Presentation Description: The power electronics device market is expected to grow at a 7.2% CAGR from 2023 to 2029, reaching $36.2 billion by 2029. Silicon carbide (SiC) technology is gradually gaining market share at the expense of traditional silicon devices. The primary demand for SiC devices comes from electric and hybrid electric vehicles (xEV), particularly for electric vehicle (EV) traction inverters. The power electronics supply chain has seen a surge in efforts to expand manufacturing capacities, especially for SiC and silicon devices, as well as for SiC wafers. Despite the strong underlying demand for power electronics applications, a slowdown in EV demand coupled with rapid increases in manufacturing capacity could lead to overcapacity, particularly in the SiC sector. Chinese SiC wafer and, to a lesser extent, device manufacturers are closing the gap in performance and quality with current leaders in SiC technology while offering more competitive pricing. This is accelerating consolidation within the supply chain, driving technological innovation, price reductions, and new strategic approaches. Power electronics companies are increasingly looking to expand into industrial applications by developing specialized products. More partnerships, mergers, and acquisitions are anticipated in the coming years.
