NAFTA xEV Market Demand Outlook
2022-2031
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This report summarizes forecasts for the NAFTA market for xEV systems, semiconductors, and sensors. Despite the uncertainties and challenges posed by 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. xEV production will grow at a CAAGR of 21%, reaching 11.1 million units by 2031. xEV powertrain electronics demand will grow at a CAAGR of 27%, from $5.8 billion in 2023 to $19.2 billion by 2031. This will help to sustain demand for xEV semiconductor and sensor components, and the market will grow at a CAAGR of 23% over 2023–2028, from $1.3 billion to $3.8 billion. The continued momentum will push market demand to $4.6 billion by 2031.
