Sizing the opportunity in non-auto end markets for automakers & suppliers

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Sizing the opportunity in non-auto end markets for automakers & suppliers

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Automotive Industry

Sizing the opportunity in non-auto end

markets for automakers & suppliers

Estimate Change

Auto companies diversifying to higher growth end markets 01 July 2026

A key theme we see emerging across the auto value chain is automotive companies Equity

leveraging their industrial footprint & scale to expand into faster-growing, higher-margin Global

end markets. We think power generation & energy storage especially for data centers Autos/Car Manufacturers

are the most tangible near-term opportunities, given ability for automakers/suppliers to Alexander Perry

scale quickly in a market where speed to power is the number one purchasing criteria. Research Analyst

The divergence in end-market growth profiles creates a clear incentive to pursue non- BofAS+1 646 855 1365

auto opportunities as the IEA projects US data center electricity consumption to grow at aperry3@bofa.com

a 15% CAGR through 2030 vs. S&P forecasts for +1% global auto production CAGR over Jack Joyce, CFA

Research Analyst

the same time frame. We see the most material near-term opportunities for Ford & BofAS

BorgWarner in data center power generation/energy storage but also see the ability for +1 646 556 2798

jack.joyce@bofa.com

automakers & suppliers to move into diversified industrials, robotics, aerospace, &

defense where Aptiv currently has an offering. GM’s near-term opportunity is defense

with its recent Lockheed Martin agreement, but we also see longer term opportunity in

BESS with its sodium ion chemistry with production expected by the end of the decade.

IEA = International Energy Agency

Ford has a credible path to scale in energy storage