Europe xEV Market Demand Outlook 2022-2031
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This report summarizes forecasts for the European market for xEV systems, semiconductors, and sensors. Despite uncertainties such as Ukraine conflict, semiconductor shortages, and a slowing global economy, the momentum towards electrification and battery electric vehicles remains robust, with volume demand continuing to rise. xEV production in Europe is projected to grow at a CAAGR of 14%, reaching 12.5 million units by 2031. Demand for xEV powertrain electronics is expected to grow at a CAAGR of 24%, increasing from $7.9 billion in 2023 to $23.5 billion by 2028, and reaching $30.7 billion by 2031. This growth will help to sustain demand for xEV semiconductor and sensor components, with the market projected to grow at a CAAGR of 21% from $1.8 billion in 2023 to $4.7 billion by 2028 and reaching $5.8 billion by 2031.
