Battery Electric Vehicles to Fuel Growth
BOSTON–(BUSINESS WIRE)–The push to electric vehicles is being dictated by consumer awareness and government regulations and mandates related to climate change and the need to reduce emissions and reverse the impacts of global warming. The latest Strategy Analytics Electric Vehicles Service (EVS) report, “xEV Systems Demand Outlook 2021-2029” forecasts that electric vehicle production will grow at a CAAGR (compound annual average growth rate) of 26% over 2021 to 2026, with volumes approaching 54.1 million units by 2029. This in turn will drive demand for corresponding xEV powertrain electronics systems which is forecast to grow at a CAAGR of 37% and reach $107.0 billion by 2029.
xEV powertrain systems covered in this analysis include the key systems necessary for operation of mild hybrid, full hybrid, plug-in hybrid, and battery electric powertrain. This includes the battery management systems, DC/DC converters, main traction inverter, electric motor, and onboard charger. The main traction inverter and electric motor will drive overall demand, from over 50% in 2021 to 57% by 2029, reflecting the push towards battery electric vehicle powertrains as well premium and super-premium vehicle segments incorporating multiple systems per vehicle.
“Several trends are shaping powertrain technologies, but the underlying goal is to reduce size and weight while maximizing performance and efficiency,” noted Asif Anwar, Executive Director at Strategy Analytics. “Integration, cloud-based analytics, wide bandgap semiconductors such as silicon carbide and gallium nitride, as well as novel materials for electric motors and 800V architectures are all being utilized to achieve these aims. This will drive the market and maintain momentum towards the electrification of the automotive industry.”
Source: Strategy Analytics, Inc.
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