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[English Market Research Report] Global Market for Silicon Carbide Semiconductor Devices

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The global market size for silicon carbide semiconductor devices is expected to reach 5.2 billion USD by 2028, with a projected market growth rate of 20.3% CAGR during the forecast period. The research project focuses on the use of silicon carbide (SiC) semiconductor devices in automotive powertrains. However, recent improvements have gradually made them a practical alternative. For example, Tesla's vehicle architecture, which employs fast charging methods, currently uses SiC. Furthermore, as governments around the world continue to support renewable energy sources and automakers strive to reduce manufacturing costs, the number of hybrid vehicles and standard electric vehicles (EVs) is expected to increase. This is largely driven by consumer demands for batteries that are safer, lighter, smaller, charge faster, and have longer lifespans, making continuous improvements in battery technology feasible. As a result, silicon carbide semiconductors are becoming ideal for applications in plug-in hybrid electric vehicles (PHEVs) and pure electric vehicles.

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[English Market Research Report] Global Market for Silicon Carbide Semiconductor Devices

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The global silicon carbide semiconductor device market is projected to grow from 1.27 billion USD in 2022 to 1.59 billion USD in 2023, with a CAGR of 25.3%. The Russia-Ukraine war has disrupted the potential for global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions against multiple nations, soaring commodity prices, and supply chain disruptions, causing inflation across a wide range of goods and services and impacting many markets worldwide. The silicon carbide semiconductor device market is expected to reach 3.69 billion USD by 2027, with a CAGR of 23.4%.

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