We are living in the age of new technology or say we are moving forward for the EVs world. Yes, I am here to tell you about the next seven years’ plan for the Global EV powertrain system. For now, several countries created their own electric vehicles (EVs) from their respective manufacturer. Now, according to a new report, the EV powertrain systems Market is set to reach $107 billion by 2029, according to a new industry report.
Strategy Analytics clearly defines 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.
With this, the requirement for xEV powertrain electronics systems to reach $107 billion by 2029 — a CAAGR growth of 37 percent. As we know that the current situation of our environment is so bad and we really need a big change.
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The push for 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.
“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,” said Anwar.