The global power semiconductor market is forecast to record rapid growth with the increasing demand for EVs. Favorable government policies and subsidies and OEM commitment to net-zero emissions and sustainability targets contribute to the growing EV penetration.
In 2021, global EV sales, including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), totaled 5.8 million units, exhibiting a growth of 79.3% over 2020. Pure electric vehicles (BEVs) made up 71.5% of global EV sales. Frost & Sullivan expects the global EV market to register continuous double-digit growth until the end of the decade. Frost & Sullivan anticipates silicon carbide (SiC)-based power semiconductors to account for 20.0%–25.0% of the overall power semiconductors market in EVs by 2025–2026, from less than 5.0% in 2021.
GROWTH PIPELINE DIALOG™
Take your first step towards achieving growth-centric solutions with our
Growth Pipeline Dialog™. Speak to our industry experts in a complimentary open discussion that will spark innovative thinking and growth opportunities that will benefit your organization.