Modular Electric Vehicle Market - Forecast(2024 - 2030)

Report Code: ESR 0837 Report Format: PDF + Excel

Modular Electric Vehicle Market Overview:

Modular Electric Vehicle Market size is estimated to reach $87.4 Billion by 2030, growing at a CAGR of 9.6% during the forecast period 2023-2030. As urban populations grow and cities face congestion and pollution challenges, modular EVs offer compact, agile solutions suitable for navigating dense urban environments. These vehicles are well-suited for short-distance commuting and last-mile delivery.

The global modular electric vehicle market is experiencing dynamic growth as the automotive industry undergoes a transformative shift toward sustainable and efficient transportation solutions. Modular electric vehicles (MEVs) are vehicles that utilize a modular platform, enabling flexible design, integration, and customization of various vehicle components. The modular electric vehicle market is gaining traction due to its alignment with sustainability goals, technological progress, and evolving consumer demands. As the automotive industry continues to shift towards electric mobility, modular EVs offer a promising pathway for addressing the challenges of urbanization, customization, and environmental sustainability. The convergence of these factors has created a fertile ground for the rapid growth and adoption of modular electric vehicles across global markets. 

Market Snapshot: 

Modular Electric Vehicle Market - Report Coverage:

The “Modular Electric Vehicle Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Modular Electric Vehicle Market.
 
AttributeSegment

By Vehicle Type

  • Passenger Cars

  • Commercial Vehicles

  • Micro-Mobility

By Modularity

  • Partially Modular EVs

  • Fully Modular EVs


By Range

  • Short Range

  • Medium Range

  • Long Range


By Price

  • Economy

  • Mid-Range

  • Premium


By End User

  • Individual Consumers

  • Fleet Operators

  • Government & Municipalities

  • Rental Companies


COVID-19 / Ukraine Crisis - Impact Analysis:  

The COVID-19 pandemic had a mixed impact on the modular electric vehicle (EV) market. While the initial phases of the pandemic led to disruptions in manufacturing, supply chains, and consumer demand, the market later rebounded due to increased emphasis on sustainable transportation and recovery efforts. The pandemic highlighted the importance of cleaner air and sustainable transportation. As a result, interest in EVs, including modular EVs, increased among consumers looking for environmentally friendly options.

The geopolitical tensions and the crisis in Ukraine have implications for the modular EV market, particularly in terms of supply chains, regulations, and market sentiment. Geopolitical tensions have created economic uncertainty, affecting consumer purchasing decisions and causing potential delays in adoption, particularly for higher-cost items like modular EVs.

Key Takeaways:

Individual Consumers Registers the Fastest Growth
Individual Consumers with a growth rate of 9.4% is the fastest-growing segment. The individual consumer segment is rapidly emerging as the fastest growing segment in the modular electric vehicle (EV) market due to several converging factors. With heightened environmental consciousness, consumers are seeking sustainable alternatives to traditional gasoline-powered vehicles, and modular EVs offer an appealing solution. The advancement in battery technology has addressed concerns about limited range and charging infrastructure, making modular EVs more practical for daily use. 

Commercial Vehicles has the Largest Market Share
Commercial Vehicles with a market share of 36% is the largest by type segment. Commercial vehicles, especially those used for delivery and logistics, cover high mileage and have significant fuel and maintenance costs. Electric commercial vehicles offer substantial operational cost savings due to lower electricity costs, reduced maintenance needs (fewer moving parts), and potential government incentives. As cities become more congested and air quality concerns rise, governments and businesses are seeking solutions to reduce urban pollution and congestion. Electric commercial vehicles are well-suited for short-distance urban travel, especially for last-mile delivery.

Increasing Environmental Imperatives 
Environmental concerns, including climate change and air pollution, are prompting governments, organizations, and consumers to seek cleaner transportation alternatives. The modular EV market is benefiting from this push towards sustainability as electric vehicles produce lower or zero tailpipe emissions compared to internal combustion engine vehicles. Stringent emission regulations imposed by governments globally are compelling automakers to accelerate the development and adoption of electric vehicles, including modular EVs. Many corporations are integrating sustainability into their operations, including their vehicle fleets. Modular EVs align with these goals, leading to corporate adoption and purchases.

Upgradation in Battery Technology
Continual improvements in battery technology have addressed one of the primary limitations of electric vehicles: range and charging. As battery technology advances, modular EVs are becoming more practical for longer journeys, thereby boosting consumer confidence in their adoption. Higher energy density in batteries allows for longer ranges without significantly increasing the size or weight of the battery pack. Improved charging infrastructure and faster charging capabilities mitigate range anxiety and make modular EVs more convenient for daily use. As battery costs decrease due to technological advancements, the overall cost of modular EVs becomes more competitive with traditional vehicles.

Hesitating Consumer Acceptance and Lack of Awareness
Some consumers might be hesitant to adopt modular EVs due to concerns about range, charging times, and perceived higher costs compared to traditional vehicles. Educating consumers about the advancements in battery technology, the benefits of lower operational costs, and potential government incentives is crucial. Offering extended test drives or short-term rentals can help consumers experience the convenience and cost-effectiveness of modular EVs firsthand. Transparent information about charging infrastructure availability can also address concerns about range anxiety.

Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Modular Electric Vehicle Market. The top 10 companies in this industry are listed below:

1. NIO
2. Rivian
3. BYD
4. Canoo
5. Xpeng Motors
6. Bollinger Motors
7. Karma Automotive
8. Arcimoto
9. Lightyear
10. Arrival

Scope of Report: 

Report MetricDetails

Base Year Considered

2023

Forecast Period

2023–2030

CAGR

9.6%

Market Size in 2030

$87.4 Billion

Segments Covered

Vehicle Type, Modularity, Range, Price, End User





Key Market Players

  1. NIO
  2. Rivian
  3. BYD
  4. Canoo
  5. Xpeng Motors
  6. Bollinger Motors
  7. Karma Automotive
  8. Arcimoto
  9. Lightyear
  10. Arrival

 


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1. Modular Electric Vehicle Market - Overview
    1.1. Definitions and Scope
2. Modular Electric Vehicle Market - Executive Summary
3. Modular Electric Vehicle Market - Comparative Analysis
    3.1. Company Benchmarking - Key Companies
    3.2. Global Financial Analysis - Key Companies
    3.3. Market Share Analysis - Key Companies
    3.4. Patent Analysis
    3.5. Pricing Analysis
4. Modular Electric Vehicle Market - Start-up Companies Scenario
    4.1. Key Start-up Company Analysis by
        4.1.1. Investment
        4.1.2. Revenue
        4.1.3. Venture Capital and Funding Scenario
5. Modular Electric Vehicle Market – Market Entry Scenario Premium
    5.1. Regulatory Framework Overview
    5.2. New Business and Ease of Doing Business Index
    5.3. Case Studies of Successful Ventures
6. Modular Electric Vehicle Market - Forces
    6.1. Market Drivers
    6.2. Market Constraints
    6.3. Market Challenges
    6.4. Porter's Five Force Model
        6.4.1. Bargaining Power of Suppliers
        6.4.2. Bargaining Powers of Customers
        6.4.3. Threat of New Entrants
        6.4.4. Rivalry Among Existing Players
        6.4.5. Threat of Substitutes
7. Modular Electric Vehicle Market – Strategic Analysis
    7.1. Value Chain Analysis
    7.2. Opportunities Analysis
    7.3. Market Life Cycle
8. Modular Electric Vehicle Market – By Vehicle Type (Market Size – $Million/$Billion) 
    8.1. Passenger Cars
    8.2. Commercial Vehicles
    8.3. Micro-Mobility
9. Modular Electric Vehicle Market – By Modularity (Market Size – $Million/$Billion) 
    9.1. Partially Modular EVs
    9.2. Fully Modular EVs
10. Modular Electric Vehicle Market – By Range (Market Size – $Million/$Billion) 
    10.1. Short Range
    10.2. Mid-Range
    10.3. Long Range
11. Modular Electric Vehicle Market – By Price (Market Size – $Million/$Billion)
    11.1. Economy
    11.2. Mid-Range
    11.3. Premium
12. Modular Electric Vehicle Market – By End User (Market Size – $Million/$Billion)
    12.1. Individual Consumers
    12.2. Fleet Operators
    12.3. Government & Municipalities
    12.4. Rental Companies
13. Modular Electric Vehicle Market – by Geography (Market Size – $Million/$Billion) 
    13.1. North America
        13.1.1. The U.S.
        13.1.2. Canada
        13.1.3. Mexico
    13.2. Europe
        13.2.1. UK
        13.2.2. Germany
        13.2.3. France
        13.2.4. Italy
        13.2.5. Spain
        13.2.6. Russia
        13.2.7. Rest of Europe
    13.3. Asia-Pacific
        13.3.1. China
        13.3.2. India
        13.3.3. Japan
        13.3.4. South Korea
        13.3.5. Australia & New Zealand
        13.3.6. Rest of Asia-Pacific
    13.4. South America
        13.4.1. Brazil
        13.4.2. Argentina
        13.4.3. Chile
        13.4.4. Colombia
        13.4.5. Rest of South America
    13.5. Rest of the World
        13.5.1. Middle East
        13.5.2. Africa
14. Modular Electric Vehicle Market – Entropy
    14.1 New product launches
    14.2 M&A's, collaborations, JVs, and partnerships
15. Modular Electric Vehicle Market – Industry/Segment Competition Landscape
    15.1. Market Share Analysis
        15.1.1. Market Share by Product Type – Key Companies
        15.1.2. Market Share by Region – Key Companies
        15.1.3. Market Share by Country – Key Companies
    15.2. Competition Matrix
    15.3. Best Practices for Companies
16. Modular Electric Vehicle Market – Key Company List by Country Premium
17. Modular Electric Vehicle Market - Company Analysis
    17.1. NIO
    17.6. Rivian
    17.3. BYD
    17.4. Canoo
    17.5. Xpeng Motors
    17.6. Bollinger Motors
    17.7. Karma Automotive
    17.8. Arcimoto
    17.9. Lightyear
     17.10. Arrival
   
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What is the growth rate of the Modular Electric Vehicle Market during the forecast period?

Modular Electric Vehicle Market size is estimated to be $46.03 Billion in 2023 and is projected to reach $87.4 Billion by 2030.

Top companies in Modular Electric Vehicle Market are NIO, Rivian, BYD, Canoo, Xpeng Motors, and others.

Rising Awareness and Adoption, Technological Innovations, Industrial and Commercial Growth, and Infrastructure Developments are some of the major Modular Electric Vehicle Market trends in the industry which will create growth opportunities for the market during the forecast period.

Increasing Environmental Imperatives, and Upgradation in Battery Technology are the driving factors of the market.