Electric vehicle production will increase by 26 percent by 2029: report

Electric vehicle production will grow at a compound average annual growth rate (CAAGR) of 26%, reaching a volume of more than 54.1 million units by 2029. According to a report from market research firm Strategy Analytics, the market for EV Powertrain semiconductors will expected to develop at a CAAGR of 31% to reach $27.3 billion by 2029.

“Semiconductors required for power electronics will be the largest market, with growth accelerating in line with the push for battery-electric vehicles and the transition to higher-performing, more efficient, wide-bandgap semiconductors,” said Asif Anwar, executive director at Strategy analytics.

The push for electric vehicles is dictated by consumer awareness and government regulations and mandates related to climate change and the need to reduce emissions and reverse the effects of global warming. Battery-powered electric vehicles will be the catalyst for the growth in demand for semiconductors.

Demand for semiconductors encompasses the key systems required to operate mild hybrid, all-hybrid, plug-in hybrid and battery-electric powertrains. This includes battery management systems, DC/DC converters, main traction converter, electric motor and on-board charger, the report said.

Also read: Ola CEO Bhavish Aggarwal Extends S1 Electric Scooter Discount Offers Until Diwali 2022

According to the report, battery-powered electric vehicles will form the largest semiconductor market, growing at a CAAGR of 39 percent and accounting for 82 percent of the total market opportunity for electric vehicle semiconductors by 2029.

With input from IANS

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