Status : Published Published On : Jan, 2024 Report Code : VRSME9146 Industry : Semiconductor & Electronics Available Format : Page : 220
2025
2030

Global Silicon Carbide For Electric Vehicles Market – Analysis and Forecast (2025-2030)

Industry Insight by Application Type (Traction Inverter, On-Board Charger (OBC) and DC-DC Converter), By Vehicle Type (passenger vehicles and commercial vehicles), By Propulsion Type (Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs) & Plug-in Hybrid Electric Vehicles (PHEVs)), By Product Type (SiC MOSFETs and SiC Diodes), By Voltage Type (Up to 800V and More than 800V), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

The Global Silicon Carbide (SiC) Market For Electric Vehicles Market is valued at $8.67 billion by 2030, from $0.87 billion, marking a remarkable compound annual growth rate (CAGR) of 31.71% during the forecast period from 2025 to 2030.

Silicon Carbide (SiC) is an innovative technology that will replace silicon in many applications. Efforts were made to increase the efficiency and range of such vehicles, while reducing the weight and cost of the entire vehicle and thus increasing the power density of control electronics. 

Silicon Carbide For Electric Vehicles Market

Impact of the Market

The growth of the silicon carbide (SiC) market for electric vehicles (EVs) are due to the contribution of several factors. These factors include the benefits of SiC over silicon, the rising sales of electric vehicles, and substantial investments by SiC manufacturers in expanding their manufacturing capacity.

Growing demand for advanced power electronics in electric vehicles is due to the key players in the SiC market who are forging partnerships and making significant investments to develop improved SiC materials with enhanced properties. The incorporation of SiC technology into EV power electronics results in enhanced vehicle performance, enabling faster acceleration, extended driving range, and more efficient energy utilization, eventually enhancing the overall EV driving experience.

Market Segmentation

Insight by Application Type

Based on application type, the Global Silicon Carbide (SiC) Market For Electric Vehicles is segregated into Traction Inverter, On-Board Charger (OBC) and DC-DC Converter. The traction inverter application segment shall dominate the SiC market for electric vehicles. SiC-equipped traction inverters assure of improved energy efficiency, extended driving ranges, and optimized battery utilization. As the automotive industry focuses on sustainability and efficiency, the traction inverter emerges as a fundamental area for innovation. 

Insight by Vehicle Type

On the basis of vehicle type, the Global Silicon Carbide (SiC) Market For Electric Vehicles is bifurcated into passenger vehicles and commercial vehicles. The passenger vehicle segment dominated the market as it accounted for a majority share of the Silicon Carbide (SiC) Market for Electric Vehicles. Growing consumer adoption of EVs, driven by cost-efficiency and government incentives, also contributes to the dominance of passenger EVs in the market.

Insight by Propulsion Type

On the basis of propulsion type, the Global Silicon Carbide (SiC) Market For Electric Vehicles is bifurcated into Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs) & Plug-in Hybrid Electric Vehicles (PHEVs). Battery electric vehicles (BEVs) dominated the SiC market for electric vehicles. SiC's advantages over traditional silicon in terms of reduced power losses drive its use in BEVs. Overall ongoing developments in EV components into new BEV models support market growth.

Insight by Product Type

On the basis of product type, the Global Silicon Carbide (SiC) Market For Electric Vehicles is further classified into SiC MOSFETs and SiC Diodes. SiC MOSFETs dominated the global SiC market for electric vehicles due to their surpass in high-power, high-temperature environments due to SiC's unique characteristics, including high breakdown voltage, low on-resistance, and superior thermal conductivity, which make them ideal for the precise demands of EV power electronics.

Insight by Voltage Type

On the basis of voltage type, the Global Silicon Carbide (SiC) Market For Electric Vehicles is segmented into Up to 800V and More than 800V. The up to 800V voltage segment dominated the market as it provides a balanced solution suitable for modern electric vehicles. This particular voltage range allows EV manufacturers to design compact and lightweight power electronics systems, enhancing vehicle range and performance. Furthermore, it facilitates effective integration of SiC components, reducing switching losses and increasing overall efficiency. 

Global Silicon Carbide For Electric Vehicles Market Report Coverage

Report Metric

Details

Historical Period

2018 - 2023

Base Year Considered

2024

Forecast Period

2025 - 2030

Market Size in 2023

U.S.D.  0.87 Billion

Revenue Forecast in 2030

U.S.D.  8.67 Billion

Growth Rate

31.71%

Segments Covered in the Report

By application type, by vehicle type, by propulsion type, by product type, by voltage type

Report Scope

Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

Regions Covered in the Report

North America, Europe, U.K, China, Asia-Pacific and Japan and Rest of the World

Industry Dynamics

Growth Drivers

Increasing growth in the demand for electric vehicle is the major growth driver of the Silicon Carbide Market for Electric Vehicles. Superior properties of silicon carbide like high-frequency capabilities are instrumental in high-power, fast-charging stations, accelerating the expansion of charging infrastructure, reducing EV charging times. Collaborations among electric vehicle manufacturers, research institutions and semiconductor companies are propelling innovation in SiC technology, leading to continuous advancements and cost reductions. Also increasing investment is enhancing SiC manufacturing capacity.

Restraints

Higher manufacturing cost associated with SiC semiconductors and limitation of producing large-diameter SiC Wafers are the main restraints of Silicon Carbide Market for Electric Vehicles.

Geographic Overview

  • North America

  • Europe 

  • U.K.

  • China

  • Asia-Pacific and Japan 

  • Rest-of-the-World

Due to significant growth in the electric vehicle industry, which is supported by government policies, environmental concerns, and technological advancements, China is expected to dominate the global SiC market for electric vehicles. Well-established supply chain infrastructure and robust manufacturing capabilities of China provide a competitive advantage in SiC production, contributing to cost-efficiency and scalability. SiC technology's development and implementation within the Chinese electric vehicle ecosystem have been accelerated due to its government support, research investments, and partnerships with SiC manufacturers. 

Key Players Covered in the Report

Key market players of The Global Silicon Carbide (SiC) Market For Electric Vehicles are Wolfspeed, Inc., Infineon Technologies, Coherent Corp. (formerly II-VI Incorporated), Robert Bosch GmbH, Onsemi, STMicroelectronics, Microchip Technology Inc., Mitsubishi Electric, ROHM CO., LTD., Alpha and Omega Semiconductor, GeneSiC Semiconductor, Littelfuse, Inc, Toshiba Corporation, Fuji Electric Co. Ltd., WeEn Semiconductors, Solitron Devices, Inc.

Key market players of The Global Silicon Carbide (SiC) Market For Electric Vehicles report offers a comprehensive market segmentation analysis along with estimation for the forecast period 2025–2030.

Wolfspeed, Inc., the global leader in silicon carbide technology and Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, announced the execution of a wafer supply agreement. The supply of high-quality silicon carbide wafers from Wolfspeed will pave the way for Renesas to scale production of silicon carbide power semiconductors starting in coming year.

Infineon Technologies AG has secured a multi-year supply agreement with automotive OEMs Hyundai Motor Company and Kia Corp in a major deal for silicon carbide (SiC) semiconductors. The deal covers a supply of silicon power semiconductors to the car makers. SiC semiconductors are in extremely in high demand as they are being used by the automotive sector. However, SiC and other power semiconductors are also being heavily used in green energy like solar, wind and many more. Under the deal with Hyundai and Kia, Infineon will build and reserve manufacturing capacity to supply SiC and silicon power modules to the automakers until 2030. Kia and Hyundai will in turn support the capacity build-up and capacity reservation with financial contributions.

The Silicon Carbide For Electric Vehicles Market research includes a comprehensive market segmentation analysis as well as projections for the analysis period 2025-2030.

Segments Covered in the Report

  • By Application type

    • Traction Inverter
    • On-Board Charger (OBC) 
    • DC-DC Converter 
  • By Vehicle Type

    • Passenger vehicles

    • Commercial Vehicles

  • By Propulsion Type

    • Battery Electric Vehicles (BEVs) 

    • Hybrid Electric Vehicles (HEVs) & Plug-in Hybrid Electric Vehicles (PHEVs)

  • By Product Type

    • SiC MOSFETs 

    • SiC Diodes 

  • By Voltage Type

    • 800V 

    • More than 800V

Regions Covered in the Report

North America

  • U.S.
  • Canada
  • Mexico

Europe

  • Germany 
  • Spain
  • Poland
  • Hungary
  • Rest-of-Europe

Asia-Pacific and Japan

  • China
  • Japan
  • India
  • South Korea
  • Rest-of-Asia-Pacific

Rest-of-the-World: 

  • Middle East and Africa 

  • South America

Silicon Carbide For Electric Vehicles Market Size and Market Analysis

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Frequently Asked Questions

The dominant application segments are traction inverter, on-board charger (OBC), and DC-DC converter, with the traction inverter application segment being the most dominant.
It results in enhanced vehicle performance, enabling faster acceleration, extended driving range, and more efficient energy utilization, ultimately enhancing the overall EV driving experience.
The growth is attributed to the benefits of SiC over silicon, rising sales of electric vehicles, and substantial investments by SiC manufacturers in expanding their manufacturing capacity.
SiC is expected to replace silicon in many applications, aiming to increase the efficiency and range of electric vehicles, reduce the weight and cost of the entire vehicle, and increase the power density of control electronics.
The market is projected to be valued at $8.67 billion by 2030, showing a remarkable compound annual growth rate (CAGR) of 31.71% during the forecast period from 2025 to 2030.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle

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