Global EV Platform Market Report and Forecast 2024-2032

Global EV Platform Market Size

The global EV platform market value reached approximately USD 11.60 billion in 2023. The market is projected to grow at a CAGR of 20.5% between 2024 and 2032, reaching a value of around USD 62.12 billion by 2032.

Global EV Platform Market Growth

An EV platform refers to the underlying architecture or framework upon which electric vehicles (EVs) are built. It is one of the most crucial parts of an electric vehicle. It consists of the basic structural and functional components of EVs, such as batteries, electric motors, charging systems, and chassis, among other components.

The EV platform market growth can be attributed to technological advancements and evolving consumer interests. The electric vehicle market is experiencing rapid advancements in battery technologies, software, and motor designs, which play a significant role in the EV platform market development.

Global EV Platform Market Analysis

The EV platform market trends and developments are shaped by favourable government policies and regulations in numerous countries aimed at mitigating greenhouse gas emissions and promoting sustainable transportation. Simultaneously, consumers are increasingly drawn to electric vehicles due to their positive environmental impact and low ownership costs, favouring the EV platform market growth.

Rapid urbanisation and the initiation of multiple smart city development plans are some of the factors aiding the EV platform market demand. The integration of electric vehicles with smart city infrastructure offers promising solutions for sustainable transportation by addressing issues such as traffic congestion and air quality in urban areas.

Global EV Platform Industry Outlook

According to the International Energy Agency, in 2023, China led global fuel cell electric vehicle (FCEV) deployment, with a 20% increase from 2022, reaching 87,000 units by year-end. Of the 15,400 new FCEVs added globally, China contributed significantly, especially in medium- and heavy-duty trucks. Light commercial vehicles grew fastest, driven by China's robust market.

Asia dominated FCEV stock, holding over 70%, with North America at 20% and Europe under 10%. Korea emerged as the top country for FCEV stock, accounting for almost 40% of global FCEVs, thanks to its substantial car fleet (33,000 units). The United States, with 12,800 FCEVs, ranked second in the fuel cell car segment and held 30% of the global FCEV bus stock, further boosting the EV platform industry revenue.

China's FCEV fleet expansion led to it surpassing the United States in the FCEV bus sector, now comprising over 20% of the global bus fleet. Despite fewer than 800 fuel-cell cars, China has the largest fleet across all other segments, including 98% of medium- and heavy-duty fuel-cell trucks and 90% of fuel-cell LCVs. This growth aligns with China's target of 50,000 FCEVs by 2025, indicating progress toward this goal.

The growth of the EV platform industry is driven by electric car sales that approached 14 million in 2023, with 95% occurring in China, Europe, and the United States, according to the International Energy Agency. This surge brought the global electric car stock to 40 million, aligning with the Global EV Outlook 2023 forecast. The year-on-year increase was 35%, with 3.5 million more electric cars sold than in 2022.

In 2023, new registrations exceeded 250,000 weeklies, a significant rise from 2013. Electric vehicles accounted for 18% of all car sales in 2023, up from 14% in 2022 and 2% in 2018, indicating sustained robust market growth. Battery electric cars constituted 70% of the electric car stock in 2023.

Market Competition in the Global EV Platform Market

The global EV platform market is intensely competitive, with major players like Nissan Motor Co., Ltd., Mahindra & Mahindra Limited, General Motors, Hyundai Motor Company, and Volkswagen AG driving innovation. These companies focus on developing scalable EV platforms, enhancing battery technology, and forming strategic partnerships. Investments in R&D and infrastructure expansion are key strategies to capture market share in this rapidly evolving sector. Continuous advancements in EV technology and charging networks further intensify the competition.

Key Players in the Global EV Platform Market and Their Strategic Initiatives

Nissan Motor Co., Ltd.

• Developed the CMF-EV platform for versatile electric vehicle models.

• Expanded battery manufacturing capabilities for enhanced range and performance.

• The EV platform market development is boosted by partnerships such as the one between Renault and Mitsubishi to advance EV technology and infrastructure.

Mahindra & Mahindra Limited

• Launched the MESMA 48 platform for affordable electric vehicles.

• Invested in research for advanced battery and electric drivetrain technology.

• Collaborated with global automakers to expand the EV platform market opportunities.

General Motors

• Introduced the Ultium battery platform for scalable electric vehicle production.

• Committed $27 billion to electric and autonomous vehicle development by 2025.

• Partnered with LG Chem for next-generation battery technology.

Hyundai Motor Company

• Launched the E-GMP platform for a diverse range of electric models.

• Invested heavily in hydrogen fuel cell technology for long-range EVs.

• Formed strategic alliances to accelerate EV infrastructure development.

Global EV Platform Industry Segmentation

“Global EV Platform Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Component

• Suspension Systems

• Motor Systems

• Batteries

• Brake Systems

• Chassis

• Electronic Control Units

• Steering Systems

Market Breakup by Electric Vehicle Type

• Hybrid Electric Vehicle

• Plug-in Hybrid Electric Vehicle

• Battery Electric Vehicle

Market Breakup by Vehicle Type

• Hatchbacks

• Sedans

• Utility Vehicles

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

EV Platform Market Share

According to the global EV platform market analysis, battery electric vehicles are expected to hold a significant market position during the forecast period. With the development of solid-state batteries utilising solid electrolytes instead of liquid or gel-based electrolytes, electric vehicle manufacturers are presented with a battery that provides higher efficiency and enhanced durability and safety than older batteries boosting the growth of the EV platform market.

Leading Companies in the EV Platform Market

The company manufactures and sells vehicles, including cars, SUVs, and commercial vehicles. It focuses on innovation with electric, hybrid models, and autonomous driving technology, promoting sustainable and eco-friendly transportation solutions globally.

• Nissan Motor Co., Ltd. 

• Mahindra & Mahindra Limited 

• General Motors 

• Hyundai Motor Company 

• Volkswagen AG 

• Tesla Group 

• BYD Company Ltd. 

• Open Motors 

• REE Automotive Ltd.

Key Highlights of the Report

EV Platform Market Report Snapshots

EV Platform Market Size

EV Platform Market Growth

EV Platform Market Analysis

EV Platform Market Share

EV Platform Companies