New Delhi, Sep 4 : As more countries embrace electric vehicles (EVs) The market for electric powertrain systems is expected to reach $107 billion by 2029, as per an report from the industry.The EV production is expected to grow at an annual CAAGR (compound annual average rate of growth) of 26 per cent between 2021 and 2026, with numbers reaching 54.1 million units by 2029, says the global research company Strategy Analytics.
This, in turn, will boost the demand for xEV powertrain electronic systems to be $107 billion by 2029an increase in CAAGR of 37 percent.
The trend towards electric vehicles is influenced by consumer awareness and the government regulations and mandates that relate to climate change, as well as the need to cut emissions as well as reverse the effects of global warming.
The xEV powertrain systems incorporate the most important components required to operate of full hybrid, mild hybrid plug-in hybrids, and batteries electric powertrain.
This includes batteries management systems, DC/DC converters main inverter of traction electric motor, and onboard charger.
“Several trends are shaping the powertrain technology, however the primary objective is to reduce weight and size while maximizing efficiency and performance, said Asif Anwar Executive Director at Strategy Analytics.
A
The primary traction inverter and electric motor is expected to boost demand, increasing from more than 50 percent in 2021 and 57 percent in 2029, a reflection of the growing demand for battery electric powertrains for vehicles as well as premium and super-premium vehicles with several systems per vehicle.
“Integration cloud-based analytics and wide bandgap semiconductors such as silicon carbide or gallium nitride as well in the development of novel material for electric motors, and 800V structures are all being utilized to accomplish these goals,” said Anwar.
This will boost the market and keep momentum towards electrification of the automotive industry, according to the report states.
na/svn/
.
