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Saturday, April 20 2024

EV production likely to reach 54 mn units by 2029: Report

EV production likely to reach 54 mn units by 2029 Report
Photo Credit : IANS

New Delhi: The global electric vehicle production will grow at a compounded average annual growth rate (CAAGR) of 26 per cent, with volumes approaching 54.1 million units by 2029, a report has said.

The EV Powertrain semiconductor market is forecast to grow at a CAAGR of 31 per cent to reach $27.3 billion by 2029, according to the report by market research firm Strategy Analytics.

“Semiconductors required for power electronics will comprise the largest market, with growth accelerating in line with the push towards battery electric vehicle production and the move towards higher performing, more efficient wide bandgap semiconductors,” said Asif Anwar, Executive Director at Strategy Analytics.

The push for electric vehicles production 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.

Battery electric vehicles will be the catalyst for the growth in semiconductor demand.

Semiconductor demand 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, said the report.

According to the report, battery electric vehicles will comprise the largest market for semiconductors growing at a CAAGR of 39 per cent and account for 82 per cent of the total electric vehicle powertrain semiconductor market opportunity in 2029.

Read more:

Chandigarh: Punjab plans new policy to promote electric vehicles

Delhi: PM gives another push to electric vehicle adoption

India’s robust plans on Electric Vehicles to ensure cleaner environment

Odisha Cabinet approves Electric Vehicle Policy

Flipkart plans to deploy 25K electric vehicles by 2030

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