Forecast: 2026 Q1 Global xEV Demand Outlook 2023 to 2032

Global xEV markets keep climbing despite near‑term EV headwinds, with chip and sensor demand rising at a 13% CAGR through 2029 and beyond.

This TechInsights data model presents a view of the Global outlook for xEV systems and associated semiconductor and sensor demand. Near-term economic headwinds are likely to slow battery-electric vehicle momentum, but electrification trends should remain intact over the mid to long term as volumes continue to grow. As a result, demand for xEV semiconductor and sensor components is expected to rise, with the market growing at a CAAGR of 13% from 2024 to 2029, from $12.0 billion to $22.5 billion. Continued momentum is projected to lift market demand to $26.2 billion by 2032.