SiC Technology Revolutionizes Electric Vehicles, Projecting a 33.0% CAGR and a $9,031.2 Million Market Value by 2032 - ResearchAndMarkets.com

The "Silicon Carbide (SiC) Market for Electric Vehicles - A Global and Regional Analysis: Focus on Propulsion Type, Vehicle Type, Application Type, Product Type, Voltage Type, and Country-Level Analysis - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.

The global silicon carbide (SiC) market for electric vehicles (EVs) is poised for exponential growth, with a projected value of $9,031.2 million by 2032, marking a remarkable Compound Annual Growth Rate (CAGR) of 33.02% during the forecast period from 2023 to 2032.

This dynamic growth can be attributed to several key factors, including the exceptional properties of SiC material compared to traditional silicon, the surge in demand for electric vehicles, and substantial investments aimed at expanding SiC manufacturing capacity.

Market Lifecycle Stage

The silicon carbide (SiC) market for electric vehicles (EVs) is currently in a phase of rapid expansion and transformation. This growth is primarily driven by the compelling advantages that SiC technology offers to the electric mobility sector. SiC, as a semiconductor material, boasts superior properties when compared to traditional silicon, revolutionizing power electronics in EVs.

The integration of SiC technology into EV power electronics results in enhanced vehicle performance, enabling faster acceleration, extended driving range, and more efficient energy utilization, ultimately enhancing the overall EV driving experience.

SiC's high-frequency capabilities are instrumental in high-power, fast-charging stations, accelerating the expansion of charging infrastructure and reducing EV charging times. Collaborations among electric vehicle manufacturers, semiconductor companies, and research institutions are propelling innovation in SiC technology, leading to continuous advancements and cost reductions.

Nevertheless, SiC currently comes at a higher cost than traditional silicon-based components, impacting its widespread adoption. Addressing cost challenges and scaling up SiC production are key imperatives to unlock SiC's full potential in reshaping the electric vehicle landscape.

Market Segmentation

Segmentation 1: by Application

• Traction Inverter
• On-Board Charger (OBC)
• DC-DC Converter

Segmentation 2: by Vehicle Type

• Passenger Vehicles
• Commercial Vehicles

Segmentation 3: by Propulsion Type

• Battery Electric Vehicles (BEVs)
• Hybrid Electric Vehicles (HEVs) and Plug-in Hybrid Electric Vehicles (PHEVs)

Segmentation 4: by Product

• SiC MOSFETs
• SiC Diodes

Segmentation 5: by Voltage

• Up to 800V
• More than 800V

Segmentation 6: by Region

• North America
• Europe
• U.K.
• China
• Asia-Pacific and Japan (AP&J)
• Rest-of-the-World (RoW)

Recent Developments

• In June 2023, Infineon Technologies launched 1200 V CoolSiC MOSFETs in TO263-7 for automotive applications, enhancing power density and efficiency in on-board charging (OBC) and DC-DC applications.
• In April 2023, Wolfspeed, Inc. announced the provision of SiC devices to power future Mercedes-Benz electric vehicle platforms, enabling higher powertrain efficiency.
• In March 2023, Mitsubishi Electric unveiled a $1.87 billion investment plan to increase SiC power semiconductor production capacity.
• In February 2023, Microchip Technology Inc. announced an $880 million investment to expand SiC and silicon production capacity.
• In January 2023, Wolfspeed, Inc. and ZF established a strategic alliance to advance SiC systems and devices for mobility, industry, and energy applications, including the development of a state-of-the-art 200mm SiC device fab.

Key Market Players and Competition Synopsis

The SiC market for electric vehicles is highly consolidated, with the top two manufacturers accounting for approximately 70% of the market share in 2022. The remaining companies operating in the market collectively captured around 30% of the market share.

Key Companies Profiled:

• Wolfspeed, Inc.
• Infineon Technologies
• Onsemi
• Coherent Corp. (formerly 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.

Demand - Drivers and Limitations

The following are the demand drivers for the silicon carbide (SiC) market for electric vehicles (EVs):

• 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 challenges for the silicon carbide (SiC) market for electric vehicles (EVs):

• Higher Manufacturing Cost Associated with SiC Semiconductors
• Limitation of Producing Large-Diameter SiC Wafers

Key Attributes:

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