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 [https://www.transparencymarketresearch.com/silicon-carbide-for-ev-market.html], 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.
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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
[https://www.transparencymarketresearch.com/electric-vehicle-market.html
] (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(TM) 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
-- Hatchback
-- Sedan
-- SUVs
-- 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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