Silicon Carbide for EV Market to Expand at 11.9% CAGR, Reaching USD 3.0 Billion by 2034 - Transparency Market Research

Industry Overview

The global silicon carbide for EV market was valued at US$ 879.3 Million in 2023 and is projected to reach US$ 3.0 Billion by 2034, expanding at a CAGR of 11.9% from 2024 to 2034. Growth is driven by the increasing adoption of electric vehicles and the rising demand for efficient power electronics.

Silicon carbide components such as SiC power modules, MOSFETs, and diodes are increasingly used in traction inverters, DC-DC converters, and on-board chargers (OBC) due to their high efficiency, thermal conductivity, and compact size.

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The Silicon Carbide (SiC) market for Electric Vehicles (EVs) is rapidly gaining momentum as automakers and tier-1 suppliers seek more efficient, compact, and thermally stable alternatives to traditional silicon-based power electronics. SiC materials, known for their superior electrical and thermal properties, are revolutionizing the EV landscape-boosting range, reducing charging time, and enabling more compact and lighter powertrains.

Analyst Viewpoint

Silicon Carbide is not just a materials revolution-it's a paradigm shift in how power is managed in electric vehicles. SiC semiconductors enable higher efficiency, better switching speeds, and reduced heat dissipation in EV systems like inverters, onboard chargers (OBC), and DC-DC converters.

From Tesla to BYD, major automakers are shifting to SiC technology to optimize battery performance and overall system efficiency. Analysts see this transition as pivotal to achieving affordable, long-range EVs. As the industry matures, vertical integration, wafer capacity expansion, and ecosystem partnerships will determine market leadership.

Market Description

Silicon Carbide is a wide-bandgap semiconductor material used in power electronics due to its:
• High breakdown voltage
• High thermal conductivity
• Fast switching capabilities
• Low on-resistance

In EVs, SiC is increasingly being used in:
• Traction inverters: To convert DC battery power into AC motor power efficiently
• Onboard chargers: For faster and more efficient charging
• DC-DC converters: To manage voltage conversion between battery and vehicle subsystems
• Fast-charging stations: Enhancing grid-to-vehicle energy transfer

Compared to conventional silicon (Si), SiC components reduce energy loss by up to 50%, allow for higher temperature operations, and support smaller, lighter powertrain designs.

Analysis of Key Players

The global silicon carbide (SiC) market for electric vehicles (EVs) is evolving rapidly, driven by the demand for higher efficiency, improved performance, and greater energy density. Leading companies are accelerating this evolution through innovative product developments, strategic partnerships, and forward-looking business models.

Prominent players in the SiC market for EV applications include:
• Infineon Technologies AG
• STMicroelectronics
• ON Semiconductor
• ROHM Semiconductor
• Microchip Technology Inc.
• Mitsubishi Electric Corporation
• Renesas Electronics Corporation
Toshiba Corporation, NXP Semiconductors, United Silicon Carbide, Inc., Littelfuse, Inc., Monolith Semiconductor Inc., GeneSiC Semiconductor Inc., Navitas Semiconductor, Wolfspeed Inc., Analog Devices, Inc., Panasonic Corporation, and Power Integrations.

These companies have been extensively profiled in the silicon carbide market research report for EVs, with insights into their company overviews, financial highlights, business segments, strategic initiatives, product portfolios, and recent advancements.

Key Developments

• STMicroelectronics announced in May 2024 its plans to build a large-scale 200mm silicon carbide manufacturing facility in Catania, Italy. The plant will focus on producing advanced power devices and modules, along with handling testing and packaging operations-strengthening Europe's semiconductor supply chain and ST's position in the EV SiC domain.

• In July 2023, Infineon Technologies AG introduced two new products in its EXCELONTM F-RAM line, with memory capacities of 1Mbit and 4Mbit. Designed to meet the rigorous demands of automotive applications, these AEC-Q100 Grade 1 devices support a broad temperature range from -40°C to +125°C, made possible through silicon carbide integration, expanding the company's automotive-grade memory offerings.

• In September 2022, ON Semiconductor Corporation launched three automotive-grade SiC power modules targeting on-board chargers (OBCs) and high-voltage (HV) DC-DC converters for various electric vehicle (xEV) platforms. These solutions are designed to boost power efficiency and reduce system size in next-gen EV architectures.

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Key Growth Drivers

1. Demand for Extended Driving Range: SiC inverters can improve EV range by 5-10% through better energy efficiency.
2. Fast-Charging Infrastructure: SiC components enable ultra-fast charging by operating at higher voltages (800V+ systems).
3. Thermal Efficiency: SiC reduces the need for bulky cooling systems, allowing for lighter vehicle designs.
4. EV Incentives & Mandates: Government support for zero-emission vehicles accelerates the need for efficient powertrain components.
5. OEM Shift to 800V Architectures: Next-gen EVs adopting 800V systems require SiC's high-voltage handling capabilities.

Market Challenges and Opportunities

Challenges:
• High Production Cost: SiC wafers and devices are significantly more expensive than traditional silicon.
• Limited Wafer Supply: Global supply of 150mm and 200mm SiC wafers is still catching up with demand.
• Complex Manufacturing Process: Requires specialized infrastructure, longer lead times, and higher capital investments.

Opportunities:
• Vertical Integration: Companies that control the SiC value chain-from wafer to module-gain competitive cost and quality advantages.
• Emerging EV Markets: Rapid EV adoption in China, India, and Southeast Asia creates opportunities for local suppliers.
• Aftermarket and Retrofitting: Potential to upgrade existing EV platforms or charging systems with SiC modules.

Segmentation-

• By Device Type: MOSFETs, Diodes, Modules
• By Application: Traction Inverter, Onboard Charger, DC-DC Converter
• By Powertrain: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)
• By Region: North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Important Points for Stakeholders

For Manufacturers:
• Invest in SiC design capabilities and partner with foundries to manage supply.
• Focus on modular and scalable SiC solutions tailored to different EV platforms.
• Prioritize thermal management integration to leverage SiC's full potential.

For Investors:
• Look for opportunities in vertically integrated SiC companies and wafer fabs.
• Monitor policy developments and OEM commitments to 800V EV architectures.
• Consider mid-tier suppliers developing next-gen SiC gate drivers and controllers.

For Distributors:
• Build inventory of SiC modules and packages for high-demand EV applications.
• Educate OEMs and Tier 1s on cost-benefit analysis versus Si-based components.
• Offer technical support for SiC integration and thermal management solutions.

Why Buy This Report?

• Uncovers high-growth areas within the SiC EV value chain.
• Benchmarks strategies of top suppliers and automotive adopters.
• Highlights technology trends in wide-bandgap semiconductors and electric mobility.
• Provides region-wise demand forecasts and investment insights to 2035.
• Equips stakeholders with a roadmap to tap into next-gen power electronics markets.

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Future Prospective

The future of electric mobility hinges not only on batteries but on how efficiently energy is converted and used. By 2030, most premium and mid-range EVs are expected to utilize SiC-based power electronics for superior performance, lightweight designs, and ultra-fast charging.

Key trends that will shape the future:
• Mass adoption of 800V platforms, requiring SiC for voltage endurance and fast switching
• Advancements in trench-gate and JFET SiC designs, pushing efficiency limits
• Hybrid modules (Si + SiC) for cost-effective deployment in budget EVs
• AI-powered thermal management for SiC systems
• SiC-integrated charging infrastructure capable of 350kW+ outputs

As the automotive world shifts gears to electrification, Silicon Carbide is emerging as a critical enabler of energy-efficient, high-performance EV systems-redefining how the world drives, charges, and moves.
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