The Global Power Semiconductors For EVs Market was valued at USD 7.9 billion in 2024 and is estimated to grow at a CAGR of 12,8% to reach USD 28.2 billion by 2034.
The rapid acceleration of electric vehicle adoption is driving substantial demand for advanced power electronics capable of supporting battery systems, high-speed charging, and optimized vehicle performance. Rising global EV sales, which grew 35% year over year in the first quarter of 2025, reflect the momentum behind the electrification movement and reinforce the essential role of power semiconductors in ensuring efficient power conversion, reduced thermal losses, and enhanced system reliability. As EV platforms evolve, manufacturers require components that can withstand high temperatures, support faster charging, and maintain stable efficiency across demanding conditions. This shift continues to influence investments, technology roadmaps, and product upgrades within the semiconductor ecosystem. Collaborative efforts between automotive brands and semiconductor developers are accelerating the deployment of next-generation materials, while creating stronger supply chain frameworks to meet the rising volume and performance expectations of the global EV sector.
The silicon carbide segment held a 33.2% share in 2024 as SiC devices gain traction due to their superior switching behavior, heat resistance, and charging performance. OEMs are increasingly integrating SiC MOSFETs into traction inverters and fast-charging architectures to improve energy efficiency and extend vehicle range. Manufacturers continue to scale SiC wafer capacity and pursue vertical integration, along with engineering tailored modules that align with the performance requirements of individual EV platforms.
The MOSFET segment is expected to reach USD 20.3 billion by 2034, supported by strong demand across onboard chargers, auxiliary circuits, and DC-DC converters. Producers are working to enhance voltage ratings and thermal durability to accommodate the growing electrical loads and higher power densities of modern EV designs.
United States Power Semiconductors for EVs Market generated USD 1.9 billion in 2024. Recent funding initiatives, including federal support for power module development, highlight ongoing national efforts to strengthen charging infrastructure. This environment encourages semiconductor suppliers to prioritize high-performance SiC and GaN technologies and to collaborate closely with domestic automotive companies to address fast-charging demands and high-voltage system challenges.
Key participants in the Power Semiconductors for EVs Market include Infineon Technologies AG, ROHM Co., Ltd., Onsemi, Mitsubishi Electric Corp., Renesas Electronics Corp., Microchip Technology Inc., STMicroelectronics N.V., Wolfspeed, Inc., Littelfuse, Inc., and Fuji Electric Co., Ltd. To reinforce their market position, companies in the power semiconductors for EVs sector are implementing strategies centered on scaling production capacity and accelerating material innovation. Many are expanding SiC and GaN manufacturing lines to meet long-term EV demand while investing in vertically integrated supply chains that stabilize wafer availability and reduce production costs. Firms are also designing application-specific modules tailored to OEM performance targets, enabling stronger technical partnerships. R&D efforts focus on reducing switching losses, improving thermal management, and supporting higher power densities.
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The rapid acceleration of electric vehicle adoption is driving substantial demand for advanced power electronics capable of supporting battery systems, high-speed charging, and optimized vehicle performance. Rising global EV sales, which grew 35% year over year in the first quarter of 2025, reflect the momentum behind the electrification movement and reinforce the essential role of power semiconductors in ensuring efficient power conversion, reduced thermal losses, and enhanced system reliability. As EV platforms evolve, manufacturers require components that can withstand high temperatures, support faster charging, and maintain stable efficiency across demanding conditions. This shift continues to influence investments, technology roadmaps, and product upgrades within the semiconductor ecosystem. Collaborative efforts between automotive brands and semiconductor developers are accelerating the deployment of next-generation materials, while creating stronger supply chain frameworks to meet the rising volume and performance expectations of the global EV sector.
The silicon carbide segment held a 33.2% share in 2024 as SiC devices gain traction due to their superior switching behavior, heat resistance, and charging performance. OEMs are increasingly integrating SiC MOSFETs into traction inverters and fast-charging architectures to improve energy efficiency and extend vehicle range. Manufacturers continue to scale SiC wafer capacity and pursue vertical integration, along with engineering tailored modules that align with the performance requirements of individual EV platforms.
The MOSFET segment is expected to reach USD 20.3 billion by 2034, supported by strong demand across onboard chargers, auxiliary circuits, and DC-DC converters. Producers are working to enhance voltage ratings and thermal durability to accommodate the growing electrical loads and higher power densities of modern EV designs.
United States Power Semiconductors for EVs Market generated USD 1.9 billion in 2024. Recent funding initiatives, including federal support for power module development, highlight ongoing national efforts to strengthen charging infrastructure. This environment encourages semiconductor suppliers to prioritize high-performance SiC and GaN technologies and to collaborate closely with domestic automotive companies to address fast-charging demands and high-voltage system challenges.
Key participants in the Power Semiconductors for EVs Market include Infineon Technologies AG, ROHM Co., Ltd., Onsemi, Mitsubishi Electric Corp., Renesas Electronics Corp., Microchip Technology Inc., STMicroelectronics N.V., Wolfspeed, Inc., Littelfuse, Inc., and Fuji Electric Co., Ltd. To reinforce their market position, companies in the power semiconductors for EVs sector are implementing strategies centered on scaling production capacity and accelerating material innovation. Many are expanding SiC and GaN manufacturing lines to meet long-term EV demand while investing in vertically integrated supply chains that stabilize wafer availability and reduce production costs. Firms are also designing application-specific modules tailored to OEM performance targets, enabling stronger technical partnerships. R&D efforts focus on reducing switching losses, improving thermal management, and supporting higher power densities.
Comprehensive Market Analysis and Forecast
- Industry trends, key growth drivers, challenges, future opportunities, and regulatory landscape
- Competitive landscape with Porter’s Five Forces and PESTEL analysis
- Market size, segmentation, and regional forecasts
- In-depth company profiles, business strategies, financial insights, and SWOT analysis
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Table of Contents
Chapter 1 Methodology
Chapter 2 Executive Summary
Chapter 3 Industry Insights
Chapter 4 Competitive Landscape, 2024
Chapter 5 Market Estimates and Forecast, by Component Type, 2021-2034 (USD Million)
Chapter 6 Market Estimates and Forecast, by Material Type, 2021-2034 (USD Million)
Chapter 7 Market Estimates and Forecast, by Application, 2021-2034 (USD Million)
Chapter 8 Market Estimates and Forecast, by End Use, 2021-2034 (USD Million)
Chapter 9 Market Estimates and Forecast, by Sales Channel, 2021-2034 (USD Million)
Chapter 10 Market Estimates & Forecast, by Region, 2021-2034 (USD Million)
Chapter 11 Company Profiles
Companies Mentioned
The companies profiled in this Power Semiconductors for EVs market report include:- Infineon Technologies AG
- Onsemi
- Microchip Technology Inc.
- STMicroelectronics N.V.
- Wolfspeed, Inc.
- North America
- Vishay Intertechnology, Inc.
- Littelfuse, Inc.
- Diodes Incorporated
- Europe
- Semikron-Danfoss Group
- Hitachi
- SanRex Corporation
- APAC
- Mitsubishi Electric Corp.
- ROHM Co., Ltd.
- Renesas Electronics Corp.
- Toshiba Electronic Devices & Storage Corporation
- Fuji Electric Co., Ltd.
- Starpower Semiconductor Ltd.
- Navitas Semiconductor Corporation
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 185 |
| Published | November 2025 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value ( USD | $ 7.9 Billion |
| Forecasted Market Value ( USD | $ 68.2 Billion |
| Compound Annual Growth Rate | 24.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 22 |
