Industry News

EV Platform Market (Component: Chassis, Battery, Suspension System, Steering System, Drivetrain, Vehicle Interior, and Others; Electric Vehicle Type: Hybrid Electric Vehicle and Battery Electric Vehicle; Sales Channel: OEM and Aftermarket; Vehicle Type: Hatchback, Sedan, Utility Vehicles, and Others; and Platform: P0, P1, P2, P3, and P4) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030

Tightening Environment Laws and Soaring Demand for Electric Vehicles to Boost Market Growth
Due to impressive technological advancements and evolving regulatory landscape, the global automotive sector has witnessed considerable changes over the past couple of decades. At present, the current automotive sector around the world is increasingly moving toward a sustainable and a greener future, wherein OEMs and other stakeholders are compelled to invest in new technologies and innovations that comply with the evolving regulatory landscape. Over the past decade, electric vehicles have garnered considerable popularity around the world. While awareness pertaining to electric vehicles continues to grow around the world, with it, the global sales of electric vehicles continues to move in the upward trajectory– a factor that is expected to boost the growth of the global EV platform market.
The demand for electric vehicles is a leading factor expected to drive the global EV platform market during the assessment period. Companies operating in the current EV platform market are increasingly focusing on offering cost-effective and efficient EV platforms to their customers, and bridging the cost gap between electric vehicle engines and internal combustion-engines (ICEs). Several top-tier players in the market are also expected to launch innovative EV platforms over the course of the upcoming decade– a factor that is likely to aid growth of the global EV platform market during the forecast period.
At the back of these factors, the global EV platform market is anticipated to surpass the US$ 97.3 Bn mark by the end of 2030.

Market Players Focus on Bridging Cost Gap between ICE and Electric Engines
Although the demand for electric vehicles has witnessed consistent growth over the past few years, a handful of OEMs make substantial profit via sales of electric vehicles. The wide cost gap between electric engines and ICEs is a major factor expected to drive innovations and pave the way for cost-effective EV platform models in the near future. High cost of electric batteries is one of the key reasons why electric vehicles are priced higher than that of hybrid or vehicles that operate on ICE-vehicle architecture. As a result, several players operating in the EV platform market landscape are seeking new ways to compensate these costs by focusing on designing the EV on a scalable and a modular platform. While several OEMs are increasingly investing in the development of purpose-built EV platforms to manufacture electric vehicles, others are primarily relying on ICE-vehicle architecture for the production of electric vehicles. In their bid to make electric vehicles production profitable, market players are increasingly exploring different concepts, including simpler assembly lines.

Market Players Focus on Launching New EV Platforms to Gain Competitive Edge
Witnessing the growing demand for electric vehicles and anticipating a higher penetration of electric vehicles in the future, several companies are currently inclined toward launching new EV platforms to gain a competitive edge in the current market landscape. In addition, while top tier companies are increasingly investing in the production of innovative EV platforms, several startups have entered the global EV platform market, and are forging strategic alliances with other market players to establish their presence in the highly competitive EV platform market. For instance, REE Automotive, an Israeli startup entered a partnership with Japan’s KYB Corporation to launch a cutting-edge suspension for future electric vehicle platforms. KYB Corporation is expected to offer its line of semi-active and active suspension systems for REE’s EV platform.
In addition, several leading OEMs are increasingly focusing on building dedicated EV platforms to establish a solid presence in the market. For instance, in February 2019, Hyundai announced that the company is likely to manufacture a dedicated electric vehicle platform that will primarily be used by new electric cars produced by the company.

Demand for EV Platforms Decline in 2020 amid COVID-19 Pandemic
The global automotive sector has experienced a major setback in 2020 due to the outbreak of the novel COVID-19 pandemic. The onset of the COVID-19 pandemic has moved the growth of the EV platform market into the slow lane in 2020, as the automotive sector in China was under lockdown especially in the first quarter of 2020. Due to this, the supply of raw materials and automotive components took a major hit worldwide. However, as China gradually opened up its industries, other major automotive hubs were restricting cross-border trade and transportation as a measure to curb the spread of the virus.
The EV platform market is expected to gradually gain momentum toward the last quarter of 2020, as the global demand for EVs witnesses a steady growth following the relaxation of lockdown restrictions and trade.

Analysts’ Viewpoint
The global EV platform market is expected to expand at a moderate CAGR of ~3.5% during the forecast period. The market growth is primarily driven by growing demand for electric vehicles, increasing government support for electric vehicles, development of cutting-edge electric vehicle technology, and tightening environment protection laws and regulations. Market players should focus on launching innovative and cost-effective electric vehicle platforms to gain a competitive edge and establish a solid foothold in the market.

EV Platform Market: Overview
The global EV platform market is anticipated to expand at a CAGR of 3.5% during the forecast period. This is primarily due to increasingly stringent emission norms for automobiles coupled with the promotion of hybridization and electrification of vehicles in order to reduce the impact of harmful exhaust gases on the environment. Government regulations against diesel and gasoline vehicles is a major reason for the changing preference of customers toward electric vehicles and boost the demand for EV platform during the forecast period.
Market for EVs is expanding at a significant pace and investments at the early stage is significantly high for buses, as governments in most regions are investing considerably in major cities in order to address carbon emission likely to boost the market for EV platform. EV platform for electric buses witness high demand in most economies, as electrification of public platform is likely to impact more effectively in improving air quality.

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.

EV Platform Market Segmentation
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.

EV Platform Market: Regional Analysis
Based on region, the global EV platform market has been segregated into North America, Europe, East Asia, South APAC, Latin America, and Middle East & Africa
Consistent rise in penetration of EVs at a significant pace across several countries in East Asia and Europe is a prominent factor driving the global EV platform market, as investment in R&D in these countries is increasing. Europe is witnessing a robust increase in penetration of EVs. Subsequently, the demand for EVs is expected to rise during the forecast period, which is likely to boost the market for EV platform.
The East Asia EV platform market is anticipated to expand significantly, followed by Europe and North America. The automotive industry in countries, including China, Japan, and South Korea is inclined toward technology, innovation, and development of advanced EVs. Development of more advanced and fast charging stations is projected to propel the EV and EV platform market. BYD, BAIC, Chery, and SAIC are key players operating in the East Asia EV market, accounts for the maximum share of the EV platform market.

EV Platform Market: Competition Landscape
Key players operating in the global EV platform market include
Alcraft Motor Company
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
Zotye
Some OEMs opt to produce a BEV or PHEV on an adapted ICE platform to restrict capital investment and are responsible for flexible manufacturing. Overdesigned architecture for ICE vehicles face challenges in battery packaging. For instance, VW Group intends to build EVs of all sizes using several of the same parts so that it can make its e-models profitable. The company intends to build MEB cars in eight locations, globally, by 2022. Furthermore, it predicts it would sell 15 million vehicles on the EV platform over the next decade.

E-Rickshaw is an electric powered, three-wheeled vehicle primarily utilized for commercial purposes in order to transport passengers and goods. E-rickshaw is also known as electric tuk-tuk and toto. It utilizes a battery, traction motor, and electric powertrain in order to propel the vehicle.
Rickshaws are a prominent mode of commercial passenger transportation, especially across India, China, ASEAN, and several countries in Africa. Lower cost of transport, lower cost of rickshaws, and their maneuverability across congested urban roads are some advantages of rickshaws, which are driving their demand across the globe. Moreover, stringent emission norms, rising fuel prices, incentives over e-rickshaws, and increased range of e-rickshaws are shifting consumer preference toward e-rickshaws. Furthermore, the expected ban over fuel powered vehicles is likely to propel the demand for e-rickshaws.
The global e-rickshaw market is primarily restrained by the underdeveloped charging infrastructure across several countries. Moreover, lack of regulations is also restraining the global e-rickshaw market.
The global e-rickshaw market can be segmented based on rickshaw type, battery capacity, power rating, components, application, and region. In terms of rickshaw type, the global e-rickshaw market can be classified into two segments. Considering the low weight requirement for higher efficiency, the rate of adoption of open type e-rickshaws is rising among consumers.
Based on battery capacity, the global e-rickshaw market can be bifurcated into two segments. Higher the battery capacity, longer the range of e-rickshaw; hence, owners are preferring high capacity e-rickshaws. However, for higher capacity batteries, the weight increases in proportion. In terms of power rating, the global e-rickshaw market can be segregated into three segments. Demand for e-rickshaws having motor power between 1000 and 1500 Watt is rising, which is primarily attributed to their cost effectiveness coupled with considerable torque delivery.
In terms of components, the global e-rickshaw market can be classified into five segments. Battery is a pivotal and expensive component of the e-rickshaw. Batteries require frequent maintenance and require replacement after a specific time period, in order to ensure smooth and efficient performance of the vehicle. Chassis is another vital component of the e-rickshaw and hence, accounts for a major share of the market, in terms of revenue. Based on application, the global e-rickshaw market can be bifurcated into passenger transportation and goods transportation. The passenger transportation segment held a prominent share of the market, in terms of revenue, in 2020, which is attributed to the increased use of rickshaws for passenger commutation. Moreover, incorporation of e-rickshaws by on-demand transportation companies is likely to propel the passenger transportation segment of the market.
In terms of region, the global e-rickshaw market can be segmented into five prominent regions. Asia Pacific accounted for a major share of the market, in terms of revenue, in 2020, which is primarily attributed to the rising demand from consumers, government incentives and supportive policies, ban over fuel-powered rickshaws, and increasing fuel prices. Moreover, rickshaws are a prominent mode of transportation across urban areas of several countries in Asia, such as China and India. Moreover, presence of globally leading e-rickshaw manufacturers is another prominent driver of the e-rickshaw market in Asia Pacific.
Key players operating in the global e-rickshaw market are Mahindra Electric Mobility Limited, MICROTEK, Nezonegroup, Arna Electric Auto Private Limited, GREEN VALLEY MOTORS, GEM E Rickshaw, SuperEco, Bajaj Auto Limited, Xianghe Qiangsheng Electric Tricycle Factory, Hitek Electric Auto Co., YUVA E RICKSHAW, J.S. AUTO (P) LTD., and Pace Agro Pvt. Ltd.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
Customer Experience Maps
Insights and Tools based on data-driven research
Actionable Results to meet all the business priorities
Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
North America
Asia Pacific
Europe
Latin America
The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here’s how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across 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.