EV Platform Market Analysis

EV Platform Market Analysis

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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.