According to The Business Research Company’s research report on the silicon carbide market, emerging demand for electric vehicles is significantly driving the growth of the silicon carbide market. Electric vehicles (EVs) use rechargeable batteries that produce very little noise and no exhaust, making them environmentally friendly. Silicon carbide is a semiconductor material used in electric vehicles because it has a higher thermal conductivity, can handle high voltages up to 1200V, and increases efficiency while lowering the vehicle’s weight and cost.
For instance, according to the International Energy Agency (IEA), the global number of electric cars on the road in 2020 was more than 10 million, up 43% from 2019. Therefore, the emerging demand for EVs is projected to propel the growth of the silicon carbide market going forward.
The global silicon carbide market share is expected to grow from $1.62 billion in 2021 to $1.93 billion in 2022 at a compound annual growth rate (CAGR) of 19.6%. Silicon carbide market growth is mainly due to the companies’ rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.45 billion in 2026 at a CAGR of 15.6%.
Strategic partnerships and collaborations are shaping the silicon carbide market. Key players operating in the silicon carbide market are focusing on partnerships and collaborations to improve efficiency, save costs, expand value propositions, and extend their growth in new areas to be a leader in the industry. For instance, in June 2020, Vitesco Technologies, a Germany-based company offering electric vehicles, signed a development partnership with ROHM Semiconductor, a Japan-based company that manufactures and designs semiconductors, integrated circuits (ICs), and other electronic components. Through this partnership, Vitesco Technologies increases the energy efficiency of electric vehicles using silicon carbide components from ROHM Semiconductor. Additionally, in November 2021, Qorvo, a US-based semiconductor company, acquired UnitedSiC, a US-based manufacturer of silicon carbide power semiconductors. The deal broadens Qorvo’s presence into fast-growing areas like circuit protection, electric vehicles (EVs), renewables, industrial power, and data center power.
Major players in the silicon carbide market are Infineon Technologies, Wolfspeed Inc, Rohm, ESK-SiC GmbH, ESD-SIC BV, Grindwell Norton Ltd., Entegris Inc., Saint Gobain Ceramic Materials GmbH, AGSCO Corporation, Carborundum Universal Limited, The Dow Chemical Company, Fuji Electric Co. Ltd., General Electric Company, Microchip Technology Incorporated, Snam Abrasives Pvt. Ltd., and STMicroelectronics.
The global silicon carbide market is segmented by product into black silicon carbide, green silicon carbide; by device type into SiC discrete device, SiC bare die; by application into steel, automotive, aerospace, military and defense, electrical and electronics, healthcare, others.
Asia-Pacific was the largest region in the silicon carbide market in 2021. The regions covered in the silicon carbide market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Silicon Carbide Global Market Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide silicon carbide market overviews, silicon carbide market analyze and forecast market size and growth for the whole market, silicon carbide market segments and geographies, silicon carbide market trends, silicon carbide market drivers, silicon carbide market restraints, silicon carbide market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
