Market Overview
Prototyping refers to the process of developing a model of any system. It helps designers build an initial set of system requirements. The primary focus of electric vehicle prototyping is to have a functional base code and add different features later.
According to MarkNtel Advisors’ research report, “Global Electric Vehicle Prototyping Market Analysis, 2021,” the market is likely to grow at a CAGR of around 43% during 2021-26. Prototyping act as a validation tool in the automobile industry. The surging demand for electric vehicles and the constant need for adding new & different features to them are the prime aspects fueling the demand for Global Electric Vehicle Prototyping Market.
Prototyping allows making changes before manufacturing the actual model. It is beneficial for quickly trying out new ideas and designs, which is not possible in traditional manufacturing. Further, it saves effort, time, and costs. Hence, these factors lead to accelerating the growth of the Electric Vehicle Prototyping Market across the globe.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR | 43% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, UK, France, Italy, Spain | |
| Asia-Pacific: China, India, Japan, South Korea, Australia | |
| South America: Brazil | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa | |
| Key Companies Profiled | 3ERP, ESI Group, TWI Ltd, Autodesk Inc., Carbon Design System Inc., Arm Ltd., Cadence Design System, Siemens Designs Software, PTC, ENCORE, Synopsis Inc. |
| Unit Denominations | USD Million/Billion |
Covid-19 Pandemic Negatively Impacted the Market
The Global Electric Vehicle Prototyping Market has been significantly affected due to the sudden outbreak of the Covid-19 pandemic. The market witnessed a downfall in its growth owing to the declining sales of electric vehicles. Moreover, lockdown imposition and the temporary shutdown of manufacturing units further disrupted the supply chain and production capacity.
However, post the outbreak, there is a rise in inclination towards using online platforms leading to an increase in the sales of electric vehicles. Also, as the market resumes with the gradual upliftment of lockdown and ease of norms, the Global Electric Vehicle Prototyping Market shall witness positive growth in the forthcoming timeframe.
