EV Platform Market Set to Reach $68 Billion by 2030

EV Platform Market Set to Reach $68 Billion by 2030
Attractive Opportunities in EV Platform Market
EV Platform Market by EV Type (BEV, PHEV), Electric Passenger Car (Hatchback, Sedan, Utility Vehicles), Electric CV (Bus, Truck, Van/Pick-up Truck), Component (Suspension, Steering, Motor, Brake, Chassis, ECU, Battery) and Region – Global Forecast to 2030

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 of EV Platforms compared to electric vehicle models. Strict vehicular emission regulations and a rise in electric vehicle sales drive the EV platform market growth during the forecast period.

Electric vehicles and EV platforms are among the rapidly growing new-age markets. There has been a consistent push toward adopting electric vehicles for transportation due to the emphasis on environmental protection and reduction in greenhouse gas (GHG) emissions. Earlier, the high cost and heavy weight of batteries limited EV penetration. However, large-scale research and development in battery technology are putting EVs at the forefront of the automotive industry, with electric-based vehicles expected to account for 15% of the worldwide automotive market by 2030. 

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Asia Pacific, North America, and Europe are high-growth markets for electric mobility. Europe is witnessing high growth in the micro-cars segment, Asia Pacific in the public transportation segment, and North America in the luxury cars segment. Key factors for the growth in Europe are new models, incentive boosts by green recovery funds, the 95g CO2 emission mandate, and intense promotion of plug-in EVs. Apart from government initiatives and incentives, the EV platform ecosystem is witnessing innovations regarding drive-by-wire and solid-state batteries. Furthermore, investments by major EV platform manufacturers and automotive OEMs in capacity expansions and green field investments are poised to play a major role in the growth of the EV platform market.

The demand for EVs to date was 40–50% YOY growth. According to IEA (International Energy Agency), EV sales are expected to touch 230 million units by 2030. This increase in the number of electric vehicle sales would pressure EV manufacturers. The automotive industry is working on connected, autonomous, shared, and electric (CASE) mobility. Consequently, automotive OEMs are developing their conventional platforms to accommodate electric vehicle components such as batteries and motors. An electric vehicle is not equipped with a gearbox, engine, or fuel tank, which saves space. Next-generation platforms allow automotive OEMs to reduce the complexity over time, as manufacturers are consolidating the existing platforms into one architecture for the complete electric vehicle product portfolio, ranging from small to large SUVs (80 to 850 kW).

The market for EV platforms is expected to grow with an increase in sales of electric vehicles. EV sales have grown in all top auto markets: China, the US, and Europe. Factors such as increasing demand for low-emission commuting and governments supporting long-range, zero-emission vehicles through subsidies and tax rebates have compelled manufacturers to provide electric vehicles worldwide.

Significant investments by automakers are expected to cater to the rising demand for EVs and play a significant role in the evolution of the EV platform market. Volkswagen Group (Germany) developed a modular electric drive system (MEB), an EV platform designed exclusively for electric passenger cars that can be built on various models, from compact cars to vans. In 2020, Volkswagen Group started the production of electric cars based on the MEB platform. The MEB platform is implemented in various models, such as Volkswagen ID3 and ID4, Audi Q4 e-Tron, and Skoda Enyaq. In March 2022, Ford signed a partnership agreement with Volkswagen Group to build an electric model based on MEB. Ford has signed on for 600,000 MEB platforms to underpin a European-market SUV expected to launch in 2023. 

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