YG PRESS NEWS – Despite the current global economic challenges, the growth trajectory of SiC for power electronics remains intact

According to Yole Group and its Power SiC/GaN Compound Semiconductor Market Monitor, the significant growth of SiC is primarily propelled by Battery Electric Vehicle (BEV) applications in 2023. The market is achieving a growth rate of 60%. However, the economic landscape from H2-23 onwards exhibits reduced momentum for Electric Vehicles (EVs) to sustain a similar growth rate in the short term. Consequently, two major factors contribute to the decline in growth rate. Firstly, an established market size begins to dilute the growth, while simultaneously, a more conservative outlook for H1-24 also dampens the growth rate.

Industry feedback indicates that SiC-based EV projects are ongoing, but the introduction of new models depends heavily on the economic situation. Tesla, as a major user of SiC devices, anticipates a slowdown in growth in 2024. BYD, the largest EV Original Equipment Manufacturer (OEM), has introduced more new models with SiC-based solutions. Feedback suggests that BYD sources SiC bare dies from Bosch and STMicroelectronics for their power modules. Concurrently, the OEM is developing in-house power devices, including Si IGBT and SiC devices. BYD is actively engaged in SiC epiwafer research and development, with device manufacturing relying on domestic Integrated Device Manufacturers (IDMs) and foundry players. Our understanding indicates that BYD collaborates with SMEC/UNT.

In addition to automotive applications, various industrial and energy segments are anticipated to drive SiC growth in the long term. With the capacity expansion of SiC materials, concerns regarding supply constraints are less pronounced in 2024 and beyond.

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