Silicon Carbide Market Size

Silicon Carbide Market Size

The global silicon carbide market size was valued at USD 4.2 billion in 2024 and is estimated to grow at 34.5% CAGR from 2025 to 2034.  A noticeable increase in the sales of electric vehicle across the globe is a major factor expected to drive the growth of silicon carbide industry.

According to the International Energy Agency (IEA) in the first half of 2024 over 3 million electric vehicles were sold which was an increase of 25% compared to the first quarter of 2023. SiC devices are extensively used in electric vehicles in order to increase vehicle efficiency and reduce overall weight and size of vehicles.  
 

Silicon carbide (SiC) adoption in electric vehicles is accelerating which is creating new opportunity for SiC manufacturers. They can closely work with EV manufacturers and focus on enhancing the SiC performance for traction inverters by optimizing high voltage (650V, 1200V, 1700V) SiC MOSFETs that aid in achieving higher efficiency, extended driving range, and faster charging in EVs.
 

Silicon carbide (SiC) enhances the efficiency and performance of power converters and inverters thus transforming energy storage systems significantly. Components based on SiC enables faster switching, reduced energy losses and provides high thermal conductivity as compared to traditional silicon counterparts. Due to these added benefits companies are increasingly focusing on using SiC as it makes the energy storage systems more efficient, cost-effective as well as profiling them to meet the growing demand for clean energy solutions.
 

As of July 2024, Onsemi introduced latest generation of SiC devices, EliteSiC M3e MOSFETs, designed for enhancing energy efficiency for high-demand applications. The new MOSFETs are ideal for vehicle powertrains, DC fast chargers and solar inverters as they are designed to operate at higher switching frequencies while minimizing losses in power conservation.