Research and Markets released a new report titled "EV Semiconductor Devices Market - Forecasts from 2024 to 2029". The report anticipates the EV semiconductor devices market to grow at a compound annual growth rate (CAGR) of over 36.85% during the forecast period.

Market Growth Drivers

The growth in the EV semiconductor devices market is driven by the increasing demand for electric vehicles (EVs) and the integration of electronics in these vehicles. The market is expanding due to several factors:

1. Growing EV Adoption: Increasing global demand for EVs, enhanced battery ranges, reduced charging times, and the application of Advanced Driver Assistance Systems (ADAS) are significant growth drivers.
2. Semiconductor Role in EVs: Semiconductors play a crucial role in EVs, supporting power and propulsion management, safety features, infotainment, and ADAS technologies.
3. Technological Advancements: The use of compound semiconductors such as Silicon Carbide (SiC) and Gallium Nitride (GaN) in EV powertrains and charging systems is rising due to their higher power density and efficiency.

Market Segmentation

The market is segmented by vehicle type into Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). The BEV segment is expected to be the fastest-growing, driven by consumer demand for sustainable mobility, longer battery life, faster charging, and higher driving ranges.

Regional Outlook:

• Asia-Pacific (APAC) Leading the Market: The APAC region, particularly China and India, is projected to dominate the market. The proliferation of EVs, favorable government policies, and the presence of major semiconductor manufacturers are key factors.
• Other Regions: Significant growth is also expected in North America, Europe, South America, and the Middle East & Africa.

Key Players

Leading companies in the market include:

• Taiwan Semiconductor Manufacturing Company Limited
• Infineon Technologies
• STMicroelectronics
• NXP Semiconductors
• Texas Instruments
• Renesas Electronics
• Microchip Technology
• On Semiconductor Corporation
• Analog Devices Inc.
• ROHM Co., Ltd.
• Toshiba Corporation

The global EV semiconductor devices market is poised for substantial growth due to increasing EV adoption, technological advancements, and favorable regulatory environments. The APAC region is expected to be the major growth driver, with strong contributions from China and India.