The global surge in electric vehicle (EV) adoption, driven by
environmental concerns and stringent government regulations to
reduce carbon emissions, is significantly boosting the demand for
high-performance and efficient power electronics.
WILMINGTON, Del., July 25,
2024 /PRNewswire/ -- The global silicon carbide
for EV market stood at US$ 879.3
million in 2023, and the global market is projected to
reach US$ 3 billion in 2034. The
silicon carbide for EV market is anticipated to expand at a CAGR of
11.9% between 2024 and 2034.
The rapid adoption of electric vehicles (EVs) worldwide is
driven by increasing environmental awareness and stringent
government regulations aimed at reducing carbon emissions. As the
automotive industry shifts towards greener technologies, the demand
for advanced power electronics has surged, highlighting the crucial
role of silicon carbide (SiC) in EVs. Silicon carbide, known for
its superior electrical properties, has emerged as a key material
in the development of high-efficiency components essential for
electric powertrains.
One of the primary advantages of silicon carbide over
traditional silicon-based semiconductors is its ability to operate
at higher voltages, temperatures, and frequencies. These
characteristics enable SiC components to deliver better performance
and efficiency, which are critical for the power management systems
of EVs. For instance, SiC-based inverters can convert DC to AC
power more efficiently, leading to improved battery utilization and
extended driving range.
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Major players in the global silicon carbide market are investing
heavily in research and development to enhance the performance and
reliability of SiC-equipped components. Companies are focusing on
innovations that can further reduce energy losses, minimize heat
generation, and improve the overall durability of power electronic
systems. This technological advancement is not only crucial for the
efficiency of electric powertrains but also for the reduction of
the overall system size and weight, which can positively impact
vehicle design and manufacturing costs.
The growing integration of silicon carbide technology in EVs is
set to revolutionize the automotive industry by providing more
efficient, reliable, and eco-friendly solutions. As the market for
electric vehicles continues to expand, the role of silicon carbide
will become increasingly significant, driving advancements in power
electronics and contributing to the global efforts in reducing
carbon emissions and promoting sustainable transportation
solutions.
Silicon Carbide for EV Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 879.3 Mn
|
Forecast (Value) in
2034
|
US$ 3.0 Bn
|
Growth Rate
(CAGR)
|
11.9 %
|
No. of
Pages
|
123
Pages
|
Segments
covered
|
By Battery Type, By
Application, By Voltage Type, By Component, By End-user
|
Key Takeaways of Market Report
- Global silicon carbide for EV market to generate absolute
dollar opportunity worth US$ 3
billion until 2034.
- Global silicon carbide for EV market is valued at US$ 879.3 million in 2023.
- Asia Pacific is forecasted to
hold the largest share in 2023.
Silicon Carbide for EV Market: Growth Drivers Top of
Form
- Efficiency is a key driver for the adoption of silicon carbide
(SiC) technology in the electric vehicle (EV) sector. SiC's
intrinsic properties, such as high thermal conductivity and low
power losses, enable it to operate more efficiently than
traditional silicon-based components, minimizing energy wastage in
EV powertrains.
- According to the silicon carbide market report for EVs, SiC
power modules dominate the market. These modules, which integrate
SiC MOSFETs, SiC diodes, gate drivers, and protection circuitry,
are major consumers of silicon carbide in EVs, offering a
comprehensive and efficient solution for power electronics and
enhancing overall system efficiency in electric vehicles.
Silicon Carbide for EV Market: Regional Landscape
- The silicon carbide market analysis for EVs indicates that
Asia Pacific holds a significant
share in the global market. This region includes some of the
world's largest and fastest-growing EV markets, such as
China, Japan, and South
Korea, which actively promote EV adoption through
incentives, subsidies, and regulations to reduce air pollution and
greenhouse gas emissions.
- This proactive stance results in substantial demand for
advanced technologies like silicon carbide, essential for enhancing
the performance and efficiency of electric drivetrains in vehicles
produced and sold in the region. The integration of SiC technology
supports the region's ambitious environmental goals and drives the
growth of the silicon carbide market.
Silicon Carbide for EV Market: Key Players
- In 2023, Infineon Technologies AG made significant strides in
the silicon carbide (SiC) market for electric vehicles by
introducing its new CoolSiC™ MOSFET 1200 V portfolio. This
development focuses on enhancing the performance and efficiency of
power electronics in EVs.
- In 2023, STMicroelectronics advanced its position in the
silicon carbide market for electric vehicles with the launch of its
third-generation STPOWER SiC MOSFETs.
Silicon Carbide for EV Market: Segmentation
Application
- Traction Inverter
- DC-DC Converter
- On-board Charger (OBC)
Component
- SiC Power Modules
- SiC Transistors (MOSFET)
- SiC Diodes
Vehicle Type
- Two Wheelers
- Passenger Cars
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses and Coaches
Propulsion
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
Voltage
- Up to 650 V
- 650 V - 800 V
- More than 800 V
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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