Silicon carbide is a key semiconductor material that exhibits high mechanical strength, thermal conductivity, and resistance to oxidation and chemical corrosion. Silicon carbide semiconductors offer operational advantages such as high power efficiency and high operating temperature capabilities. These properties make silicon carbide an attractive material for use in high-power systems, including electric vehicles. The global silicon carbide market size is estimated to be valued at US$ 9.12 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global silicon carbide market is driven by growing adoption of electric vehicles and increasing demand from the power electronics industry. Silicon carbide semiconductors provide more efficiency and longer lifespan than traditional silicon semiconductors. They allow for faster charging, smaller battery packs, and extended driving range in electric vehicles. This is boosting the adoption of silicon carbide devices in electric powertrain components such as chargers, inverters, and motor controllers.
Market key trends:
The increasing demand for faster charging electric vehicles is one of the key trends driving growth of the silicon carbide market. Traditional silicon semiconductors have limitations in fast and ultra-fast charging of electric vehicles. Silicon carbide allows for smaller, more efficient chargers that can reduce charging times significantly compared to traditional silicon. This is stimulating research and development of next-generation commercial and domestic electric vehicle chargers based on silicon carbide. Automakers are actively collaborating with silicon carbide device manufacturers to design electric drivetrains optimized for silicon carbide. This will further accelerate silicon carbide adoption in electric mobility solutions.
Segment Analysis
The global silicon carbide market is dominated by the power electronics sub-segment. The power electronics sub-segment accounted for over 60% of the overall market share in 2023 owing to the increasing demand for SiC devices in power supply units, hybrid electric vehicles, and fast chargers. SiC possesses superior properties such as high electric field breakdown strength, wide bandgap, high-temperature operation which make it an ideal material for high-power applications in the power electronics industry.
Key Takeaways
The Global Silicon Carbide Market Demand is expected to witness high growth over the forecast period of 2023–2030. The rising installation of renewable power generation systems and increasing demand for electric vehicles are the major factors driving the growth of the SiC market.
Regional analysis: North America accounted for the largest market share in 2023 and is expected to continue dominating the market over the forecast period. The presence of leading SiC device manufacturers and adoption of SiC in electric vehicles production are supporting the growth of the market in the region. The Asia Pacific region is expected to witness the fastest growth in the upcoming years. Countries like China, Japan, and South Korea are heavily investing in renewables and EV charging infrastructure which is increasing the demand for SiC semiconductors in the area.
Key players operating in the silicon carbide market are Cree, Infineon Technologies, ROHM Semiconductor, STMicroelectronics, and ON Semiconductor. Cree is the market leader with over 30% market share. The company offers a wide range of SiC devices and materials and is focusing on expanding SiC device production capacity to cater to the growing demand. Infineon Technologies rolled out new generation of SiC MOSFETs and modules in 2023 to strengthen its positioning in electric vehicles and industrial power.
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