India SiC Semiconductor Market Forecast to 2027 - COVID-19 Impact and Country Analysis by Device and Vertical

The SiC semiconductor market was valued at US$ 29.0 million in 2018 and isprojected to reach US$ 138.5 million by 2027; it is expected to grow at a CAGR of 22.6% from 2020 to 2027.

Electric vehicles have become a huge proportion of the global vehicle manufacturing mix, and in India, the electric vehicle industry is expanding swiftly. The power electronics market holds substantial growth potential for companies that are able to leverage the opportunities offered by the electric vehicle sector. Automotive giants in the country are offering electric vehicles with an aim to reduce the vehicle contribution to air pollution. For instance, Mahindra & Mahindra launched its electric vehicle; Hyundai Motor India Ltd.'s launched Kona electric SUV and sold about 300 units in seven months since its launch; Hyundai Motor India Ltd is focusing to mass-market electric car in India. The Government of India is encouraging the quicker adoption of electric vehicles in accordance with its aim to bring at least 15% of electric vehicles on the road in the next five years to manage air pollution in cities. The demand for electric vehicles is projected to surge in the country owing to the transition from silicon to SiC power electronics devices. The use of SiC boosts the electric vehicle industry, empowering greater system efficiencies and thus providing faster charging capabilities and longer-range performances while reducing cost, lowering weight, and conserving space. All the aforementioned factors are, thus, likely to support the growth of the SiC semiconductor market in the coming years.

The SiC semiconductor market is segmented into device and vertical. The market based on device is segmented into SIC discrete device and SIC bare die. The SIC discrete device is expected to hold a prime share of the SiC semiconductor market during the forecast period. The SiC semiconductor market, based on vertical, is further segmented into telecommunications, energy & power, automotive, military and defense, and others. The energy &power segment led the market in 2019, and it is anticipated to continue its dominance during the forecast period. The SiC semiconductor market in India is expected to surge in the coming years as the technology is applicable for various industries, including the energy &power industry, military and defense sector, and the automotive industry. The industry players in the sectors invest substantial amounts in adopting newer and robust technologies to optimize their respective products.

A few of the major players operating in the SiC semiconductor market are FUJI Electric Co., Ltd., General Electric, Infineon Technologies AG, Powerex, Inc., Renesas Electronics Corporation, Rohm Co. Ltd., Semiconductor Components Industries, LLC, Semikron, STMicroelectronics NV, and Toshiba Corporation.

The overall SiC semiconductor market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the SiC semiconductor market with regard to all the segments. Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts and key opinion leaders specializing in the SiC semiconductor market.

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