SiC Power Devices for New Energy Vehicles Market was valued at USD 1.25 Billion in 2022 and is projected to reach USD 4.5 Billion by 2030, growing at a CAGR of 18.2% from 2024 to 2030.
During the 2018 to 2022 period, the SiC power devices market saw a steady rise in demand from both the automotive and industrial sectors. Automakers were increasingly using SiC-based power devices for motor drives, inverters, and onboard chargers, improving the overall performance and range of EVs. In addition, government incentives and policies supporting the adoption of clean energy vehicles boosted demand. By 2022, the market for SiC devices in NEVs had gained substantial traction, with a notable increase in vehicle production and the integration of SiC components into more vehicle models.
Looking forward, from 2023 to 2033, demand for SiC power devices is expected to see exponential growth. The global shift towards electric mobility, combined with stricter environmental regulations, will drive the need for more advanced power electronics in new energy vehicles. SiC-based solutions offer significant advantages over traditional silicon-based devices, including higher energy efficiency, better thermal conductivity, and the ability to operate at higher voltages and frequencies. These features are critical for achieving longer driving ranges and faster charging times in EVs, which are key factors in consumer adoption.
As new vehicle models hit the market and the infrastructure for EVs continues to expand, the adoption of SiC power devices is poised to rise in both passenger and commercial vehicles. In addition to EVs, other NEVs such as buses and trucks will also drive demand for SiC power devices, particularly in regions like North America, Europe, and China, where the transition to green transportation is accelerating. SiC devices will also play a vital role in the integration of renewable energy systems, such as solar and wind, into the grid, contributing further to their growth in the next decade.
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In recent years, the SiC (Silicon Carbide) Power Devices market has been witnessing rapid growth due to the increasing demand for new energy vehicles (NEVs). Between 2018 and 2022, the market for SiC power devices expanded significantly, driven by the rising adoption of electric vehicles (EVs) and the need for more efficient power systems. SiC devices, known for their high power density, improved thermal performance, and energy efficiency, are ideal for EVs, which require robust and reliable power electronics. The overall market was characterized by technological advancements in SiC materials, enhanced by key players in the semiconductor industry making substantial investments in R&D.
STMicroelectronics
Infineon
Cree (Wolfspeed)
ROHM(SiCrystal)
Onsemi
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global SiC Power Devices for New Energy Vehicles Market
Passenger Cars
Commercial Vehicles
Based on Types the Market is categorized into Below types that held the largest SiC Power Devices for New Energy Vehicles market share In 2023.
650V
1200V
1700V
Other
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global SiC Power Devices for New Energy Vehicles Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global SiC Power Devices for New Energy Vehicles Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global SiC Power Devices for New Energy Vehicles Market, By Type
6. Global SiC Power Devices for New Energy Vehicles Market, By Application
7. Global SiC Power Devices for New Energy Vehicles Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global SiC Power Devices for New Energy Vehicles Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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