EV Platform Market Introduction
EV (electric vehicle) platform is a conjunction of certain electric vehicle equipment that have an enormous impact on the electric vehicle characteristics and specification. EV platform includes underbody, steering mechanism, and suspensions, floor plan that acts as chassis foundation, and placement of battery, which powers the electric vehicle. Dedicated EV platforms are simpler to assemble, enhance multiple model variants, and reduce the cost of electric vehicles, as they permits improved interior cabin space packaging, motors, power electronics, and battery packs.
EV Platform Market - Competitive Landscape
- Recently, Hyundai Motor Company announced the debut of a new built-in dedicated EV platform for its new electric model in 2020. The company is already developing various electric vehicles, ranging from plug-in hybrid to pure electric to hybrid and fuel-cell electric models. The automaker is expecting to reach its goal of launching 44 electrified vehicle models by 2025.
- In 2019, an announcement was made by Toyota Motor Corporation and Subaru who are going for a joint venture to develop a platform for pure electric midsize and passenger vehicles. The collaboration is also likely to work in alliance for a battery-powered compact SUV.
Established in 1937, Volkswagen AG has its headquarters in Wolfsburg, Germany. The company along with its subsidiaries and firms, engages in the design, development, manufacture, sale, and supply of automobiles and automotive parts all around the world. Volkswagen AG’s products include passenger cars and commercial vehicles. Its brands include Audi, SEAT, ŠKODA, Bentley, Porsche, Lamborghini, Bugatti, Scania, Ducati, and MAN.
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Mahindra & Mahindra Ltd.
Founded in 1945, Mahindra & Mahindra Ltd. has its headquartered in Mumbai, India. The company designs, develops, manufactures, sells, and supplies automobile, automotive systems, and automotive parts worldwide. The company has presence in more than 100 countries across the globe. It is continuously focusing on expansion in key automotive hubs. In 2018, Mahindra & Mahindra Ltd and Ford Motor Company entered into a partnership to introduce small electric vehicles in India.
Established in 2003, Tesla, Inc. has its headquarters in Palo Alto, California, U.S. The company is an automotive and energy company that manufactures and sells electric cars. It emphasizes on the reduction of vehicle emission and production of more clean energy products. The company is investing consistently in the development of new generation technology and electric vehicles. Moreover, it also focuses on the development of clean energy generation vehicles and storage products.
EV Platform Market Dynamics
Increase in awareness about environment and eco-friendly vehicles (zero emission vehicles) supplemented with government support is driving demand for EV platform
Air pollution is rising across the globe, especially in urban areas where pollution is significantly high. Transportation pollution is a key cause for the surge in emissions. However, the introduction of the pure electric vehicle, which are considered zero-emission vehicles, is likely to curb transportation emission, thereby boosting the demand of electric vehicles and EV platforms. Furthermore, government initiatives and policies are prompting the adoption of alternative fuel vehicles. Several policy measures exist in this regard, that comprise both monetary and traffic benefits. Monetary policies involve subsidies for purchase of alternative fuel vehicle and exemptions in road tax to owners of alternative fuel vehicles.
Additionally, automakers are converting their current models into electric versions, owing to the revised pollution norms and government support. This is projected to boost the EV platform market in the near future.
Paradigm shift toward the adoption of green mobility across the globe
Presently, factors such as hike in fossil fuel price, growing environmental concern, and advancement by auto manufacturers are prompting the development of green mobility, which curtails emission and offers more efficient operation. Adoption of long range electric vehicles, which are equipped with dedicated EV platforms, is rising significantly. This, in turn, is boosting the demand for EV platform.
High cost of pure electric vehicle to hamper the EV platform market
Pure electric vehicles that employ EV platform are quite expensive in spite of government tax credit and subsidiaries being offered on its purchase. Higher cost of the vehicle supplemented with limited availability of fast or rapid charging stations is hampering the adoption of the electric vehicle, which in turn is estimated to restrain the EV platform market during the forecast period.
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EV Platform Market Segmentation
Based on electric vehicle type, the EV platform market can be classified into
- Battery Electric Vehicle
- Plug-in Hybrid Vehicle
Based on vehicle type, the EV platform market can be split into
- Passenger Electric Vehicle
- Commercial Electric Vehicle
Based on components, the EV platform market can be segmented into
- Suspension System
- Steering System
Based on components sales channel, the EV Platform market can be bifurcated into
The report on EV platform market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The EV platform market report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The EV platform market report also maps the qualitative impact of various market factors on market segments and geographies.
Regional analysis of the EV platform market includes:
- North America
- Latin America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.