The global market for automotive Silicon Carbide Market is expected to grow at a CAGR of 12.5 % during the forecast period of 2023 to 2030.In the midst of COVID-19, there is a significant need for silicon carbide for efficient industrial operations. This demand is caused by the growing use of SiC devices in automotive and power device applications as well as the increasing demand for hybrid and electric cars. The increasing investments in SiC production that are being made by governments, private organisations, research institutes, and manufacturers are important market drivers.

Because hybrid and electric vehicles are more digitally connected than traditional automobiles, they are gaining market share.In addition, they are environment friendly solutions that cut down on the use of fossil fuels such as gasoline and diesel, which in turn reduces the amount of heat trapped in the atmosphere. In addition, the market for hybrid, electric, and autonomous vehicles have slowed down in recent months as a direct result of COVID-19, which has been affecting the automobile industry. Nevertheless, it is anticipated that their demand will be greater than that of any other type of vehicle during the forecast period.

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The rapid increase in greenhouse gases as well as the different steps taken by the government to cut back on oil imports have led to the quick growth in demand for electric vehicles as well as charging stations for electric vehicles. According to findings published by the European Energy Agency (EEA), the level of carbon emissions produced by an electric vehicle is anywhere from 17% to 30% lower than those produced by a gasoline or diesel-powered vehicle. Because of this, there has been a surge in the number of electric vehicles purchased all around the world. The number of electric vehicles sold worldwide increased by 108 % in 2021, reaching 6.8 million units. Battery electric vehicles (BEVs) accounted for 71% of the total number of EVs sold. Car manufacturers are requesting drive systems with higher voltage as the market for electric vehicles (EVs) continues to increase. This is done in order to lower the amount of time needed for charging as well as the overall weight of the EV, which in turn can enable longer driving ranges.

Companies such as STMicroelectronics have introduced the third generation of their STPOWER silicon carbide (SiC) MOSFETs. These MOSFETs are designed to target advanced power applications such as electric vehicle powertrains and other applications in which energy efficiency, density of power, and reliability play an important role. The power devices that are used in electric vehicles and the charging stations for such vehicles are required to meet certain specifications relating to the amount of power that is lost, the breakdown voltage, the switching frequency, the maximum operating temperature, and the thermal conductivity. The third generation of STPOWER SiC MOSFETs from STMicroelectronics has been created primarily to suit the requirements of high-end automotive applications. Some examples of these applications are EV traction inverters, onboard chargers, and DC/DC converters. It is anticipated that activities of this nature will help to the expansion of the market's revenue.

In 2021, SiC Discrete device segment accountedto the largest market share among other types of SiC segment. Similarly, The global market for silicon carbide in the report has also been segmented by wafer sizes as 2 inches, 4 inches, and 6 inches. The 6-inch segment accounted for the largest revenue in 2021 and is expected to continue dominate throughout the forecast period of 2023 to 2030. This is due to factors such as the growing demand for electric vehicles (EVs) and the increasing preference for silicon carbide over silicon among original equipment manufacturers (OEMs) and auto manufacturers. SiC MOSFETs offer improved performance, higher switching frequencies, and higher efficiencies in comparison to their Si MOSFET counterparts. A critical breakdown field with a bigger critical value makes it feasible to maintain the device's voltage rating while simultaneously reducing its thickness. This is made possible by the device's ability to maintain its critical value. In addition to this, because the bandgap is larger, it has a smaller leakage of current. This is because of the larger size of the bandgap.

On the basis of an analysis of regional markets, Asia Pacific market dominated in terms of market revenues in 2021 in comparison to all other geographic regions.It is also anticipated that the Asia Pacific market will account for the largest revenue share over the course of the forecast period. This is due to the growing number of government initiatives and private investment by companies in the region to boost manufacturing and facilitate the rapid adoption of electric vehicles (EVs). In Gujarat, India, on the 25th of February 2021, Silicon Power Corporation became the pioneering company to launch the very first silicon carbide fabrication unit of its kind in India. In a similar vein, Taiwan and South Korea account for approximately 80% of the worldwide foundries. The government of the People's Republic of China has launched a number of programmes in order to meet the steadily increasing demand for electric vehicles across the nation. The national electric vehicle (EV) charging network was increased in size by 50% thanks to an investment made by the government of $1.42 billion. In addition, China's Ministry of Industry and Information Technology has made the decision to incorporate silicon carbide (SiC), a significant semiconductor base material, into the country's 14th five-year plan (covering the years 2021-2025) in order to encourage greater technological innovation and development across a variety of sectors. It is anticipated that the region's growing use of third-generation semiconductor technology in electronic devices and electric vehicles, such as SiC MOSFET, will help the region's revenue growth.It is anticipated that the market in North America will record a rapid revenue CAGR over the course of the projected period. It is anticipated that the market in Europe will record a constant revenue and CAGR over the course of the forecast period. This can be attributed to the increase in investments to boost research and development inSiC segment.

In the industry of silicon carbide, key companies are adopting product launches and developments as their primary strategy to enhance their market share. Acquisitions, partnerships, collaborations, contracts, and agreements remain as secondary strategies adopted by key market players. The companies are able to expand their product offerings through strategic partnerships, such as mergers and acquisitions and joint ventures. Infineon Technologies (Germany), Cree, Inc. (United States), ROHM Co., Ltd. (Japan), STMelectronics (Switzerland), Fuji Electric (Japan), ON Semiconductor (United States), General Electric (United States), Toshiba suCorporation (Japan), and Renesas Electronics (Japan), and Microchip Technology and Others are some of the major companies operating in silicon carbide market.

Key Market Trends

• The global market for automotive Silicon Carbide Market is expected to grow at a CAGR of 12.5 % during the forecast period of 2023 to 2030.
• In 2021, SiC Discrete device segment accountedto the largest market share among other types of SiC segment.
• The 6-inch segment accounted for the largest revenue in 2021 and is expected to continue dominate throughout the forecast period of 2023 to 2030. This is due to factors such as the growing demand for electric vehicles (EVs) and the increasing preference for silicon carbide over silicon among original equipment manufacturers (OEMs) and auto manufacturers.
• On the basis of an analysis of regional markets, Asia Pacific market dominated in terms of market revenues in 2021 in comparison to all other geographic regions.
• It is also anticipated that the Asia Pacific market will account for the largest revenue share over the course of the forecast period.
• Key companies are adopting product launches and developments as their primary strategy to enhance their market share.
• Acquisitions, partnerships, collaborations, contracts, and agreements remain as secondary strategies adopted by key market players.
• Infineon Technologies (Germany), Cree, Inc. (United States), ROHM Co., Ltd. (Japan), STMelectronics (Switzerland), Fuji Electric (Japan), ON Semiconductor (United States), General Electric (United States), Toshiba suCorporation (Japan), and Renesas Electronics (Japan), and Microchip Technology and Others are some of the major companies operating in silicon carbide market.

*Complete segmentation list is on report page