Silicon carbide (SiC), a semiconductor material with superior properties to traditional silicon, is transforming the power electronics landscape in electric vehicles (EVs). SiC technology enables faster acceleration, extended driving range, and more efficient energy usage, ultimately enhancing the overall EV driving experience. The global silicon carbide (SiC) market for electric vehicles is projected to reach $9,031.2 million by 2032 from $513.0 million in 2022, growing at a CAGR of 33.02% during the forecast period 2023-2032.
BIS Research, a leading market research firm, has released a report titled Silicon Carbide (SiC) Market for Electric Vehicles – A Global and Regional Analysis, which discusses the challenges, growth factors, and future opportunities driving the remarkable growth of the SiC market for EVs. The detailed study is a compilation of 198 market data tables and 45 figures spread across 240 pages.
Market Analysis: Trends, Data, and Growth Projections
SiC’s high-frequency capabilities are essential for high-power, fast-charging stations. This is accelerating the expansion of charging infrastructure and reducing charging times for EVs.
The global silicon carbide (SiC) market for electric vehicles is projected to reach $9,031.2 million by 2032 from $513.0 million in 2022, growing at a CAGR of 33.02% during the forecast period 2023-2032.
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The SiC market catering to electric vehicles (EVs) is poised for rapid expansion due to SiC’s superior qualities compared to silicon in the production of EV power electronics while also coinciding with the rising demand for EVs.
Key Players and Market Shares:
In 2022, the global silicon carbide market for electric vehicles was characterized by significant consolidation with the top two manufacturers collectively holding approximately 70% of the market share. The remaining companies in the market collectively held a share of around 30%.
Key Players in Silicon Carbide Market for Electric Vehicles:
- Wolfspeed, Inc.
- Infineon Technologies
- Onsemi
- Coherent Corp. (previously known as II-VI Incorporated)
- STMicroelectronics
- Robert Bosch GmbH
- ROHM CO., LTD.
- Microchip Technology Inc.
- Mitsubishi Electric
- Alpha and Omega Semiconductor
- Toshiba Corporation
- Littelfuse, Inc
- GeneSiC Semiconductor
- Fuji Electric Co. Ltd.
- WeEn Semiconductors
- Solitron Devices, Inc.
Market Drivers, Challenges, and Opportunities:
The silicon carbide market for electric vehicles is expected to grow significantly in the coming years, driven by several factors, including:
- Superior Properties of Silicon Carbide Compared to Silicon
- Growth in the Demand for Electric Vehicles.
- Increasing Investment toward Enhancing SiC Manufacturing Capacity
The following are the limitations of the silicon carbide market for electric vehicles:
- Higher Manufacturing Cost Associated with SiC Semiconductors
- Limitation of Producing Large-Diameter SiC Wafers
These factors collectively drive the growth of the silicon carbide market for electric vehicles ecosystem, creating a thriving demand in the coming years.
Report Focus and Methodology:
The silicon carbide market for electric vehicles report provides a credible global and regional market analysis. The report profiles existing and upcoming products, types, applications, end users, and key players in the market.
BIS Research follows an effective market intelligence methodology comprising a crucial 15-step process. Data is captured from reliable, intelligent sources such as expert interviews, patents, web analytics, scholarly articles, scientific publications, and research and development literature.
BIS follows the Deep Tech M-A-P™ approach, which includes market, application, and product within the syndicated and custom research projects.
M- The Market section covers industry overview, business dynamics, competitive benchmarks, and company profiles. It provides insights to enter, expand, or exit markets globally, regionally, or locally.
A- The Application section dives deep into product analyses, technology insights, use cases, and user types. This data is backed by precise market estimates and forecasts.
P- The Product section covers products, parts, technologies, and materials. Companies looking to drive an innovative agenda need information about product definitions, demand analysis, technology benchmarking and roadmaps, patents, as well as pricing analysis.
Conclusion
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, “The silicon carbide (SiC) market for electric vehicles (EVs) is expected to grow multi-fold during the forecast period, owing to the various advantages silicon carbide (SiC) materials have to offer over silicon and growing investment to bolster SiC manufacturing capabilities.”
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