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.
Get an Exclusive Sample Copy of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=86211
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 InverterDC-DC ConverterOn-board Charger (OBC)
Component
SiC Power ModulesSiC Transistors (MOSFET)SiC Diodes
Vehicle Type
Two WheelersPassenger CarsHatchbackSedanSUVsLight Commercial VehiclesHeavy Duty TrucksBuses and Coaches
Propulsion
Battery Electric Vehicles (BEVs)Hybrid Electric Vehicles (HEVs)Plug-in Hybrid Electric Vehicles (PHEVs)
Voltage
Up to 650 V650 V – 800 VMore than 800 V
Region
North AmericaEuropeAsia PacificMiddle East & AfricaLatin America
Elevate Your Business Strategy! Purchase the Report for Market-Driven Insights: https://www.transparencymarketresearch.com/checkout.php?rep_id=86211<ype=S
Explore Transparency Market Research Inc. Extensive Coverage On Automotive Domain:
Automotive Lead-acid Battery Market – The global market for automotive lead-acid batteries is projected to surge significantly at a CAGR of 4.7% between 2023 and 2031. As per Transparency Market Research, the total sales of automotive lead-acid batteries are anticipated to reach US$ 27.7 billion by the end of the forecast period.Automotive Camera Market – The automotive camera market was valued at US$ 5.4 billion in 2021. The Automotive Camera market is expected to reach US$ 13.2 billion by 2031. Automotive Camera market revenue will increase at a CAGR of 9.3% from 2022 to 2031.Vehicle Headlight Control Module Market is estimated to grow at a CAGR of 4.1% from 2024 to 2034 and reach US$ 7.7 Bn by the end of 2034Automotive Smart Electric Drive Market is estimated to advance at a CAGR of 18.6% from 2024 to 2034 and reach US$ 14.2 Bn by the end of 2034
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Email: sales@transparencymarketresearch.com
Follow Us: LinkedIn| Twitter| Blog | YouTube
Logo: https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/silicon-carbide-for-ev-market-poised-to-reach-us-3-0-billion-by-2034–fueled-by-accelerating-adoption-of-electric-vehicles-and-green-technologies–tmr-302205254.html