Press Release

Global Electric Vehicle Prototyping Market is likely to grow at a CAGR of 43% during 2021-26

According to MarkNtel Advisors' research report, "Global Electric Vehicle Prototyping Market Analysis, 2021," the market shall grow at a CAGR of 43% during 2021-26. The market growth attributes to the rising demand for developing an EV with high quality and performance. Electric vehicle prototyping offers several benefits, including testing the vehicle's functionality and adding value & credibility to the product. Further, prototyping helps identify errors at an initial stage, thereby saving time & money.

Key Questions Answered in the Study

1. What are the current and future trends in the Global Electric Vehicle Prototyping Market?
2. How has the industry been evolving in terms of geography and services adoption?
3. How has the competition been shaping across the countries, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Global Electric Vehicle Prototyping Market?
5. What are the customer orientation, purchase behavior, and expectations from the Global Electric Vehicle Prototyping Market service providers across various regions?

Full Vehicle Designs to Attain the Largest Market Share

Based on Solutions, the market bifurcates into System Modelling, Full Vehicle Design, Virtual Performance Solutions, Interior Solutions, Virtual Manufacturing. Of them all, the Full Vehicle Design segment is more likely to attain the largest market share. It owes to the production of electric vehicles with lightweight body structures, engines, and optimal EV performance & maximum range. Furthermore, with simulation, one can virtually inspect & control key manufacturing & assembly processes & quality and secure the entire fabrication process. This secret to manufacturing lightweight, attractive, flexibly assembled electric vehicles and rendering the highest quality achievable is another crucial factor leading to robust market growth.

"Global Electric Vehicle Prototyping Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Electric Vehicle Prototyping providers across the globe. Moreover, the report also incorporates the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings. 

Europe Shall Register the Largest Market Growth

Europe is likely to register the fastest growth in the Global Electric Vehicle Prototyping Market in the forecast period of 2021-26. The automobile market contracted 22% of the market share in the previous years. However, new electric car registrations are likely to double up to 1.4 million, with an overall sales share of 10% in the coming years. Countries like the United Kingdom are likely to witness multiplied enrollments to reach 176,000. On the other hand, Electric Vehicles in Norway shall record a high sales share of 75%. Thus, these figures are indicators that Europe shall dominate the Global Electric Vehicle Prototyping Market share in the forecast years, states MarkNtel Advisors in their research report, "Global Electric Vehicle Prototyping Market Analysis, 2021."

According to MarkNtel Advisors, the major leading players in the Global Electric Vehicle Prototyping Market are 3ERP, ESI Group, TWI Ltd, Autodesk Inc., Carbon Design System Inc., Arm Ltd., Cadence Design System, Siemens Designs Software, PTC, ENCORE, Synopsis, Inc.

Market Segmentation:

1. By Software Tools Used (Computer-Aided Design, Computer-Aided Engineering, Computer-Aided Manufacturing, Computational Fluid Dynamic, Finite Element Analysis)
2. By Components (Battery, Fuselage, Exterior Aesthetics, Interior Solution, Aerodynamics, Electrical Components, Internal & External Noise management, Aerodynamics, Engine & Motor Solutions)
3. By Solution (System Modelling, Full Vehicle Design, Virtual Performance Solutions, Interior Solutions, Virtual Manufacturing)
4. By Vehicle Type (Commercial Vehicles, Passenger Cars, Two-Wheelers)
5. By Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa)
6. By Competitors (3ERP, ESI Group, TWI Ltd, Autodesk Inc., Carbon Design System Inc., Arm Ltd., Cadence Design System, Siemens Designs Software, PTC, ENCORE, Synopsis Inc.)