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3. Ford Motor Company (US), General Motors (US) and Hyundai Motor Group (South Korea) are leading players in EV Platform Market

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. The growth of this market is primarily driven by the benefits of modular EV platforms over conventional chassis, rising demand for EV platforms in passenger cars, increasing demand for EV platforms in commercial vehicles, and stringent government regulations.

Governments of several countries are undertaking initiatives to promote clean energy sources by implementing stringent emission norms and providing subsidies and tax benefits for the early adoption of electric and other low-emission vehicles. Along with improvements in electric and hybrid electric vehicles, car manufacturers are now focusing on developing electric vehicle platforms. Advancements in technology have enhanced electric vehicles, reduced the charging time, and lowered the cost of batteries. This has led to increasing demand for EVs, which is expected to grow explosively in the coming years as countries worldwide promote low-emission vehicles.

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The demand for EV platforms is higher in European and North American countries compared to Asian countries due to emission regulations, preference for environmentally friendly transportation, and other governmental policies. Thus, major EV platform providers, including Volkswagen Group (Germany), Hyundai Motor Group (South Korea), and Renault (France), are working on various partnerships and collaborations to cater to the demand from Europe and North America region.

The EV platform market is led by established players such as Volkswagen Group (Germany), BYD Company Ltd. (China), Ford Motor Company (US), Hyundai Motor Group (South Korea), and Renault (France). These companies have adopted product launches, expansions, collaborations, partnerships, and mergers & acquisitions to gain traction in the EV platform market. For example, in August 2022, Volkswagen Group and Mahindra and Mahindra signed a term sheet on the supply of MEB Electric Components for Mahindra’s new Electric SUV. Both companies will explore potential collaboration opportunities in India in e-mobility, including vehicle projects, charging and energy solutions, and cell manufacturing.

The Volkswagen Group consists of two divisions, namely Automotive and Financial Services. The Automotive Division comprises 10 brands from five European countries: Volkswagen, Volkswagen Commercial Vehicles, ŠKODA, SEAT, CUPRA, Audi, Lamborghini, Bentley, Porsche, and Ducati. The Financial Services Division comprises dealer and customer financing, leasing, banking and insurance activities, and fleet management. The company operates 120 production plants in 20 European countries and 10 countries in the Americas, Asia, and Africa. The company has been serving the auto industry for over 50 years and has a strong market position. Volkswagen Group manufactures wide product ranges for all segments. The strength of its product portfolio and heavy investment in R&D assists the company in serving customers’ requirements. The company has a strong presence globally.

Ford Motor Company, founded in 1903, is an American automotive company that designs, manufactures, markets, and services a full line of cars, trucks, sport utility vehicles, and electrified vehicles. The company provides vehicle-related financing and leasing services. It markets its products under Ford and Lincoln brand names. It serves customers across South America, the Middle East, Europe, North America, Africa, and Asia Pacific. Ford is one of the leaders in the automobile market and an established global manufacturer, technology innovator, and marketer of a wide variety of automobiles. It has actively invested in the R&D of EVs, lithium-ion batteries, and EV platforms and aims to electrify most of its offerings within a decade. The company invested USD 7.6 billion in 2021 in R&D, which was 5.6% of its total revenue.

General Motors is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, US. It is the largest automaker in the US. The company’s major products include automobiles and trucks, automotive components, and engines, and it is also engaged in financial services. Most of General Motors’ revenue comes from the automotive segment. In a joint venture with LG Energy Solution, General Motors’ battery production arm Ultium Cells LLC will mass-produce the Ultium battery cells for GM EVs and create thousands of new jobs in Northeast Ohio. This is one of the many partnerships of the company. General Motors is also one of the major players in the market, as it offers a wide range of automobile products and services. The company provides various solutions to the EV platform market and consists of different in-house brands such as Buick, Cadillac, Chevrolet, and GMC. Its product portfolio consists of passenger cars, trucks, and EVs.

Hyundai Motor Group includes Hyundai, Kia, Genesis, and more affiliates in other industries such as construction, steel, and finance. It is a global corporation that has created a value chain based on automobiles, steel, and construction, including logistics, finance, IT, and service. With over 278,735 employees worldwide, the company’s automobile brands include Hyundai Motor Co. and Kia Motors Corp. The company has three segments: Vehicles, Financial, and Others. Hyundai has a vast portfolio of ICE and hybrid vehicles, whereas a relatively smaller portfolio of EVs. Hyundai is another leader in the market, offering a wide variety of automobiles and EV platforms. It provides more than 50 types of EV platforms through multiple distribution channels. The company focuses on its product portfolio development by investing in the R&D of new products and technologies.

Related Reports:

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

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