In recent years, the XEV market has developed rapidly, thanks to the commitment of governments to achieve carbon neutrality by 2050. The adoption of electric vehicles isthe key to reducing carbon dioxide emissions. OEMs, Tier1 and power semiconductor manufacturers will evolve with the growth of electric vehicles.

According to Yole, the global XEV market will grow at a compound annual growth rate of 21% from 2021 to 2027, and will accelerate in all market segments . According tostatistics from the China Association of Automobile Manufacturers, the sales volume of new energy passenger vehicles in my country in 2021 was 3.334 million, an increase of 167.5%, which is higher than that of new energy commercial vehicles. It is expected that new energy vehicles will maintain a compound growth rate of more than 30% from 2021to 2025, and the penetration rate will reach 35% in 2025. The rapid development of the new energy vehicle industry will provide a large market space for its core component electric drive system .

Electric drive is the confirmed track of new energy vehicles (XEV), and the field is in a stage of rapid growth and iterative upgrading. Although leading EV HEV
semiconductor manufacturers are aligned with semiconductor manufacturers for other power applications (such as Infineon, STMicroelectronics, Hitachi, Mitsubishi Electric,ON Semiconductor), other companies (Tier1, OEMs, power semiconductor manufacturers and pure module newcomers) are currently also providing power modules for EV/HEV.