Forecast: China xEV System, Semiconductor and Sensor Demand Forecast 2022 to 2031 – August 2024
TechInsights projects China’s xEV systems market to grow from $5.6 billion in 2023 to $11.4 billion by 2031, with a 12% CAAGR, driven by ongoing electrification and sustained semiconductor demand.
This TechInsights data model presents a view of the China outlook for xEV systems and associated semiconductor and sensor demand. Despite the uncertainties and challenges posed by the Ukraine conflict, semiconductor shortages, and a slowing domestic and global economy, the push towards electrification and battery electric vehicles is not slowing down with volume demand continuing to grow. This will help to sustain demand for xEV semiconductor and sensor components, and the market will grow at a CAAGR of 12% over 2023–2028, from $5.6 billion to $9.9 billion. The continued momentum will push market demand to $11.4 billion by 2031.
