According to news on October 13, Strategy Analytics Electric Vehicle Services (EVS) released a research report "xEV Sensor Demand Outlook 2021-2029" predicting that between 2021-2026, electric vehicle production will grow at a compound annual growth rate of 26%. Shipments in 2029 will be close to 54.1 million vehicles. This in turn will drive corresponding xEV powertrain sensor demand to grow at a 30% CAAGR to $1.7 billion by 2029.
Pure electric vehicles will become the largest market for sensor battery management systems, DC/DC converters, main traction inverters, electric motors, on-board chargers and other systems. By 2029, sensor demand for pure electric vehicles will grow at a CAAGR of 44%, accounting for 68% of the entire sensor market opportunity.
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