EV Demand to Drive Powertrain Semiconductor Market, Says SA
Government regulations and mandates, and growing consumer awareness, are expected to drive a 26% compound annual average growth rate (CAAGR) for electric vehicles through 2026, with shipments approaching 54.1 million units by 2029, reported Strategy Analytics Thursday. That will drive…
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demand for xEV powertrain semiconductors, which are estimated to have a CAAGR of 31% to $27.3 billion over the forecast period. Battery-driven EVs will comprise the largest market for powertrain semiconductors at 82%, growing at a 39% CAAGR; chips for hybrids, plug-in hybrids and battery electric powertrains are included in the forecast. “Semiconductors required for power electronics will comprise the largest market, with growth accelerating in line with the push towards battery electric vehicles and the move towards higher performing, more efficient wide bandgap semiconductors,” said analyst Asif Anwar.