Dublin, Sept. 18, 2024 (GLOBE NEWSWIRE) -- The "Global Electric Vehicle Power Semiconductor Market (2024 Edition): Market Size, Trends, Opportunities and Forecast by Component, Application, Vehicle Type, Region, By Country: 2020-2030" report has been added to ResearchAndMarkets.com's offering.
Electric Vehicle Power Semiconductor Market valued at USD 12.2 Billion in 2023 is expected to grow at a CAGR of 22.2% during 2025-2030.
The electric vehicle (EV) power semiconductor market has emerged as a critical area in the automotive industry due to the accelerating shift towards electric mobility. As governments worldwide push for reduced carbon emissions and improved air quality, the demand for EVs is expected to rise sharply, consequently driving the demand for power semiconductors.
Advancements in technology serve as a primary driver in the EV power semiconductor market. Improvements in battery technology, such as higher energy density and faster charging capabilities, enhance the overall efficiency and appeal of electric vehicles. Power semiconductors play a crucial role in these areas by enabling efficient power management and extending the range and longevity of the batteries. Moreover, innovations in semiconductor materials, like silicon carbide (SiC) and gallium nitride (GaN), are increasingly favored over traditional silicon because of their ability to operate at higher temperatures, voltages, and efficiencies.
Additionally, there is a growing market for high-performance electric vehicles, which require high-efficiency power semiconductors to handle increased power requirements and provide superior performance. The demand for these high-performance components encourages continuous improvements and innovations in the semiconductor industry.
Furthermore, environmental concerns and the need to reduce greenhouse gas emissions have led many governments to support the adoption of electric vehicles through subsidies, incentives, and stringent emissions regulations. For instance, countries in the European Union, China, and the United States have implemented policies favoring electric vehicle adoption. These measures include tax rebates, grants, and mandates for electric vehicle sales, all of which contribute significantly to the growth of the EV market and, by extension, the power semiconductor market.
However, the market faces several constraints. One significant challenge is the technical limitation in the current generation of semiconductors. Although advancements are being made, the efficiency and capacity to handle high power and temperature ranges need further improvement to meet future demands. Another constraint is the dependency on the global supply chain, which can be affected by geopolitical tensions and trade policies. The scarcity of raw materials required to manufacture semiconductors also poses a risk to market growth.
Segment Insights
By Application, Traction Motor segment contributes the maximum revenue with a share of approximately 36% market share in 2023. The integration of power semiconductors in traction motors also plays a critical role in the regenerative braking systems of EVs. These systems require efficient and rapid switching semiconductors to capture and convert the kinetic energy of the vehicle back into electrical energy, which is then stored in the battery. This process significantly improves the energy efficiency of electric vehicles and is becoming a standard feature in new models.
The market dynamics are also influenced by regulatory frameworks and government policies promoting electric vehicle adoption through subsidies and incentives. These policies are encouraging manufacturers to develop and deploy advanced power semiconductors to meet the performance standards required by regulatory bodies.
Geographical Insights
Asia Pacific represents the fastest growing market, by region in the Global Electric Vehicle Power Semiconductor Market.
Central to the Asia Pacific market's expansion is the aggressive push from governments to reduce carbon emissions, which has translated into favorable policies, incentives, and subsidies for electric vehicles and related technologies. Countries like China, Japan, and South Korea not only have set ambitious targets for EV adoption but also actively support semiconductor development through funding and research initiatives. This supportive regulatory environment is a critical driver, fostering an ecosystem ripe for growth and innovation in the EV power semiconductor sector.
China, as the largest automotive market in the world, dominates the Asia Pacific landscape for EV power semiconductors. The Chinese government's strategic roadmap towards electrification of its transportation sector has catalyzed significant investments in EV infrastructure and manufacturing capabilities. The country's focus on becoming a global leader in electric vehicles has led to advancements in semiconductor technologies, including the development of silicon carbide (SiC) and gallium nitride (GaN) components, which are essential for enhancing the efficiency and performance of electric vehicles.
Reasons to buy this report:
- In-Depth Comparative Assessment of Top 20 Markets in the Electric Vehicle Power Semiconductor Industry: Comparative assessment of 20 leading countries highlighting the total addressable market, opportunities, lucrative segments and competitive positioning of leading companies.
- Comprehensive Historical, Present, and Future Analytics of the Electric Vehicle Power Semiconductor Market: A deep dive in the historical (2020-2023), current (2024) and forecast (2025-2030) market analytics of Electric Vehicle Power Semiconductor Market.
- Detailed Analysis of Electric Vehicle Power Semiconductor Market By Component, Application, and Vehicle Type Across 20 Countries
- Beyond the Purchase: 90 Days of Support
- Direct Access to Analysts: Have questions after reading the report? Our expert analysts are just a call or email away.
- Customized Assistance: Whether you're integrating insights into your strategy or have questions about market dynamics, our team provides tailored support to meet your specific business needs.
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- Gain insights specific to new entrants or new market areas to tap: The study provides detailed market entry strategies, including analysis of barriers to entry, pricing strategies, opportunities, trends, drivers, and challenges and Component positioning using the Opportunity Portfolio Matrix (OPM)
- Strategic Industry Movements: Tracking Competitive Developments and Key Players in the Market: The report covers competitive strategies, mergers & acquisitions, new developments, future plans and market share analysis of ~15 top companies
Key Companies
- NXP Semiconductors
- Microchip Technologies Inc.
- Infineon Technologies
- Texas Instruments
- Mitsubishi Electric Corp.
- ON Semiconductors
- TOSHIBA Corporation
- ST Microelectronics
- Fuji Electric
- Semikron
Market Segmentation
By Component:
- Power MOSFET
- IGBT
- Power Bipolar
- Switches
- Other Components
By Application:
- High Voltage Battery Monitor
- DC-DC
- Traction Motor
- On-Board Charger
By Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
By Geography:
- Americas (The United States, Canada, Brazil, Mexico, Rest of Americas)
- Europe (United Kingdom, Germany, France, Italy, Spain, Turkey, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Singapore, Indonesia, Rest of Asia Pacific)
- Middle East and Africa (GCC, Israel, South Africa, Rest of Middle East and Africa)
For more information about this report visit https://www.researchandmarkets.com/r/ag2uap
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