Global xEV Demand Outlook 2022-2031 – Q4 2024
Explore TechInsights' forecast on xEV powertrain growth, reaching 51.2 million units by 2028, with semiconductor demand, led by battery EVs, dominating 81% of the market by 2031.
TechInsights forecasts xEV light vehicle powertrain production will grow from 28.1 million units in 2023 to reach 51.2 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 21% and account for 81% 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 $23.8 billion by 2031. The associated market for sensors is forecast to grow to $1.6 billion by 2031.
