onsemi on track for $1 billion SiC revenues in 2023: What is it doing right?
Despite being a relative latecomer to the power SiC device market, onsemi’s 2023 Q1 results suggest it is on track to achieve ambitious revenues of $1 billion in 2023. The firm nearly doubled its earnings over last quarter and experienced a greater than 3.5-fold increase in earnings between 2021 and 2022.
Major IDMs are capitalising on the rapidly-growing power SiC device market – where the market size doubled from Q1 in 2022– but onsemi is outpacing its peers in terms of growth rate, including market leader STMicroelectronics. Yole Intelligence’s analysts, Poshun Chiu and Taha Ayari ask: What strategies have led to onsemi’s rapid success in this market, and what could stand in the way of it achieving its bold $1 billion target? This analysis is part of the Power SiC/GaN Compound Semiconductor Market Monitor, Q2 update. Yole Intelligence is a Yole Group company. A design win strategy Until now, Tesla has been the main high-volume adopter of SiC devices in its electric vehicle inverters, which has helped to drive growth among its major suppliers, including STMicroelectronics and onsemi. To help diversify and expand its revenue, onsemi has been very efficient in building partnerships with other car manufacturers, and has signed several agreements in recent months. In 2022, it ach...
Major IDMs are capitalising on the rapidly-growing power SiC device market – where the market size doubled from Q1 in 2022– but onsemi is outpacing its peers in terms of growth rate, including market leader STMicroelectronics. Yole Intelligence’s analysts, Poshun Chiu and Taha Ayari ask: What strategies have led to onsemi’s rapid success in this market, and what could stand in the way of it achieving its bold $1 billion target? This analysis is part of the Power SiC/GaN Compound Semiconductor Market Monitor, Q2 update. Yole Intelligence is a Yole Group company. A design win strategy Until now, Tesla has been the main high-volume adopter of SiC devices in its electric vehicle inverters, which has helped to drive growth among its major suppliers, including STMicroelectronics and onsemi. To help diversify and expand its revenue, onsemi has been very efficient in building partnerships with other car manufacturers, and has signed several agreements in recent months. In 2022, it ach...
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