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.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|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.
Computer-Aided Design Accounted for the Largest Market Share
Based on the Software Tools Used, the market segments into Computer-Aided Design, Computer-Aided Engineering, Computer-Aided Manufacturing, Computational Fluid Dynamic, and Finite Element Analysis. Among these segments, the Computer-Aided Design generated the highest revenue in the Global Electric Vehicle Prototyping Market in the previous few years. The Computer-Aided Design tool offers a wide range of solutions and helps in minimizing the cost of designing an electric vehicle. It provides an arbitrary set of variables to designers and enables them to work with variable ranges. Also, with the help of a Computer-Aided Design tool, the designer can have access to both design and simulation in a single package. Hence, these factors lead to augment the segment growth, cites MarkNtel Advisors in their research report, “Global Electric Vehicle Prototyping Market Analysis, 2021.”
Electrical Components Dominated the Market
Based on the Component, the market bifurcates into Battery, Fuselage, Exterior Aesthetics, Interior Solution, Aerodynamics, Electrical Components, Internal & External Noise management, Aerodynamics, and Engine & Motor Solutions. Of them all, Electrical Components acquired the largest share in the Global Electric Vehicle Prototyping Market in the previous few years. Prototyping of Electrical Components helps in identifying faults and other issues that would be unsafe late. Also, it helps in determining how the components would react under various circumstances. It helps in enhancing the product quality & performance and reduces maintenance costs. Thus, these factors result in accelerating the demand for Electrical Components prototyping.
North America Attained the Highest Market Share
Geographically, North America held the largest share in the Global Electric Vehicle Prototyping Market in the previous few years due to burgeoning demand for an electric vehicle with different new features coupled with high purchasing power in the US. Further, the region continues to provide lucrative growth opportunities for the Electric Vehicle Prototyping Market, owing to the developed economic conditions, surging industrialization, high consumer demand, and the rising trend of EVs.
Wide-Range Benefits of Prototyping to Boost the Market Growth
The demand for electric vehicle prototyping is increasing as prototyping helps companies to minimize their manufacturing cost. Electric vehicle prototyping helps in detecting errors, address missing features, and checking the functionality. Hence, these factors lead to saving time, effort, and cost of manufacturing the original electric vehicle.
Development Costs to Restrain the Electric Vehicle Prototyping
Although prototyping is a sustainable and affordable process, it still adds additional expenses for companies. Therefore, adding a prototyping process before manufacturing electric vehicles increases the production cost. However, it ensures the successful development of vehicles, thereby helping companies in the long term.
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.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Global Electric Vehicle Prototyping Market is forecast to grow at a CAGR of 43% during 2021-26
A. 3ERP, ESI Group, TWI Ltd, Autodesk Inc., Carbon Design System Inc., Arm Ltd., Cadence Design System, Siemens Designs Software, PTC, ENCORE, Synopsis, Inc. are a few of the leading players in the Global Electric Vehicle Prototyping Market.
A. The Electrical Component segment is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. North America continues to grow at the highest CAGR during 2021-26, thereby presenting immense opportunities to market players of the Global Electric Vehicle Prototyping Market.
A. The surging demand for electric vehicles and the constant need for adding new & different features are the prime factors fueling the growth of the Global Electric Vehicle Prototyping Market.
A. The Global Electric Vehicle Prototyping Market has witnessed a downfall in its growth, primarily due to the decline in sales of Electric Vehicles(EVs) owing to the Covid-19 pandemic. Additionally, the lockdown imposition and temporary shutdown of manufacturing units further caused supply chain disruptions and hampered the production capacity of electric vehicles.