Global xEV System, Semiconductor and Sensor Demand Forecast 2022 to 2031 - May 2024
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This TechInsights data model presents a view of the Global outlook for xEV systems and associated semiconductor and sensor demand. The uncertainties and challenges posed by a slowing domestic and global economy will slow the momentum behind battery electric vehicles in the short term. In the mid- to long-term, the push towards electrification and specifically battery electric vehicles will be maintained 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 15% over 2023–2028, from $10.5 billion to $21.3 billion. The continued momentum will push market demand to $25.6 billion by 2031.
