As cited by the research report titled ‘Global SiC Power Device Market – Analysis By Application, End User, By Region, By Country (2020 Edition): Market Insight, COVID-19 Impact and Forecast (2020-2025)’, available with Market Study Report, global SiC power device market was worth USD 425.12 million in 2019 and is projected to expand significantly during 2020 to 2025.
 

Increasing demand for automotive vehicles as well as consumer electronics across varied countries, along with adoption of technologies to enhance power modules are the major factors driving the global SiC power device market growth.
 

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For those uninitiated, silicon carbide (SiC) is a wide-band-gap semiconductor having band gap of 3 electron volt (eV) and higher thermal conductivity as compared to silicon, making it ideal for use in electronic devices and vehicles.
 

On the downside, the Covid-19 pandemic, with strict lockdowns, temporary plant shutdowns, and restricted goods movement, is likely to restrain the market progression over the forecast timeframe.
 

Considering the application range, worldwide SiC power device industry is segmented into EV/HEV, charging device, and motor drives including others. Among these, EV/HEV segment is poised to grow significantly in the forecast timeline, due to rising demand for SiC power devices in electric vehicles.
 

While the end user spectrum includes industry, electronics, and automotive among others. As cited in the report, automotive segment is anticipated to gain traction over the stipulated duration, owing to increasing preference for ecofriendly electric vehicles.
 

Geographically, Asia Pacific (China, Japan, India), Europe (Germany, United Kingdom, France), and Americas (United States, Canada, Mexico, Brazil) are major contributors to the overall SiC power device industry value.
 

According to the report, APAC holds a considerable market share currently and is poised to showcase lucrative growth trends over 2020-2025, on account of rising product demand from automotive and consumer electronics verticals. Additionally, increasing investments in semiconductor sector, along with rising population in countries like Japan, China, and South Korea are contributing to the regional market progression.
 

Lastly, the report consolidates the business profiles of established contenders like Vishay Intertechnology Inc., Littelfuse Inc., Rohm Semiconductor, Renesas Electronics Corporation, Mitsubishi Electric Corporation, Fuji Electric Co. Ltd., STMicroelectronics, ON Semiconductor, Infineon Technologies AG, and Cree Inc. to provide better insights into the competitive framework of the market.