Battery Electric Vehicles will be the catalyst for wide bandgap semiconductor demand
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 Semiconductor 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 semiconductors which is forecast to grow at a CAAGR of 31% and reach $27.3 billion by 2029.
“Semiconductors required for power electronics will comprise the largest market, with growth accelerating in line with the push towards battery electric vehicles and the move towards higher performing, more efficient wide bandgap semiconductors,” noted Asif Anwar, Executive Director at Strategy Analytics. “This will translate to the market for SiC (silicon carbide) growing at a CAAGR of 39% over 2021 to 2026 and grow through 2029 to reach $8.3 billion at which point we will have reached a tipping point with SiC semiconductor demand exceeding that of Si (silicon) power semiconductors.”
Source: Strategy Analytics, Inc.
#SA_Automotive
About Strategy Analytics
Strategy Analytics, Inc. is a global leader in supporting companies across their planning lifecycle through a range of customized market research solutions. Part of TechInsights, our multi-discipline capabilities include: industry research advisory services, customer insights, user experience design and innovation expertise, mobile consumer on-device tracking and business-to-business consulting competencies. With domain expertise in smart devices, connected cars, intelligent home, service providers, IoT, strategic components and media, Strategy Analytics can develop a solution to meet your specific planning need. For more information, visit us at www.strategyanalytics.com.
For more information about Strategy Analytics
Electric Vehicles Service (EVS): Click here
European Contact: Asif Anwar, +44 (0)1908 423 635, aanwar@strategyanalytics.com
US Contact: Mark Fitzgerald, +1 617 614 0773, mfitzgerald@strategyanalytics.com
China Contact: Julia An, +86 189 1664 1683, jan@strategyanalytics.com
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 Semiconductor 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 semiconductors which is forecast to grow at a CAAGR of 31% and reach $27.3 billion by 2029.
Semiconductor demand from 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 powertrains. This includes battery management systems, DC/DC converters, main traction inverter, electric motor, and onboard charger. Battery electric vehicles will comprise the largest market for semiconductors growing at a CAAGR of 39% and account for 82% of the total electric vehicle powertrain semiconductor market opportunity in 2029.
“Semiconductors required for power electronics will comprise the largest market, with growth accelerating in line with the push towards battery electric vehicles and the move towards higher performing, more efficient wide bandgap semiconductors,” noted Asif Anwar, Executive Director at Strategy Analytics. “This will translate to the market for SiC (silicon carbide) growing at a CAAGR of 39% over 2021 to 2026 and grow through 2029 to reach $8.3 billion at which point we will have reached a tipping point with SiC semiconductor demand exceeding that of Si (silicon) power semiconductors.”
Source: Strategy Analytics, Inc.
#SA_Automotive
About Strategy Analytics
Strategy Analytics, Inc. is a global leader in supporting companies across their planning lifecycle through a range of customized market research solutions. Part of TechInsights, our multi-discipline capabilities include: industry research advisory services, customer insights, user experience design and innovation expertise, mobile consumer on-device tracking and business-to-business consulting competencies. With domain expertise in smart devices, connected cars, intelligent home, service providers, IoT, strategic components and media, Strategy Analytics can develop a solution to meet your specific planning need. For more information, visit us at www.strategyanalytics.com.
For more information about Strategy Analytics
Electric Vehicles Service (EVS): Click here
Contacts
Report contacts:European Contact: Asif Anwar, +44 (0)1908 423 635, aanwar@strategyanalytics.com
US Contact: Mark Fitzgerald, +1 617 614 0773, mfitzgerald@strategyanalytics.com
China Contact: Julia An, +86 189 1664 1683, jan@strategyanalytics.com