The EV platform industry size 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.
Opportunities for expansion in the EV platform sector would arise from the preference for high-voltage and long-distance EVs, the high need for solid-state batteries in EVs, the rising desire for end-to-end software-defined vehicles, and the development of lightweight EVs.
The highest market share would be held by utility vehicles, such as SUVs and MPVs.
The market for EV platforms is dominated globally by the utility vehicles (SUVs/MPVs) sector. Companies are anticipated to embrace the utility vehicle category more frequently as a result of increased sales and public demand. SUVs’ roomy cabins, safety features, and adaptability have made them popular family cars in recent years. In light of this, EV platform makers have also concentrated on creating SUV-based platforms and expanding their offerings to include other kinds. For instance, in 2022, Rivian Automotive Inc. (US) introduced the R1S EV SUV, which was built on an internal platform.
In a similar vein, Zero Labs Automotive (US) developed an EV platform for customizing traditional SUVs like the Land Rover Defender and Ford Bronco. Once more, Canoo (US) provided the US Army with a light tactical utility vehicle in 2022 that was built on their electric vehicle platform. Additionally, Mahindra & Mahindra (India) unveiled the XUV-300, which will be rebranded as the XUV-400, one of their planned electric SUVs, in 2022. Toyota (Japan) unveiled a wide range of EVs for the future in 2022, many of which were SUVs built on a new platform that Toyota was developing. Based on Hyundai’s E-GMP platform, Hyundai and Kia also introduced their Ioniq 5 and EV-6 crossover SUVs globally in 2022. In 2022, around 64% of all electric passenger cars sold worldwide were electric SUVs or MPVs. In light of this, EV platform makers would find the electric utility market to be the most appealing.
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Over the course of the projected period, the steering system is anticipated to increase at the fastest rate.
Modern EVs are increasingly equipped with electric steering systems because of their increased energy efficiency and lower maintenance needs. Since electric steering systems don’t need a pump to create hydraulic pressure, they use less energy than hydraulic steering systems. This may contribute to an EV’s increased range. Researchers and automakers aim to lower the accident rate and increase the general safety of EVs by creating precise and quick steering systems. Enhancing EV drivers’ driving experiences is another objective of steering system developments. This entails creating more responsive and user-friendly devices as well as ones that give the driver better feedback and communication. To lessen the weight of electric vehicles and their mechanical connections, firms are implementing steer-by-wire technology. For example, four REEcorners with REE automotive x-by-wire technology form the foundation of the P7 EV chassis. A entirely flat chassis end-to-end with up to 35% greater interior volume for passengers, cargo, and batteries is made possible by REEcorners, which cram essential vehicle components into the space between the chassis and the wheel. P7 Chassis-based electric vehicles are capable of running on fuel cells or batteries, have some of the lowest step-in heights, and are prepared for autonomous driving. The demand for steering systems is anticipated to rise over the projected period due to the need for EV platforms and a rise in safety regulations.
Throughout the projected period, the largest EV platform market will be in Asia-Pacific.
The Asia-Pacific market for EV platforms will be led by nations like South Korea, Japan, and China. By restricting the use of gasoline and diesel vehicles, the governments of these nations have encouraged the growth of EV demand through subsidies and regulations that are beneficial to EVs. The region is now the most desirable market for EV platform makers due to the rapidly increasing demand for EVs brought about by this.
The market in Asia-Pacific is price-sensitive, and the most common electric passenger car models sold there are hatchbacks and SUVs/MPVs. About 65% of all electric passenger cars sold in the region were SUVs, hatchbacks, etc. Therefore, an EV platform is a solution that can assist manufacturers in meeting the growing demand for EVs while simultaneously extending their range at a relatively low cost.
Major companies in China, Japan, and South Korea include BYD, Hon Hai Precision Industry Co., Ltd., Toyota, Nidec Corporation, Hyundai Motor Group, and Mahindra & Mahindra. Toyota stated in December 2022 that it intends to introduce 30 battery EV models worldwide by 2030, providing a comprehensive range of battery EVs for both the passenger and commercial markets. To meet this need, it will therefore be developing specialized EV platforms. Leading Japanese automakers likewise want to switch to PHEVs and FCEVs by 2035, progressively ceasing to produce gasoline-powered vehicles. Toyota has made investments in electric vehicle (EV) technology in recent years, developing hybrid and fuel-cell vehicles as well as EV and modular EV platforms. Additionally, the business has been making investments in autonomous driving technology. Solid-state batteries for electric vehicles, which are thought to be the next generation of batteries, will be developed in collaboration with the Chinese technology behemoth CATL. To develop small commercial electric vans, Toyota is collaborating with Suzuki Motor Corporation, Daihatsu Motor Co., and Commercial Japan Partnership Technologies (CJPT). Together, Suzuki and Daihatsu will contribute their expertise in producing small cars, while Toyota will contribute its electrification technology to the development of the BEV system. The Asia Pacific EV platform market is becoming served by a number of leading OEMs from Europe and the United States. The Asia Pacific EV Platform market is anticipated to be driven by all of these factors.
Asia Pacific has the presence of many major EV platform manufacturers, such as BYD Company Ltd., Hyundai Motor Group, Toyota, Mahindra and Mahindra, Nidec Corporation, and Hon Hai Precision Industry Co., Ltd.
The key players in the automotive EV Platform market are Volkswagen Group (Germany), BYD Company Ltd. (China), Hyundai Motor Group (South Korea), Renault (France), and Ford (US).
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