Electric vehicle (EV) production will grow at a CAAGR of 26 percent over 2021 to 2026 and will reach 54.1 million units by 2029. The demand for xEV powertrain electronics systems is forecast to grow at a CAAGR of 37 percent and reach $107 billion by 2029, Strategy Analytics said.
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 percent in 2021 to 57 percent 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.”