1 Big Reason to Buy Analog Devices
Sales of electric vehicles (EVs) are expected to take off remarkably in the future. Last year, EV sales crossed the 2 million mark, accounting for just a fraction of the 88.1 million units in global auto sales. But Bloomberg New Energy Finance forecasts that EVs will supply 54% of new car sales by 2040 thanks to plunging battery prices.
Analog Devices (NASDAQ: ADI) is one of the best ways to ride this rapid growth as its battery management products are critical to the functioning of EVs. More specifically, these battery management systems (BMS) are the brains of the battery pack used by EVs, managing several functions such as charging, discharging, and protecting the individual batteries from getting damaged.
The spurt in EV sales will drive BMS sales at a fast clip, with one estimate suggesting an annual growth rate of over 20%. Therefore, Analog Devices has set its sights on making the most of this fast-growing opportunity through product development moves and a crucial acquisition, which could substantially boost its revenue in the long run. Let's see how.
Source: Fool.com
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