabia
  • South Africa