On August 6, YoleGroup predicted that from 2025 to 2031, the production of various types of electric vehicles (xEV) will grow at a double-digit percentage compound annual growth rate (CAGR), accounting for approximately 70% of total light vehicle production by the end of the period, with battery electric vehicle (BEV) production reaching 33 million units. Driven by the electrification trend, the demand for power chips in xEVs will surge significantly, with the market size for this segment expected to reach USD 14.5 billion by 2031, representing a CAGR of 14% and more than doubling from the 2025 level.