xEV Global Semiconductor Demand Outlook 2022-2031

TechInsights forecasts xEV production to grow at a CAAGR of 13%, with volumes reaching 59.2 million units by 2031. Semiconductor demand from xEV powertrain systems is forecast to grow at a CAAGR of 15% from $10.5 billion in 2023 to almost $21.4 billion in 2028 and reaching $25.6 billion by 2031. The accompanied push towards increasing use of wide bandgap technologies will mean that by 2031, we will be approaching a tipping point when SiC semiconductor demand will exceed that of Si power semiconductors.

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