The global power semiconductor market is forecast to record rapid growth with the increasing demand for EVs. Favorable government policies and subsidies and OEM commitment to net-zero emissions and sustainability targets contribute to the growing EV penetration.
In 2021, global EV sales, including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), totaled 5.8 million units, exhibiting a growth of 79.3% over 2020. Pure electric vehicles (BEVs) made up 71.5% of global EV sales. Frost & Sullivan expects the global EV market to register continuous double-digit growth until the end of the decade. Frost & Sullivan anticipates silicon carbide (SiC)-based power semiconductors to account for 20.0%–25.0% of the overall power semiconductors market in EVs by 2025–2026, from less than 5.0% in 2021.
The power semiconductors market is expected to benefit from the surge in EV adoption worldwide. An EV has 2 to 3 times more semiconductor content in terms of dollar value compared to conventional ICE vehicles. Power semiconductors account for about 75.0% of this incremental semiconductor content in EVs.
Power semiconductors are deployed in onboard chargers, converters, drives, motors, battery management systems, and other vehicle convenience and safety features. These semiconductors contribute to compactness, weight reduction, and reduced power consumption resulting in longer-range, high-performance EVs.
Major power semiconductor types are power discrete and modules (diodes, transistors, and thyristors) and power ICs (switching regulators, controllers, and power management ICs).
Silicon-based semiconductors have been the building blocks of electronics for more than 50 years. However, the limitations of silicon in operating at a high voltage and high frequency with low switching speed make it unsuitable for the high-power electronics capabilities of existing and futuristic applications like EVs.
The industry is moving toward two wide band-gap technologies—silicon carbide (SiC) and gallium-nitride (GaN). WBG semiconductors overcome the limitations observed in silicon, thereby propelling the evolution of power electronics. SiC- and GaN-based components such as MOSFETs and diodes can be used for designing various power electronic circuits such as drive inverters, battery chargers, wireless charging circuits, and DC/DC converters in an electric vehicle.
The Frost Radar™ reveals the market positioning of companies in the EV power semiconductors landscape using Growth and Innovation scores as highlighted in the methodology. The key global companies in the EV power semiconductor market identified by Frost & Sullivan are Infineon Technologies (Infineon), STMicroelectronics, Wolfspeed, onsemi, ROHM, Texas Instruments, Nexperia, Leapers Semiconductor, SEMIKRON, Mitsubishi Electric, Hitachi Power Semiconductor Device (Hitachi), Microchip Technology, and Littelfuse.
The report presents the competitive profiles of each company based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in an industry and benchmarks them across ten criteria on the Frost Radar™, where the leading companies in the industry are then positioned.
Author: Navdeep Saboo
The Strategic Imperative
The Strategic Imperative (continued)
The Growth Environment
The Growth Environment (continued)
Frost Radar™: EV Power Semiconductor Market
Frost Radar™: Competitive Environment
Frost Radar™: Competitive Environment (continued)
Frost Radar™: Competitive Environment (continued)
Companies to Action
Infineon Technologies (Infineon)
STMicroelectronics
onsemi
ROHM
Wolfspeed
Texas Instruments
Nexperia
SEMIKRON
Leapers Semiconductor
Microchip Technology
Mitsubishi Electric
Littelfuse
Hitachi Power Semiconductor Device (Hitachi)
Strategic Insights
Significance of Being on the Frost Radar™
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Frost Radar™: Benchmarking Future Growth Potential
Frost Radar™: Benchmarking Future Growth Potential
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Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform
Growth Index
Growth Index (GI) is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective market, competitor, and end-user focused sales and marketing strategies.
- Market Share (previous 3 years)
This is a comparison of a company’s market share relative to its competitors in a given market space for the previous 3 years. - Revenue Growth (previous 3 years)
This is a look at a company’s revenue growth rate for the previous 3 years in the market/industry/category that forms the context for the given Frost Radar™. - Growth Pipeline
This is an evaluation of the strength and leverage of a company’s growth pipeline system to continuously capture, analyze, and prioritize its universe of growth opportunities. - Vision and Strategy
This is an assessment of how well a company’s growth strategy is aligned with its vision. Are the investments that a company is making in new products and markets consistent with the stated vision? - Sales and Marketing
This is a measure of the effectiveness of a company’s sales and marketing efforts in helping it drive demand and achieve its growth objectives.
Innovation Index
Innovation Index (II) is a measure of a company’s ability to develop products/ services/ solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, are able to evolve and expand to serve multiple markets and are aligned to customers’ changing needs.
- INNOVATION SCALABILITY
This determines whether an organization’s innovations are globally scalable and applicable in both developing and mature markets, and also in adjacent and non-adjacent industry verticals. - RESEARCH AND DEVELOPMENT
This is a measure of the efficacy of a company’s R&D strategy, as determined by the size of its R&D investment and how it feeds the innovation pipeline. - PRODUCT PORTFOLIO
This is a measure of a company’s product portfolio, focusing on the relative contribution of new products to its annual revenue. - MEGATRENDS LEVERAGE
This is an assessment of a company’s proactive leverage of evolving, long-term opportunities and new business models, as the foundation of its innovation pipeline. - CUSTOMER ALIGNMENT
This evaluates the applicability of a company’s products/services/solutions to current and potential customers, as well as how its innovation strategy is influenced by evolving customer needs.
Significance of Being on the Frost Radar™
Companies plotted on the Frost RadarTM are the leaders in the industry for growth, innovation, or both. They are instrumental in advancing the industry into the future.
- GROWTH POTENTIAL
Your organization has significant future growth potential, which makes it a Company to Action. - BEST PRACTICES
Your organization is well positioned to shape Growth Pipeline™ best practices in your industry. - COMPETITIVE INTENSITY
Your organization is one of the key drivers of competitive intensity in the growth environment. - CUSTOMER VALUE
Your organization has demonstrated the ability to significantly enhance its customer value proposition. - PARTNER POTENTIAL
Your organization is top of mind for customers, investors, value chain partners, and future talent as a significant value provider.
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Impacting your company's future growth potential.
| Deliverable Type | Frost Radar |
|---|---|
| Author | Navdeep Saboo |
| Industries | Test and Measurement Instrumentation |
| No Index | No |
| Is Prebook | No |
| Podcast | No |
| WIP Number | K810-01-00-00-00 |
Frost Radar™: EV Power Semiconductors, 2022
A Benchmarking System to Spark Companies to Action—Innovation that Fuels New Deal Flow and Growth Pipelines
11-Nov-2022
Global
Frost Radar
