Tuesday, June 18, 2024

EV Platform Market Valuation to Exceed US$ 97.3 Bn by 2030

ElectricEV Platform Market Valuation to Exceed US$ 97.3 Bn by 2030

– Automotive players to harness modular EV platforms to tap into emerging revenue streams in e-mobility; development of scalable platforms to help accelerate the shift from internal combustion engine (ICE) to electric engines

– OEMs in EV platforms market find battery component as lucrative avenue; carmakers to integrate advanced battery technologies with dedicated platforms to increase efficiencies of EVs

The focus on adopting technology frameworks for scaling the production of electric vehicles (EVs) has intensified among OEMs, battery manufacturers, raw material suppliers, and other automotive manufacturers. Automakers in particular consider a scalable EV platform a major proposition for increasing the availability of EVs to meet the rising consumer demand. Players in the EV platform market are leveraging the value proposition to reduce the overall cost of production and spur the uptake of EVs.

The growing role of e-mobility in decarbonizing of the transport industry around the world has accelerated EV adoption, thus opening up vast possibilities in the EV platform market. The avenue is expanding continuously on the back of evolving electric mobility. Modular EV platforms have emerged as the key underpinning to reduce the cost of integration of advanced batteries and other electric drivetrain technologies. The global EV platform market is projected to cross US$ 97.3 Bn by 2030.

Many automakers are considering adopting purpose-built architecture to reduce the gap between electric vehicle engines and internal combustion-engines (ICEs). This has spurred R&D on developing battery electric vehicles (BEVs) with the help of scalable EV platforms. In the near future, higher demand for BEVs will offer lucrative gains to all stakeholders in the value chain.

Key Findings of EV Platform Market

  • Focus on Design Flexibility Extends Horizon of EV Platform Market Players: The proliferating demand for affordable EVs has driven players in the EV platform market to focus on reducing the overall cost of production. Over the years, this has underpinned the need to bring vehicle diversity across battery EVs and hybrid EVs for buses, utility vehicles, and cars. This stridently has increased the popularity of the modular EV platform approach among automakers to produce EVs at scale and meet the rapidly growing demand, notes the study on the EV platform market.
    The cost factor is important, especially crucial to support governments’ plans to phase out diesel and gasoline vehicles as they use carbon-intensive fuels. The relentless efforts of policy makers around the globe in reducing the GHG emissions has made them pursue EV commercialization as a key goal for sustainable development, which will impel development of EV platforms.
  • Dedicated EV Platforms to Gain Traction among Automakers: In the next few years, innovations in EV platforms will benefit EV manufacturers, OEMs, technology partners, and automotive manufacturers to allow them to integrate a variety of powertrain components. Some globally prominent automakers will seek dedicated EV platforms to achieve the economy of scale in the manufacturing of EVs. This will particularly help in the integration of advanced battery chemistries at scale, and in the near future, will offer lucrative gains to players in the EV platform market.

EV Platform Market: Drivers

  • Regulatory Mandates, Favorable Policies Boost Outlook of Adoption of EV Platform Market: Implementation of low tailpipe emissions and zero emissions vehicle mandates in various countries has shaped the contours of development of e-mobility. The trend is a key driver for the development of EV platforms to meet the burgeoning demand for electric vehicles in the transportation industry. Furthermore, fiscal incentives have played a key role in bridging the cost gap between EVs and ICE vehicles.
  • Rise in Sales of EVs Drives Global Market: The growing pace of commercialization of electric vehicles over the past few years globally has propelled the demand for a range of models. Significant research has been made on new powertrain technologies that address the challenges in transition from fossil-fueled vehicles to electric mobility. This has expanded the prospects of new EV platforms.

EV Platform Market: Regional Growth Dynamics

East Asia has emerged as a highly lucrative regional market. The opportunities in the East Asia EV platforms market have been rapidly expanding mainly on the back of considerable revenue potential in China, South Korea, and Japan. The regional market is anticipated to hold substantial market share globally. The growth can be ascribed to the burgeoning sales of EVs, especially in China. The marked presence of domestic OEMs in China is another factor cementing the prospects of the overall East Asia market. 

EV Platform Market: Key Players

Several players are keen on entering strategic collaborations with prominent automakers and automotive manufacturers to grow their stakes in the EV platform market. Some of the key players are Bayerische Motoren Werke AG, Volkswagen, Toyota, Open Motors, Nissan Motor, Daimler AG, Ford Motor Company, and Hyundai.

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