SA: the market size of electric vehicle powertrain will exceed 100 billion US dollars by 2029

August 26, according to foreign media reports, local time on Thursday, the market research institute Strategy Analytics released a report that by 2029, the market size of electric vehicle powertrain will exceed 100 billion US dollars, reaching 107 billion US dollars.

The research institute also predicts that electric vehicle production will grow at a compound annual growth rate of 26 per cent between 2021 and 2026. By 2029, production will be close to 54.1 million.

Today, most automakers, including Ford and BMW, are turning to electrification. In order to gain a place in the electric vehicle market, they have launched electric vehicles and continue to increase the production of electric vehicles.

In December, Jim Farley, Ford's CEO, said it hoped to increase production of electric vehicles to 600000 within two years.

In June, BMW officially put into production its new brilliance BMIDA plant in China at a cost of 15 billion yuan. The plant is designed to produce battery-powered electric vehicles on its flexible production line according to market demand. Last year, the company said the plant would increase BMW's annual production in China, the world's largest car market, from 700000 to 830000.

In mid-August, Tesla CEO Musk posted on social media that Tesla had produced more than 3 million cars, of which the Shanghai factory had produced a total of 1 million electric vehicles.