Global xEV Demand Outlook 2022-2031 – Q3 2024
Explore TechInsights’ forecast of xEV powertrain growth, with semiconductor demand led by battery electric vehicles set to dominate the market by 2031.
TechInsights forecasts xEV light vehicle powertrain production will grow from 28.1 million units in 2023 to reach 50.9 million units in 2028, a CAAGR of 13%, with the market forecast to continue growth and volumes reaching 59.0 million units by 2031. Despite the short-term challenges, battery electric vehicles will still comprise the largest market for semiconductors. Semiconductor demand from battery electric vehicles will grow at a CAAGR of 23% and account for 84% of the total semiconductor market opportunity in 2031. Semiconductor demand from xEV powertrain systems is forecast to grow at a CAAGR of 15% from 2023 to 2028, reaching $25.5 billion by 2031. The associated market for sensors is forecast to grow to $1.6 billion by 2031.
