The EV platform market is estimated to grow from USD 9.0 billion in 2022 to USD 68.0 billion by 2030 at a CAGR of 28.7% over the forecast period. Increase in demand for electric vehicles globally, a shift from conventional ICE vehicles to electric vehicles, continuously declining prices of Li-ion batteries, and ease of development and use the EV platforms compared to electric vehicle models. Strict vehicular emission regulations and a rise in sales of electric vehicles drive the development of the EV platform market during the forecast period.
Benefits of modular EV platform over conventional chassis
EV platform and electric vehicle prices depend on the prices of batteries; battery cost is around 40% of the electric vehicle cost. This cost is directly proportional to battery capacity. Initially, the prices for large-capacity batteries were high. However, prices have reduced over time, making high-capacity batteries more affordable for end-users. Various policies and economies have led to a reduction in the battery cost/kWh. As the production of batteries increases, there are more opportunities and government incentives to achieve innovations. Therefore, prices often fall when battery technologies begin to scale. In 2020, Niti Aayog sought approval to build up to 10 large factories that would get subsidies to produce lithium-ion batteries for electric vehicles. This would help in the overall price reduction of batteries in India. Research is underway to increase the pack size of batteries to support EV platforms and reduce costs.
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Preference for high-voltage and long-distance range EV platforms
The major development area in EV platforms is the driving range on a single charge. With improvements in EV battery technology, OEMs are working on developing long-range EV platforms. This will make EV platforms more viable as part of the commercial vehicle sector in the coming years. The development of solid-state battery technology will further increase the range of electric vehicles by 2028. The mass production of solid-state batteries will begin by 2028, reducing their price and making them suitable for electric vehicles.
North America is estimated to have the largest market in 2030
The leading countries, such as the US and Canada, are considered under the North American region. North America is a regional hub for renowned OEMs that deliver quality and high-performance vehicles. For instance, Tesla and General Motors focus on developing faster, cleaner, and high-performance electric vehicles. The electric vehicle market in this region is also growing rapidly, with many automakers investing in developing electric vehicles and related technologies. The North American automaker, Ford, announced plans to develop EV platforms. It has already launched one and invested in research and development to improve its electric vehicle technology.
Key Market Players
The EV platform market is dominated by a few globally established companies such as Volkswagen Group (Germany), Ford Motor Company (US), General Motors (US), Hyundai Motor Group (South Korea), and Renault (France).
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