Power Semiconductors for EVs Market

Power Semiconductors for EVs Market Size

The global power semiconductors for EVs market was valued at USD 7.9 billion in 2024. The market is expected to grow from USD 9.8 billion in 2025 to USD 28.2 billion by 2030 and USD 68.2 billion by 2034, growing at a CAGR of 24.1% during the forecast period of 2025-2034, according to Global Market Insights Inc.

• The rapidly expanding global market for power semiconductors is particularly influenced by the growing number of electric vehicles (EVs) as well as growing joint collaborations for the advancement of EV semiconductors technology.
  
• The increased adoption of electric vehicles (EVs) globally is one of the key factors driving the growth of the power semiconductor market. With the expansion of the market for EVs, there is an increased demand for high-efficiency power electronics for the management of batteries, charging systems, and the vehicle’s complete performance. Electric car sales will surpass 20 million units by 2025, accounting for over 25% of the global market as estimated by the International Energy Agency (IEA). Furthermore, the global sales of electric vehicles in the first quarter of 2025 increased 35% annually. This trend highlights the significance of power semiconductors in improving the efficiency, energy loss reduction, and reliability of next generation EV systems.
  
• Concurrently, various technology companies and semiconductor manufacturers are forming strategic collaborations to enhance the development and introduction of new generation EV technologies. For example, in June 2025, Tata Group and Infineon Technologies signed a Memorandum of Understanding (MoU) in regard to the development and implementation of electric vehicle solutions tailored for the Indian market. This spans all types and classes of vehicles, illustrating the importance of such partnerships for streamlining innovation, reinforcing the supply chain network, and accelerating the incorporation of semiconductor technologies within the electric vehicle market.
  
• In 2024, Asia Pacific accounted for 34.4% share of the power semiconductors for EVs market. The Asia-Pacific region continues to grow due to rapid electrification, initiatives from the government, and major automobile manufacturers. Expansion is largely driven by developing economies like India, China, and the Southeast Asian nations. India’s EV market is expected to grow at a CAGR of 28.52% to reach USD 8.32 billion by 2029, according to IBEF. The 2025 partnership between Tata Group and Infineon Technologies further exemplify how partnerships are promoting innovation and increasing the pace of semiconductor integration into next-generation EV systems.
  

Power Semiconductors for EVs Market Trends

• The need for enhanced energy efficiency and rapid charging in electric vehicles is aiding the development of the next generation of power semiconductors like SiC (Silicon Carbide) and GaN (Gallium Nitride). These semiconductor materials enhance EV efficiency and range due to higher thermal performance, compact size, and lower switching losses. The wide-bandgap semiconductors market is expected to thrive between 2025 and 2031, particularly in premium EVs and advanced charging systems in electric vehicles.
  
• To optimize performance, reliability, and space within EV architectures, automotive OEMs (original equipment manufacturers) are integrating power modules to improve thermal management, power- wiring simplification, and overall power density. As EV manufacturing increases in the regions such as Asia Pacific, North America, and Europe, there will be a substantial increase in demand for integrated power modules between 2025 and 2032.
  
• The growth of vehicle-to-grid (V2G) and bidirectional charging applications is creating new prospects of development in power semiconductor technology. These technologies rely on effective semiconductors to control the two-way power flow and thus allow electric-vehicle batteries to act as distributed energy resources. The trend strengthens grid stability and integration of renewable energy, and at the same time, improves the value propositions of electric cars to consumers. The use of power semiconductors tailored specifically to V2G systems will rise between 2026 and 2032, particularly in developed markets that are aiming at ambitious decarbonization and energy-transition goals.
  
• There is an increasing demand for reliable and long-lasting power semiconductors for EVs due to challenges such as high temperature, voltage variation, and vibration. To enhance system reliability and safety, manufacturers concentrate on ruggedized semiconductor designs with advanced packaging and thermal management. This is particularly important for applications involving commercial EV fleets, logistics vehicles, and public transportation. Demand for robust semiconductors is anticipated to grow steadily from 2025 to 2030, as EVs will be adopted for large-scale use in demanding operational environments.
  

Power Semiconductors for EVs Market Analysis

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On the basis of material type, the power semiconductors for EVs market is divided into silicon (Si), silicon carbide (SiC), and gallium nitride (GaN).

• The silicon carbide (SiC) segment held a market share of 33.2% in 2024. The adoption of SiC devices is becoming more common in the EV power semiconductor market due to their better switching efficiency and thermal conductivity, as well as their ability to support faster charging. Leading original equipment manufacturers (OEMs) are starting to incorporate SiC MOSFETs into their traction inverters and fast chargers to obtain greater efficiency at the system level.
  
• To minimize costs, manufacturers should expand SiC wafer production and pursue vertical integration. For bespoke module performance in specific EV designs, manufacturers should partner with OEMs.
  
• The gallium nitride (GaN) market is anticipated to grow at a CAGR of 24.6% during the forecast period 2025 - 2034. GaN semiconductors are increasingly utilized in applications that require high-frequency EV applications, such as onboard chargers and DC-DC converters. Their small size and high efficiency allow for the creation of lightweight and compact power modules, meeting the need for more energy-dense and compact systems in the automotive sector.
  
• Manufacturers should focus on developing advanced R&D and robust packaging options to increase the reliability and durability of automotive-grade GaN devices.  Collaborating with EV charger manufacturers will accelerate the incorporation of GaN technology into next-generation fast-charging EV power systems and high-efficiency systems.
  

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On the basis of component type, the power semiconductors for EVs market is segmented into MOSFETs, IGBTs, diodes, power ICs, thyristors, and others.

• The MOSFETs segment is anticipated to reach USD 20.3 billion by 2034. The demand for Power MOSFETs in Electric Vehicles (EVs) is continuously increasing owing to the efficiency of Power MOSFETs in low-to-medium power applications including onboard chargers, DC-DC converters, and auxiliary systems. The increase in demand for Power MOSFETs in EVs has led manufacturers to concentrate on improving voltage and thermal endurance to satisfy EV systems demand.
  
• Manufacturers should develop advanced MOSFET architectures with lower RDS(on) values and higher thermal efficiency. The integration of MOSFETs with SiC- technologies for the development of compact and power efficient EV powertrains is also necessary.
  
• The IGBTs segment is anticipated to grow at a CAGR of 25% during the forecast period 2025 - 2034. Insulated gate bipolar transistors (IGBTs) are the most preferred option for high-voltage EV applications such as traction inverters and power modules. Owing to the rising efficiency and performance expectations, the replacement of silicon-based IGBTs with wide-bandgap alternatives will occur slowly as SiC technology continues to advance.
  
• Manufacturers should focus on hybrid module development that combines IGBT and SiC technology to ease transition for automakers.
  

On the basis of application, the power semiconductors for EVs market is segmented into traction inverter systems, onboard chargers (OBC), DC-DC converters, electric drive motors, battery management systems (BMS), and others.

• The traction inverter systems market is anticipated to reach USD 18.8 billion by 2034. Traction inverters are transitioning to high-efficiency designs with SiC and next-generation IGBT modules to improve the performance and energy conversion efficiency of drivetrains. The shift to 800V vehicle platforms enables greater flexibility and increases the need for high-voltage power semiconductors.
  
• Developing flexible inverter solutions that are scalable and compatible with 400V and 800V platforms is fundamental. Engaging in partnerships with OEMs on integrated inverter-motor systems can improve market and value proposition.
  
• Onboard chargers (OBC) segment is anticipated to grow at a CAGR of 26.8% during the forecast period 2025 - 2034. The onboard charger segment demonstrates remarkable advancements in technology facilitated by the integration of SiC and GaN for efficient and rapid charging of vehicles. Furthermore, the ongoing miniaturization of onboard chargers facilitates the improvement of vehicle range and charger performance.
  
• Manufacturers should develop innovative high-power-density OBC modules using wide-bandgap materials. To enable flexible integration across various EV models, manufacturers should also concentrate on modular architectures and thermal design optimization.
  

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• U.S. dominated the power semiconductors for EVs market, accounting for USD 1.9 billion in the year 2024. In September 2024 NoMIS Power, a startup focusing on semiconductors, received approximately USD 207,000 dollars from the U.S. Department of Energy for the continued development of EV charging power modules. Such investments illustrate the nation’s efforts to enhance the EV infrastructure.
  
• Power semiconductor manufacturers need to continue to align with the focus of the U.S. on the advancement of EV charging infrastructure, especially the development of high-efficiency SiC and GaN-based devices. Collaborating with American startups and OEMs will be crucial to upscale innovation while simultaneously reducing costs and addressing the performance requirements of fast-charging and high-voltage power electronics used in thermal management and power systems.
  
• Canada is anticipated to grow at a 22.1% CAGR during the forecast period 2025 – 2034, bolstered by EV adoption, clean energy policies, and growing charging infrastructure. The country's focus on sustainability and electrification is generating opportunities for semiconductor suppliers to cater both passenger and commercial EV fleets.
  
• Power semiconductor manufacturers should promote cutting edge wide-bandgap technologies tailored for Canada's EV market, especially for use in harsh weather and rough terrains.
  

Europe accounted for 21.3% of the global power semiconductors for EVs market in 2024. Europe is a major market for power semiconductors in EVs, driven by strict emission rules, government incentives, and rapid charging infrastructure rollout. Due to the EU’s Green Deal and the goal of climate neutrality by 2050, automakers are increasingly turning to advanced silicon carbide (SiC) and gallium nitride (GaN) technologies to improve the efficiency, performance, and range of electric vehicle (EV) fleets.

• Germany is anticipated to grow at a 25.2% CAGR during the forecast period 2025 - 2034. Germany is a key market for power semiconductors. Automotive manufacturers are expanding their production of electric vehicles and concentrating on incorporating Silicon Carbide and Gallium Nitride technologies for enhanced efficiency and charging capabilities. The demand for reliable and cutting-edge semiconductor technologies will significantly increase due to Germany's goal of having 15 million electric vehicles on the road by 2030.
  
• Power semiconductor manufacturers should indulge into partnerships with German OEMs and Tier-1 suppliers and provide tailored wide-bandgap solutions that meet criteria on performance, cost, and reliability to secure positive positioning in the rapidly growing EV ecosystem in Germany.
  
• UK's power semiconductors for EVs market is anticipated to grow at a 24.2% CAGR during the forecast period. The United Kingdom is prioritizing the growth of the semiconductor industry owing to the upcoming 2035 prohibition of sales on petrol and diesel vehicles. The shift is facilitating the use of semiconductors in inverters, on-board chargers and battery systems. The efforts to strengthen the domestic electric-vehicle supply chain also contributes to the integration of the latest semiconductor technologies into the future mobility solutions.
  
• Power semiconductor manufacturers should focus on providing high efficiency devices modified to the UK market and collaborate with local initiatives to build resilient electric-vehicle semiconductor supply chains that are consistent with government-directed electrification goals.
  

Asia-Pacific held a share of 34.4% in the global power semiconductors for EVs market and is the fastest-growing region with a 25.5% CAGR during the forecast period. The Asia-Pacific region is becoming the fastest growing market of power semiconductors in electric vehicles, supported by governmental subsidies, a high rate of adoption of electric vehicles, and a rising number of charging stations. Countries like China, Japan, and India are also making huge investments in local production and innovation, which are driving demand of the high-performance SiC and GaN solutions to boost efficiency, range, and affordability.

• The power semiconductors for EVs market in China is anticipated to reach USD 10.8 billion by the year 2034. In September 2025, China introduced the MG4 Anxin Edition. This vehicle is the first mass-produced electric vehicle with a semi-solid-state battery, and it is priced under 15,000 USD. It has a 70kWh battery and a range of 537 km. This vehicle highlights the strong demand for high-performing semiconductors that maximize performance and extend battery range, as well as China's leadership in the development of reasonably priced Chinese electric vehicles.
  
• Power semiconductor manufacturers should capitalize on the affordability-driven EV boom in China by providing competitively priced, high-density semiconductor solutions designed for entry-level EVs, while partnering with Chinese OEMs to facilitate extensive electrification and next-generation battery innovations.
  
• Japan's power semiconductors for EVs market was valued at USD 415.6 million in 2024. Japan is enhancing EV adoption driven by solid investments in R&D. Majority of the automotive sector is incorporating wide-bandgap semiconductors into traction inverters and onboard chargers to achieve strategic performance goals.  The partnership of tech companies and OEMs, along with government subsidies, is bolstering Japan's position as a pioneer in EV technology semiconductors.
  
• Power semiconductor manufacturers should focus on Japanese OEMs. Offer high-reliability solutions with a focus on durability, efficiency, and compactness to meet Japanese quality standards.
  
• India's power semiconductors for EVs market is anticipated to grow at a CAGR of over 27.2% during the forecast period. India's electric vehicle market is expanding rapidly, aided by the government programs such as FAME-II and increasing consumer adoption of two-wheelers, passenger cars, and commercial vehicles. The need for economically priced EVs has resulted in a growing need for efficient, durable, and affordable semiconductor solutions. Development of charging infrastructure and the investments of global and domestic automobile manufacturers are providing even more growth opportunities to the semiconductor industry in India.
  
• Manufacturers of power semiconductors should focus on developing affordable, energy-efficient devices tailored to India’s price-sensitive EV market, while forming partnerships with domestic OEMs to enable scalable solutions across two-wheeler, fleet, and passenger EV segments.
  

Latin America held 9.8% market share in 2024 and is anticipated to grow at a 21.8% CAGR during the forecast period. Latin America is experiencing gradual EV adoption, led by Brazil and Mexico. Growing infrastructure, clean energy integration, and government incentives are creating demand for power semiconductors in public transport and fleet vehicles.

In 2024, the Middle East and Africa held a share of 6.8% and is anticipated to grow at a 17.9% CAGR during the forecast period 2025 - 2034. MEA is adopting EVs driven by clean energy and smart city initiatives. The demand for efficient power semiconductors in regional EV applications is driven by the expansion of charging networks and the integration of renewables.

• Saudi Arabia accounted for an 24.7% market share in 2024. Under Vision 2030, Saudi Arabia is increasing the adoption of electric vehicles including signified investment in the requisite infrastructure and collaboration with automakers. This is influencing the demand for semiconductors for charging, traction, and battery systems.
  
• Manufacturers of power semiconductors should collaborate with Saudi OEMs and infrastructure players to provide efficient solutions aligned with national electrification goals.
  
• The South Africa power semiconductors for EVs market is anticipated to grow at a CAGR of 15.7% during the forecast period. Enhanced integration of renewables and implementation of emission-reducing programs are facilitating the prevalence of EVs in South Africa.  Increasing demand for EV chargers and commercial fleets is growing due to the emergence of supporting infrastructure.
  
• To strengthen adoption across passenger and fleet electric vehicles, power semiconductor manufacturers should collaborate with local distributors to manufacture cost-effective and high-quality semiconductors.
  
• The UAE accounted for a share of 30.7% in the market in 2024. The UAE is emphasizing setting up strong infrastructure for electric vehicles and clean energy in order to serve as a regional hub. The rapid development of EV chargers, fleet management systems, and smart city projects is due to strategic government policies that create a strong demand for semiconductors.
  
• Manufacturers of power semiconductors should promote SiC and GaN devices tailored for high-performance EVs, while aligning with the UAE’s sustainability-driven initiatives.
  

Power Semiconductors for EVs Market Share

The key players in the power semiconductors for EVs industry are Infineon Technologies AG, Onsemi, STMicroelectronics N.V., Wolfspeed, Inc., and Microchip Technology Inc. Collectively, these companies held more than 45.7% of the market in 2024.

• Infineon Technologies AG lead the power semiconductors for EVs market with 14.7% share in 2024. Infineon Technologies AG is a global market leader in the manufacture of semiconductors and advanced power semiconductors for electric vehicles. The company focuses on improving the efficiency of electric vehicles (EVs), battery management, and charging infrastructure using silicon (Si), silicon carbide (SiC), and gallium nitride (GaN) technologies. Strategic collaborations and extensive R&D investments enhances it's market position.
  
• Onsemi held 10.8% of the market share in 2024. Onsemi has expanded its manufacturing capabilities to include power semiconductors designed specifically for electric vehicles, including Silicon Carbide MOSFETs, IGBTs, and power integrated modules. Its power semiconductors enhance the energy efficiency, thermal management, and overall reliability of a variety of systems. The company maintains strategic partnerships and joint ventures with automobile original equipment manufacturers (OEMs).
  
• Microchip Technology held a market share of 8.3% in 2024. Microchip Technology offers high-voltage MOSFETs, SiC devices, power management ICs, and power semiconductor solutions for electric vehicles.  Microchip Technology products enhances energy efficiency, system thermal qualities, and reliability for electric vehicle applications. The company's relationships with automotive OEMs and suppliers help solidify its position in the expanding market for power semiconductors.
  
• STMicroelectronics held a market share of 9.2% in 2024. STMicroelectronics designs and offers a complete range of power semiconductors for electric vehicles including SiC devices, IGBTs, and power modules. Ongoing innovation and partnerships with automotive manufacturers enable STMicroelectronics to attain a considerable share of the EV global power semiconductors market.
  
• Wolfspeed held 2.7% of the market share in 2024. Wolfspeed excels in the production of SiC semiconductors and offers high-efficiency power devices for electric vehicles. The offered devices greatly improve battery efficiency, minimize energy losses, and reduce charging times.
  

Power Semiconductors for EVs Market Companies

Major players operating in the power semiconductors for EVs industry are:

• Infineon Technologies AG
• STMicroelectronics N.V.
• Onsemi
• Microchip Technology Inc.
• Mitsubishi Electric Corp.
• Wolfspeed, Inc.
• ROHM Co., Ltd.
• Renesas Electronics Corp.
• Littelfuse, Inc.
• Fuji Electric Co., Ltd.
  

• Infineon Technologies AG, Onsemi, STMicroelectronics N.V., Wolfspeed, Inc., and Microchip Technology Inc. are considered leaders in the power semiconductors for EVs market. Major competitive advantages include large-scale investments in R&D, a wide range of products that use SiC and GaN technology, long-standing relationships with automotive OEMs, and worldwide supply chains. The sustained high-volume production capacity together with close OEM relationships aid these companies to sustain a leading position in the market.
  
• Mitsubishi Electric Corp., ROHM Co., Ltd., Renesas Electronics Corp., Fuji Electric Co., Ltd., and Toshiba Electronic Devices & Storage Corporation fall under the challengers category. These companies concentrate on specific EV applications and compete based on pricing and regional market penetration.
  
• Littelfuse, Inc., Diodes Incorporated, and SanRex Corporation are categorized as followers. These companies mainly compete on price and regional distribution, focusing on standard EV semiconductor applications. Their level of innovation and production scale is significantly less than that of leaders and challengers, however, these companies maintain their market presence by providing services to the most economically viable segments.
  
• Semikron-Danfoss Group, Starpower Semiconductor Ltd., and Navitas Semiconductor Corporation are identified as niche players. These companies emphasize the development of advanced power semiconductors including SiC and GaN technologies for specialized uses such as high-efficiency electric vehicle drivetrains, rapid EV charging, and industrial electric mobility. These companies focus on innovations, product customization, and sophisticated technology and thereby occupy distinctive positions in the EV semiconductor ecosystem.
  

Power Semiconductors for EVs Industry News

• In November 2024, Mitsubishi Electric announced that it will start shipping samples of a silicon carbide (SiC) metal-oxide-semiconductor field-effect transistor (MOSFET) bare die for use in drive-motor inverters of electric vehicles (EVs), plug-in hybrid vehicles (PHEVs), and other xEVs. This is Mitsubishi Electric’s first standard-specification SiC-MOSFET chip, designed to support the diversification of inverters for xEVs and contribute to their growing popularity.
  
• In May 2022, Hitachi Energy launched the RoadPak power semiconductor module for all electric vehicles (EVs) worldwide. RoadPak incorporates advanced silicone carbide (SiC) technology for exceptional power density, faster charging, greater reliance over the lifetime of the vehicle, and reduced power losses. This optimizes the driving range of electric vehicles and positively impacts their performance.
  

The power semiconductors for EVs market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Million) from 2021 to 2034, for the following segments:

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Market, By Component Type    

• MOSFETs
• IGBTs
• Diodes
• Power ICs
• Thyristor
• Others

Market, By Material Type

• Silicon (Si)
• Silicon Carbide (SiC)
• Gallium Nitride (GaN)

Market, By Application   

• Traction inverter systems
• Onboard chargers (OBC)
• DC-DC converters
• Electric drive motors
• Battery management systems (BMS)
• Others

Market, By End Use         

• Battery electric vehicles (BEVs)
• Plug-in hybrid electric vehicles (PHEVs)
• Hybrid electric vehicles (HEVs)

Market, By Sales Channel         

• OEMs (Original Equipment Manufacturers)
• Aftermarket

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada
• Europe 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America 
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa 
  • Saudi Arabia
  • South Africa
  • UAE