EV Platform Global Market Report 2024

The ev platform market size has grown exponentially in recent years. It will grow from $9.69 billion in 2023 to $12.43 billion in 2024 at a compound annual growth rate (CAGR) of 28.4%. The growth observed in the historical period within the domain of EV platforms can be attributed to several significant factors. These include the implementation of government regulations promoting sustainable practices, increasing environmental concerns prompting a shift toward cleaner technologies, transformation within the automotive industry to adopt electric mobility solutions, reduction in battery costs enhancing affordability, and rising consumer demand for electric vehicles.

The ev platform market size is expected to see exponential growth in the next few years. It will grow to $31.12 billion in 2028 at a compound annual growth rate (CAGR) of 25.8%. Anticipated growth in the forecast period within the domain of EV platforms is expected due to several key factors. These include a regulatory push for zero-emission vehicles, ongoing efforts to reduce costs in battery production, advancements leading to increased range and improved performance of electric vehicles, global investments in EV infrastructure, and widespread electrification initiatives globally.

The anticipated surge in demand for electric vehicles (EVs) is set to drive the expansion of the EV platform market. Electric vehicles, powered by electric motors drawing energy from batteries, are gaining prominence, and their production relies on EV platforms. These platforms offer flexibility in manufacturing, allowing for the creation of various EV models with features such as spacious interiors, larger batteries, and minimized wasted space. Notably, the Global EV Outlook 2022 report by the International Energy Agency revealed a doubling of electric vehicle sales in 2021 compared to 2020, reaching a record 6.6 million units. Electric cars, constituting 4% of global sales in 2021, underscore the growing demand for EVs and subsequently contribute to the thriving EV platform market.

The increasing investments in electric vehicles are poised to be a driving force behind the growth of the EV platform market. These investments encompass financial commitments directed towards research, development, production, and infrastructure to advance electric mobility. The funds allocated to electric vehicle platforms contribute to technological enhancements, the development of charging infrastructure, and the scaling of production capacities to meet the rising demand for sustainable transportation. A case in point is the UK government's initiative, as reported in March 2022 by the Department for Transport. With an allocation of £2.03 billion (£1.6 billion), the government aims to implement an electric vehicle infrastructure strategy, intending to expand the country's charging network to accommodate approximately 300,000 public chargers by 2030. The escalating investments in electric vehicles reflect a significant impetus for the growth of the EV platform market.

A prominent trend in the EV platform market is the increasing adoption of technological advancements by major companies to fortify their market positions. Notably, in May 2023, London Electric Vehicle Company (LEVC), a UK-based automotive company, introduced the Space Oriented Architecture (SOA), an advanced modular EV platform co-developed in collaboration with Geely Holding Group, a China-based automobile company. This adaptable SOA integrates pure electric vehicle technology, featuring a sophisticated and scalable platform that enhances connectivity, range, efficiency, safety, and charging times. The Space-Oriented Architecture also incorporates the latest advancements in electronic platform technology, including L-OS, a comprehensive digital operating system with autonomous driving and intelligent cockpit capabilities.

Major companies within the EV platform market are concentrating on product innovation to enhance the overall efficiency and convenience for electric vehicle users. Charger management tools, referring to software or systems overseeing and optimizing the charging process for electric vehicles, represent a key area of innovation. For example, in August 2023, EV Connect Inc., a US-based provider of electric vehicle charging services, unveiled the EV Connect Service Platform. This platform empowers companies to establish, expand, and manage EV charging operations with versatile monetization options. Offering a comprehensive suite of software and support services, the Service Platform equips organizations with the tools necessary to succeed in an increasingly competitive EV charging industry. Service providers can now exercise control over the entire EV charging value chain, including branding, maintenance, operations, and revenue.

In November 2022, Nissan Motor Co. Ltd, a prominent Japanese automobile manufacturer, successfully acquired Vehicle Energy Japan Inc. for an undisclosed sum. This strategic acquisition aligns with Nissan's objective to ensure a dependable source of batteries and advance the development of next-generation batteries that offer a competitive advantage in terms of both cost and performance. Vehicle Energy Japan Inc. specializes in the design, production, and sale of automotive lithium-ion batteries, thus contributing to Nissan's endeavors in securing advanced battery technology for their vehicles.

Major companies operating in the ev platform market report are Volkswagen Group, Toyota Motor Corporation, Ford Motor Company Limited, General Motors LLC., Bayerische Motoren Werke GmbH, Honda Motor Co. Ltd., SAIC Motor Corporation Limited, Tesla Inc., Nissan Motor Co. Ltd., BYD Company Ltd., Geely Auto Group, Great Wall Motor Co. Ltd., Hyundai Motor Co. Ltd., Chery Automobile Co. Ltd., Anhui Jianghuai Automobile Co. Ltd., Guangzhou Xiaopeng Motors Technology Co Ltd.,Rivian LLC, Kia America Inc., Polestar, Canoo Inc., Leapmotor Inc., Byton Ltd., Faraday Future Intelligent Electric Inc., Bovie Medical Corporation, Lucid Group Inc., Fisker Inc., Nikola Corporation, Hyliion Holdings Corp, Ztractor, BAIC Group.

North America was the largest region in the EV platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ev platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ev platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

There are several types of EV platforms, namely P0, P1, P2, P3, and P4. The P0 platform involves the integration of the electrical machine and internal combustion engine (ICE) and acts as the foundational structure for vehicle manufacturing. Components encompass the chassis, battery, suspension system, steering system, drivetrain, vehicle interior, and others. These platforms are utilized across various electric vehicle types, including hybrid electric vehicles, battery electric vehicles, and plug-in hybrid electric vehicles. EV platforms are distributed through diverse sales channels such as original equipment manufacturers (OEMs) and the aftermarket. They find applications in both passenger vehicles and commercial vehicles, serving as the structural backbone for electric vehicle manufacturing.

The EV platform market research report is one of a series of new reports that provides EV platform market statistics, including EV platform industry global market size, regional shares, competitors with an EV platform market share, detailed EV platform market segments, market trends and opportunities, and any further data you may need to thrive in the EV platform industry. This EV platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The EV platform market consists of sales of springs, and shock absorbers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.