Silicon Carbide Market Surges With Rising Electric Vehicle Demand Driver: A Major Catalyst in the Evolution of the Silicon Carbide Market in 2025

How Are the key drivers contributing to the expansion of the silicon carbide market?
The rising need for electric vehicles is a significant factor propelling the silicon carbide market's growth. Electric vehicles (EVs), equipped with rechargeable batteries boasting low noise production and zero exhaust, are eco-friendly. The semiconductor, silicon carbide (SiC), is utilized in these EVs due to its superior thermal conductivity, its ability to manage voltages up to 1200 volts, and its role in improving efficiency while reducing the vehicle's weight and cost. The International Energy Agency, a France-based autonomous intergovernmental agency, pointed to a notable growth in the electric car market in June 2024 wherein sales were nearing 14 million by 2023. The proportion of electric cars out of all vehicle sales had climbed from roughly 4% in 2020 to 18% in 2023. This strong growth trend in EV sales is expected to continue through 2024, with over 3 million electric cars sold in the first quarter alone. As such, the burgeoning demand for electric vehicles is projected to kickstart the silicon carbide market's growth in the future.

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What growth opportunities are expected to drive the silicon carbide market's CAGR through 2034?
In recent times, the market size for silicon carbide has experienced swift expansion. Its growth is projected to surge from $2.68 billion in 2024 to $3.15 billion in 2025, reflecting a compound annual growth rate (CAGR) of 17.3%. The enlarging of the market during the historical period is tied to advancements in the electronics and semiconductor sector, applications involving high-temperature and high power, the exceptional material characteristics of silicon carbide, its integration into automotive power electronics, conversion and storage of renewable energy, along with military and aerospace applications.

The market size for silicon carbide is anticipated to experience significant expansion in the ensuing years, propelling to $5.97 billion by 2029, at a compound annual growth rate (CAGR) of 17.4%. The surge in the estimated period can be credited to the accelerated production of electric vehicles, prevalence of wide bandgap semiconductors for energy efficiency, implementation of 5G technology and radio frequency devices, solar inverters and power management, quantum technologies and superconductors, and SiC power devices in industrial domains. Major developments during this period are expected to involve SiC-on-insulator (SiCOI) technology applied in integrated circuits, SiC substrates in high-power density functions, SiC-equipped optical devices and sensors, SiC composite materials utilized in aerospace, SiC components in quantum computing, and SiC power modules used for grid integration.

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What are the emerging trends shaping the future of the silicon carbide market?
Leading businesses in the silicon carbide market are putting their efforts into creating innovations. These include compact, lightweight components that are crucial for enhancing vehicle performance and minimizing energy consumption. The terms 'smaller and lighter components' refer to parts or gadgets that are engineered to consume lesser space and weigh less, ultimately aiming to boost portability, efficiency, or bring down the costs of materials. For example, STMicroelectronics NV, a semiconductor manufacturer based in Switzerland, launched Generation 4 SiC MOSFETs in September 2024. This new segment of silicon carbide power technology is specifically designed to boost the efficiency of electric vehicle (EV) traction inverters, offering considerable enhancements in power efficiency, density, and durability. Not only does it increase the driving range by increasing energy efficiency, but it also lessens the size and weight of the components, thereby improving vehicle performance. It is expected that these advanced innovations will persist until 2027.

Which growth-oriented segments of the silicon carbide market are leading the industry's development?
The silicon carbide market covered in this report is segmented -

1) By Product: Black Silicon Carbide, Green Silicon Carbide
2) By Device Type: SiC Discrete Device, SiC Bare Die
3) By Application: Steel, Automotive, Aerospace, Military And Defense, Electrical And Electronics, Healthcare, Other Applications

Subsegments:
1) By Black Silicon Carbide: Crystalline Black Silicon Carbide, Metallurgical Black Silicon Carbide, Industrial Black Silicon Carbide
2) By Green Silicon Carbide: Micro Grit Green Silicon Carbide, Macro Grit Green Silicon Carbide, Industrial Green Silicon Carbide

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What regions are leading the charge in the silicon carbide market?
Asia-Pacific was the largest region in the silicon carbide market in 2024. The regions covered in the silicon carbide market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

What companies are at the forefront of innovation in the silicon carbide market?
Major companies operating in the silicon carbide market include Infineon Technologies AG, Cree Inc., ROHM Co. Ltd., ESK-SIC GmbH, ESD-SIC BV, Grindwell Norton Limited, Entegris Inc., Saint-Gobain Ceramic Materials GmbH, AGSCO Corporation, Carborundum Universal Limited, Dow Inc., Fuji Electric Co. Ltd., General Electric Company, Microchip Technology Incorporated, Snam Abrasives Pvt. Ltd., STMicroelectronics N.V., Mitsubishi Chemical Corporation, Arkema S.A., Shandong Ruifeng Chemical Co. Ltd., Bridgestone Corporation, Washington Mills Electro Minerals Corporation, LG Innotek Co. Ltd., Pallidus Inc., Cree Inc., Elsid S.A., Asron AB, CoorsTek Inc.

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What Is Covered In The Silicon Carbide Global Market Report?

•Market Size Forecast: Examine the silicon carbide market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the silicon carbide market for a structured understanding.
•Key Players Overview: Analyze major players in the silicon carbide market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the silicon carbide market.
•Segment Contributions: Evaluate how different segments drive overall growth in the silicon carbide market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the silicon carbide market.
•Industry Challenges: Identify potential risks and obstacles affecting the silicon carbide market.
•Competitive Landscape: Review strategic developments in the silicon carbide market, including expansions, agreements, and new product launches.

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