Strategy Analytics released a report that during 2021-2026, electric vehicle production will grow at a compound annual growth rate of 26%, and by 2029, production will be close to 54.1 million. This, in turn, will drive demand for corresponding xEV powertrain electronics systems, which are expected to grow at a CAGR of 37% to reach $107 billion by 2029, the report states.
Strategy Analytics said that the xEV powertrains it analyzed included key systems required for mild hybrid, full hybrid, plug-in hybrid, and battery-electric powertrain operation. This includes battery management systems, DC/DC converters, main traction inverters, electric motors, and onboard chargers.
According to reports, the main traction inverters and electric motors will drive overall demand, from more than 50% in 2021 to 57% in 2029, reflecting battery electric vehicle powertrains and the use of multiple systems per vehicle for high-end and ultra-high-end and ultra-high-end and ultra-high-end vehicles. The development trend of the high-end car segment.