$1 billion+ market in 2022 for automotive SiC power semiconductors

Market researcher TrendForce reported siliconcarbide power semiconductors market in the automotive domain to cross US$1 Billion in 2022. Siliconcarbide (SiC) is preferred in electrical vehicles to improve the power conversion performance of converters, inverters and other power electronics. TrendForce forecasts market for vehicle SiC power components to reach US$1.07 billion in 2022 and will climb to US$3.94 billion by 2026. TrendForce finds automotive SiC power component market is currently dominated by major European and American integrated semiconductor device manufacturers. Further findings shared by TrendForce includes: The key suppliers STMicroelectronics, ON Semi, Wolfspeed, Infineon, and ROHM have long been deeply involved in this field and have close interactions with major automakers and Tier 1 manufacturers. The affluence of the automotive market has also impressed the importance of stable supply capacity onto major manufacturers. Therefore, they have moved successively into the upstream substrate materials field in an effort to exert full control on the supply chain. For example, ON Semi acquired GT Advanced Technologies last year. Major automakers have high hopes for SiC and are simultaneously and vigorously participating in the construction of supply chains. From the perspective of China, the world's largest EV market, automakers such as SAIC and GAC...