The global silicon carbide market for EVs stood at US$879.3 million in 2023, and the global market is projected to reach $3 billion in 2034, according to a new report from Transparency Market Research, Inc. Overall, 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 toward more sustainable 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.
The market
Major players in the global SiC 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 SiC technology in EVs is set to advance the automotive industry by providing more efficient, reliable, and eco-friendly solutions. As the market for EVs continues to expand, the role of SiC will become increasingly significant, driving advancements in power electronics and contributing to the global efforts in reducing carbon emissions and promoting sustainable transportation solutions.
Key takeaways
- 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.
Growth drivers
- Efficiency is a key driver for the adoption of SiC technology in the 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 EVs.
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.
Key players
- In 2023, Infineon Technologies AG made significant strides in the SiC market for EVs 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 EVs with the launch of its third-generation STPOWER SiC MOSFETs.
Applications
- Traction Inverter
- DC-DC Converter
- On-board Charger (OBC)
- SiC Power Modules
- SiC Transistors (MOSFET)
- SiC Diodes
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