Rising Demand For Electric Vehicles To Drive Market Growth: Strategic Insights Driving Silicon Carbide Semiconductor Device Market Momentum in 2025

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How Large Will the Silicon Carbide Semiconductor Device Market Size By 2025?
The market scope for silicon carbide semiconductor devices has seen significant expansion in the recent past. The market, estimated to be worth $1.97 billion in 2024, is projected to reach $2.41 billion in 2025, experiencing a compound annual growth rate (CAGR) of 22.7%. The manifest growth in the previous years is attributed to the initial advancements in silicon carbide (SiC), necessity for applications capable of withstanding high temperatures, evolutions of power electronics, and applications in fields like telecommunications, RF, military, and aerospace.

How Big Is the Silicon Carbide Semiconductor Device Market Size Expected to Grow by 2029?
The market size of the silicon carbide semiconductor device is anticipated to witness tremendous growth in the coming years, reaching $5.16 billion in 2029 with a compound annual growth rate (CAGR) of 20.9%. The projected growth in this period is due to factors such as the rise in electric vehicles (EVs), the expansion of renewable energy, the deployment of 5g networks, growth in industrial and motor drives, as well as power transmission. Key trends for this period encompass increasing requirements for power density, its adoption in the automotive sector, expansion in the field of power electronics, fast-paced advancements in manufacturing, and the burgeoning spread of renewable energy.

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Which Key Market Drivers Powering Silicon Carbide Semiconductor Device Market Expansion and Growth?
The silicon carbide semiconductor device market is set to experience growth as a result of the rising demand for electric vehicles. An electric vehicle, which operates on electricity derived from a battery and can be charged externally, benefits from the silicon carbide semiconductor device. The device contributes to improved power densities and switching efficiency in a vehicle's powertrain, leading to increased silicon carbide semiconductor device market demand as electric vehicle demand accelerates. For example, the International Energy Agency (IEA), a France-based independent intergovernmental organization, reported in 2024 that electric car sales in 2023 had risen by 3.5 million compared to 2022, a 35% year-on-year surge. In addition, the Net Zero Emissions by 2050 Scenario suggests that by 2030, the roads will host over 300 million electric cars, constituting 60% of all new car sales. Thus, the growing need for electric vehicles facilitates the expansion of the silicon carbide semiconductor device market.

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What Are the Key Trends Driving Silicon Carbide Semiconductor Device Market Growth?
Technological innovations are becoming increasingly popular in the silicon carbide semiconductor device market, a trend that major players are keenly exploring. To consolidate their market positions, these companies are developing new advances in technology. For instance, AIXTRON, a Germany-based company specialising in silicon carbide semiconductor devices, unveiled its latest generation G10-SiC 200 mm system for silicon carbide epitaxy, incorporating wafer technology, in September 2022. Not only does the new G10-SiC 200 mm system have a flexible dual wafer size of 9x150 and 6x200 mm, but it also supports a broad spectrum of device structures. These include both single- and double-drift layer structures, with stringent 150-mm uniformity requirements and sigma values less than 2% for both doping and thickness.

What Are the Emerging Segments in the Silicon Carbide Semiconductor Device Market?
The silicon carbide semiconductor device market covered in this report is segmented -

1) By Type: SIC Diode, SIC Transistor, Other Types
2) By Wafer Size: 1 Inch To 4 Inches, 6 Inches, 8 Inches, 10 Inches And Above
3) By End-User: Automotive, Consumer Electronics, Aerospace And Defense, Medical Devices, Data And Communication Devices, Energy And Power, Other End-Users

Subsegments:
1) By SiC Diode: Schottky Barrier Diodes (SBD), PiN Diodes
2) By SiC Transistor: SiC MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor), SiC BJT (Bipolar Junction Transistor), SiC IGBT (Insulated Gate Bipolar Transistor)
3) By Other Types: SiC Rectifiers, SiC Modules, SiC Power Devices

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Who Are the Global Leaders in the Silicon Carbide Semiconductor Device Market?
Major companies operating in the silicon carbide semiconductor device market include Infineon Technologies India Private Ltd., ROHM Co. Ltd., STMicroelectronics, Wolfspeed Inc., Toshiba Corporation, TT Electronics PLC, Mitsubishi Electric Corporation, Microsemi Corporation, ere*x Inc., Microchip Technology Corporation, Hitachi Power Semiconductor Device Ltd., Semikron, Global Power Technologies Group, Texas instruments Inc., NXP Semiconductors N.V., ON Semiconductor Corporation, United Silicon Carbide Inc., GeneSiC Semiconductor Inc., Danfoss A/S, Fuji Electric Co. Ltd., II-VI Incorporated, Xiamen Sanan Integrated Circuit Co.Ltd., Shanghai Hanxin Technology, Century Jinguang, BYD Semiconductor Co. Ltd., InventChip Technology Co. Ltd., CRRC Corporation Limited, Renesas Electronics Vietnam Co.Ltd.

Which are the Top Profitable Regional Markets for the Silicon Carbide Semiconductor Device Industry?
Asia-Pacific was the largest region in the silicon carbide semiconductor device market in 2024. The regions covered in the silicon carbide semiconductor device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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