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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

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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 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

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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.

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For Fourth Year, Everspring Recognized Among Chicago’s Best Places to Work

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Award Recognition Reflects Company’s Continued Momentum, Growth and Innovation in Higher Ed Technology

CHICAGO, Jan. 8, 2025 /PRNewswire/ — Everspring, a rapidly growing force in education technology, today announced its recognition on Built In’s 2025 Best Places to Work Awards, earning a coveted spot on Chicago’s 100 Best Midsize Companies list. This achievement comes at a pivotal moment for Everspring, following the successful launch of its VIA enrollment marketing platform and continued strategic partnerships that enable universities to adapt and thrive in a dynamic higher ed landscape.

“This recognition reflects the extraordinary momentum we’re experiencing at Everspring,” says Beth Hollenberg, CEO of Everspring. “Our team’s innovative spirit and dedication to transforming higher education have created an environment where top talent thrives. As we continue to expand our technology solutions and deepen our university partnerships, this award validates our commitment to fostering a workplace that attracts and retains the industry’s brightest minds.”

The honor arrives as Everspring expands its comprehensive education services with powerful SaaS technology offerings. The company’s recent launch of VIA, its enrollment marketing intelligence platform, exemplifies how Everspring’s growing suite of solutions addresses critical challenges in higher education, from disconnected data to enrollment optimization.

“Being recognized as a Best Place to Work is a testament to these companies’ commitment to building a workplace where individuals and innovation thrive,” says Built In CEO and Founder, Maria Christopoulos Katris. “At Built In, we understand that great companies are powered by great teams, and this achievement showcases their dedication to fostering a culture of growth, inclusivity, and excellence. Congratulations on this well-deserved honor.”

Built In determines the winners of Best Places to Work using company data about compensation and benefits, weighing criteria such as remote and flexible work opportunities, DEI programs, and other people-first cultural offerings that today’s tech professionals value most.

About Built In
Built In is the “always on” recruiting platform that reaches the tech professionals that other leading recruiting platforms don’t. Designed to help companies hire expert tech talent, Built In continuously drives brand awareness with content. Monthly, millions of the industry’s most in-demand global tech professionals visit our site to stay ahead of tech trends and news, learn skills to accelerate their careers, find the right job opportunities and get hired. Thousands of companies, from fast-growing startups to the largest enterprises rely on Built In. www.builtin.com

About Built In’s Best Places to Work
Built In’s annual Best Places to Work program honors companies with the best total rewards packages across the U.S. and in the following tech hubs: Atlanta, Austin, Boston, Chicago, Colorado, Dallas, Houston, Los Angeles, Miami, New York, San Diego, San Francisco, Seattle and Washington DC. Best Places to Work is distinct because its algorithm selects tech companies that build their offerings specifically around what tech professionals value in a workplace. https://employers.builtin.com/best-places-to-work

About Everspring
Everspring is a leading provider of education technology and services solutions for higher education. Our advanced technology, proven marketing approach, and robust faculty support and instructional design services deliver outstanding outcomes for our university partners, powering their success online. Everspring offers a range of full-service turnkey solutions, as well as standalone fee-for-service offerings, and innovative self-service products that enable universities to establish themselves as leaders in the digital delivery of higher education. Based in Chicago, Everspring serves a growing number of colleges and universities nationwide.

Visit www.everspringpartners.com for more information.

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HCMF Group Unveils Cutting-Edge Smart Cockpit and Body Mechatronic Systems at CES 2025

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LAS VEGAS, Jan. 8, 2025 /PRNewswire/ — HCMF Group, a global leader in Tier 1 automotive parts and systems, is proud to unveil its groundbreaking advancements in smart cockpit and body mechatronic systems at CES 2025, held from January 7 to January 9. Partnering with industry leaders such as AUO, AGC, Inventec, TMYTEK (TMY Technology Inc.), BenQ Materials, and KINPO GROUP, HCMF is redefining intelligent mobility through transformative innovations and unmatched integration capabilities.

HCMF’s showcase features its integrated vehicle control system, developed with Inventec, which centralizes functionalities onto the front dashboard. This system combines an intuitive user interface, a UWB electronic key, and wireless charging, offering a seamless and futuristic cockpit experience. Also debuting is HCMF’s Micro LED transparent smart window technology, created with AUO and AGC. These high-transparency touch displays are integrated into rear car windows with patented window regulator mechanism, enabling applications such as real-time driving information, AR gaming, personal calendars, and rear-view mirror functions for enhanced convenience and safety.

HCMF’s smart glass solutions, developed with BenQ Materials, deliver privacy and energy efficiency through advanced PDLC 98 black dimming film. These materials block heat and UV rays while providing futuristic aesthetics. Passenger safety takes center stage with the second-generation Child Presence Detection (CPD) system, introduced with TMYTEK. Capable of detecting subtle life signs such as heartbeats and breathing, this system sends real-time alerts to the user’s smartphone, preventing safety risks for children or pets left inside the vehicle.

For rear-seat entertainment, HCMF introduces its foldable 28.6-inch, 32:9 ceiling display featuring JET OPTO’s dual-view single-screen technology. Passengers can view separate content or participate in virtual meetings, redefining in-car leisure and productivity. The company also showcases systems tailored for electric vehicles, such as a front hood automatic opening system and a centralized door control system (DCU) that combines E-latch, radar-based collision avoidance, and automatic opening mechanisms. Additionally, the innovative automatic tailgate system, developed with KINPO GROUP, delivers a user-friendly experience by overcoming traditional design limitations.

Jeffrey Hsi, Chief Innovation Officer of HCMF Group, remarked, “CES 2025 is a pivotal platform for HCMF to showcase its leadership in smart cockpit and body mechatronic systems. We are committed to driving innovation and breakthroughs, advancing automotive technology to deliver safer, more convenient, and enjoyable smart mobility experiences for consumers worldwide.”

HCMF’s participation at CES 2025 underscores its leadership in smart cockpit technologies and collaborative innovation with global partners. From enhancing passenger safety to redefining in-car entertainment and advancing intelligent mobility, HCMF is setting new benchmarks in automotive intelligence and automation. The company remains focused on innovation-driven research and development, delivering future-ready solutions that create value for the global automotive industry and its consumers.

About HCMF Group

HCMF was established in 1961 and as a global automobile Tier 1 system supplier with more than 60 years experience in design and manufacturing. HCMF has around 40 sites globally to provide tailored service to our customers. Our vast knowledge and expertise through years of product experience provide solutions to satisfy our customer needs. We believe strongly in upholding integrity and cooperation to maximize benefits to our customers and partners.

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DELFI Diagnostics to Participate in J.P. Morgan Healthcare Conference

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Leader in liquid biopsy, cancer screening, and monitoring speaks at largest healthcare investment symposium

BALTIMORE and PALO ALTO, Calif., Jan. 8, 2025 /PRNewswire/ —  DELFI Diagnostics, Inc., developer of accessible blood-based, liquid biopsy tests that deliver a new way to enhance early cancer detection, today announced the company will participate in the upcoming 43rd Annual J.P. Morgan Healthcare Conference in San Francisco.

The company’s management is scheduled to present and participate in a Q&A session on Thursday, January 16, 2025, at 7:30 a.m. PT/10:30 a.m. ET. To learn more about DELFI Diagnostics, visit DELFIDiagnostics.com

About DELFI Diagnostics
DELFI Diagnostics is developing next-generation, blood-based tests that are accurate, accessible, and deliver a new way to help detect cancer. DELFI tests are built to solve the highest-burden population health issues, including in historically underserved demographics, and have the potential to save lives on a global scale. FirstLook Lung, for individuals eligible for lung cancer screening, is our first laboratory-developed screening test and requires a simple blood draw that can be incorporated with routine blood work. The test is based on fragmentomics, the discovery that cancer cells are more chaotic than normal cells and, when they die, leave behind tell-tale patterns and characteristics of cell-free DNA (cfDNA) fragments in the blood. The DELFI platform applies advanced machine-learning technology to whole-genome sequencing data to assess individuals’ cfDNA fragments against populations with and without cancer. FirstLook Lung uses these millions of data points to reliably identify individuals who may have cancer detected through low-dose CT, including early-stage disease, with a negative predictive value of 99.8 percent. This test has not been cleared or approved by the FDA.

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