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Silicon Carbide for EV Market Poised to Reach US$ 3.0 Billion by 2034, Fueled by Accelerating Adoption of Electric Vehicles and Green Technologies | TMR

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The global surge in electric vehicle (EV) adoption, driven by environmental concerns and stringent government regulations to reduce carbon emissions, is significantly boosting the demand for high-performance and efficient power electronics.

WILMINGTON, Del., July 25, 2024 /PRNewswire/ — The global silicon carbide for EV market stood at US$ 879.3 million in 2023, and the global market is projected to reach US$ 3 billion in 2034. The silicon carbide for EV market is anticipated to expand at a CAGR of 11.9% between 2024 and 2034.

The rapid adoption of electric vehicles (EVs) worldwide is driven by increasing environmental awareness and stringent government regulations aimed at reducing carbon emissions. As the automotive industry shifts towards greener technologies, the demand for advanced power electronics has surged, highlighting the crucial role of silicon carbide (SiC) in EVs. Silicon carbide, known for its superior electrical properties, has emerged as a key material in the development of high-efficiency components essential for electric powertrains.

One of the primary advantages of silicon carbide over traditional silicon-based semiconductors is its ability to operate at higher voltages, temperatures, and frequencies. These characteristics enable SiC components to deliver better performance and efficiency, which are critical for the power management systems of EVs. For instance, SiC-based inverters can convert DC to AC power more efficiently, leading to improved battery utilization and extended driving range.

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Major players in the global silicon carbide market are investing heavily in research and development to enhance the performance and reliability of SiC-equipped components. Companies are focusing on innovations that can further reduce energy losses, minimize heat generation, and improve the overall durability of power electronic systems. This technological advancement is not only crucial for the efficiency of electric powertrains but also for the reduction of the overall system size and weight, which can positively impact vehicle design and manufacturing costs.

The growing integration of silicon carbide technology in EVs is set to revolutionize the automotive industry by providing more efficient, reliable, and eco-friendly solutions. As the market for electric vehicles continues to expand, the role of silicon carbide will become increasingly significant, driving advancements in power electronics and contributing to the global efforts in reducing carbon emissions and promoting sustainable transportation solutions.

Silicon Carbide for EV Market Report Scope:

Report Coverage

Details 

Forecast Period  

2024-2034

Base Year  

2020-2022

Size in 2023

US$ 879.3 Mn

Forecast (Value) in 2034

US$ 3.0 Bn

Growth Rate (CAGR) 

11.9 %

No. of Pages 

123 Pages 

Segments covered 

By Battery Type, By Application, By Voltage Type, By Component, By End-user

Key Takeaways of Market Report

Global silicon carbide for EV market to generate absolute dollar opportunity worth US$ 3 billion until 2034.Global silicon carbide for EV market is valued at US$ 879.3 million in 2023.Asia Pacific is forecasted to hold the largest share in 2023.

Silicon Carbide for EV Market: Growth Drivers Top of Form

Efficiency is a key driver for the adoption of silicon carbide (SiC) technology in the electric vehicle (EV) sector. SiC’s intrinsic properties, such as high thermal conductivity and low power losses, enable it to operate more efficiently than traditional silicon-based components, minimizing energy wastage in EV powertrains.According to the silicon carbide market report for EVs, SiC power modules dominate the market. These modules, which integrate SiC MOSFETs, SiC diodes, gate drivers, and protection circuitry, are major consumers of silicon carbide in EVs, offering a comprehensive and efficient solution for power electronics and enhancing overall system efficiency in electric vehicles.

Silicon Carbide for EV Market: Regional Landscape

The silicon carbide market analysis for EVs indicates that Asia Pacific holds a significant share in the global market. This region includes some of the world’s largest and fastest-growing EV markets, such as China, Japan, and South Korea, which actively promote EV adoption through incentives, subsidies, and regulations to reduce air pollution and greenhouse gas emissions.This proactive stance results in substantial demand for advanced technologies like silicon carbide, essential for enhancing the performance and efficiency of electric drivetrains in vehicles produced and sold in the region. The integration of SiC technology supports the region’s ambitious environmental goals and drives the growth of the silicon carbide market.

Silicon Carbide for EV Market: Key Players

In 2023, Infineon Technologies AG made significant strides in the silicon carbide (SiC) market for electric vehicles by introducing its new CoolSiC™ MOSFET 1200 V portfolio. This development focuses on enhancing the performance and efficiency of power electronics in EVs.In 2023, STMicroelectronics advanced its position in the silicon carbide market for electric vehicles with the launch of its third-generation STPOWER SiC MOSFETs.

Silicon Carbide for EV Market: Segmentation

Application

Traction InverterDC-DC ConverterOn-board Charger (OBC)

Component

SiC Power ModulesSiC Transistors (MOSFET)SiC Diodes

Vehicle Type

Two WheelersPassenger CarsHatchbackSedanSUVsLight Commercial VehiclesHeavy Duty TrucksBuses and Coaches

Propulsion

Battery Electric Vehicles (BEVs)Hybrid Electric Vehicles (HEVs)Plug-in Hybrid Electric Vehicles (PHEVs)

Voltage

Up to 650 V650 V – 800 VMore than 800 V

Region

North AmericaEuropeAsia PacificMiddle East & AfricaLatin America

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Explore Transparency Market Research Inc. Extensive Coverage On Automotive Domain:

Automotive Lead-acid Battery Market – The global market for automotive lead-acid batteries is projected to surge significantly at a CAGR of 4.7% between 2023 and 2031. As per Transparency Market Research, the total sales of automotive lead-acid batteries are anticipated to reach US$ 27.7 billion by the end of the forecast period.Automotive Camera Market – The automotive camera market was valued at US$ 5.4 billion in 2021. The Automotive Camera market is expected to reach US$ 13.2 billion by 2031. Automotive Camera market revenue will increase at a CAGR of 9.3% from 2022 to 2031.Vehicle Headlight Control Module Market is estimated to grow at a CAGR of 4.1% from 2024 to 2034 and reach US$ 7.7 Bn by the end of 2034Automotive Smart Electric Drive Market is estimated to advance at a CAGR of 18.6% from 2024 to 2034 and reach US$ 14.2 Bn by the end of 2034

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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Polar Chess Expedition Brings the first FIDE-Rated Chess Tournament to Antarctica and the South Pole

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BANGKOK and SINGAPORE, Sept. 7, 2026 /PRNewswire/ — Six chess players representing all six inhabited continents will travel to Antarctica and the Geographic South Pole this Antarctic summer season to attempt the Polar Chess Expedition, the most geographically extreme chess tournament ever played.

The FIDE-rated tournament will be played at rapid chess time-control, with every round broadcast live. Play opens with early rounds on the Antarctic ice before culminating at 90° South, in an attempt to be certified as the southernmost chess tournament ever played.

The six players, each represent a different continent, and every player also serves their national or regional chess federation in some capacity

Aung Kyaw Moe, Candidate Master (Myanmar), AsiaDamaris Abarca González, Woman FIDE Master (Chile), South AmericaJesse February, Woman International Master (South Africa), AfricaNigel Short, FIDE Grandmaster (England), EuropeShaun Press, FIDE Master (Papua New Guinea), OceaniaTris-Ann Richards, Woman Candidate Master (Saint Lucia), North America

The field is led by Grandmaster Nigel Short of England, who in 1993 became the first Englishman in over a century to challenge for the World Chess Championship, taking on Garry Kasparov. Nigel currently serves as FIDE’s Director for Chess Development and lends the event both competitive weight and international recognition.

The story behind the Polar Chess Expedition

The idea took root two years ago when Aung came across an interview in which Nigel mentioned that he had won tournaments on every continent except Antarctica. ‘I’ve won tournaments on six continents. Antarctica is the one still missing,’ says Nigel.

Aung decided to embark on the project. Together with Nigel, they spoke to national chess federations across all six continents, turning a shared idea into a FIDE-rated tournament. “Nigel had the idea; my job was to make it real. Now it is, and we’re taking it to the end of the earth,” says Aung.

Two of the players sum up the appeal of the challenge in their own words.

‘I live by a simple rule: If something scares you a little, it’s probably worth doing. By that measure, chess at the bottom of the world was never really a question,’ says Jesse February, the tournament’s Africa representative.

“Chess has taken me to some strange places over the years. This might be the first one where the biggest opponent isn’t across the board; it’s the weather,” says Shaun Press, representing Oceania.

World record attempt: southernmost chess tournament ever played

The Polar Chess Expedition is aiming to set a new world record. Potential record categories include the southernmost chess tournament ever played and the first chess event to bring players representing all six inhabited continents to the Geographic South Pole.

For two of the players carrying continents to a chessboard for the first time, the record is personal as much as historic.

‘Saint Lucia is a small island, but chess has never asked me to think small. Representing my country, and an entire continent, is proof you can do big things from small places; there’s no ceiling on where the game can take you,’ says Tris-Ann Richards, representing North America.

‘Chess has always been a bigger board than the one in front of you. Carrying South America to the bottom of the earth is just the latest way I’ve found to keep playing for something larger than myself,’ says Damaris Abarca González, representing South America.

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SOURCE Polar Chess Expedition

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Zaggle Brings Cricket and Business Together in Hyderabad; Hosts Padma Bhushan Dr. Sunil Gavaskar

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A conversation on performance, leadership, recognizing potential and creating a lasting legacy

HYDERABAD, India, Sept. 7, 2026 /PRNewswire/ — Zaggle Prepaid Ocean Services Limited (NSE: ZAGGLE) (BSE: 543985), India’s leading AI-led enterprise spend management and FinTech platform, brought together an accomplished gathering of CEOs, founders, entrepreneurs, industrialists and professionals in Hyderabad for an evening that explored the common principles connecting cricket, business and leadership, featuring legendary cricketer and Padma Bhushan Dr. Sunil Gavaskar.

The evening centered around the idea that while cricket and business operate in very different arenas, the principles that drive sustained success are remarkably similar, preparation, performance under pressure, decision-making, resource management, teamwork and the ability to build for the long term.

Commenting on the occasion, Dr. Raj P. Narayanam, Founder & Executive Chairman, Zaggle, said: “Cricket and business may operate in different arenas, but the principles that drive sustained success are remarkably similar, preparation, performance under pressure, making the right decisions and building teams that can deliver consistently. At Zaggle, we believe that recognizing potential early, backing talent and creating the right environment for people to perform is fundamental to long-term success. It is equally important to ask what we do with that success, how we create opportunities, give back and build a legacy that extends beyond ourselves. Conversations with legends like Dr. Sunil Gavaskar remind us that true excellence is not just about what we achieve, but the impact we create along the way.”

Know the Legend: A Conversation with Dr. Sunil Gavaskar

The highlight of the evening was “Know the Legend”, a fireside conversation between Dr. Raj P. Narayanam and Padma Bhushan Dr. Sunil Gavaskar, bringing together two perspectives on performance, leadership, entrepreneurship and legacy.

The discussion explored the making of sustained success from preparing for high-pressure moments and adapting to changing circumstances, to identifying potential, creating opportunities and building teams capable of delivering consistently.

Dr. Gavaskar’s extraordinary journey mirrors the evolution of Indian cricket itself. From being one of the defining opening batsmen of his generation to becoming a global voice for the sport, his career has been shaped by discipline, resilience, preparation and the ability to perform when expectations are at their highest.

The conversation also reflected on how Indian cricket has evolved from a sport into a global industry and cultural force, while drawing parallels with the transformation taking place across India’s business and entrepreneurial landscape.

From Performance to Purpose

A key theme of the evening was the responsibility that accompanies success. The conversation moved beyond achievement to consider how individuals and organisations can create opportunities for others, give back to society and build value that extends across generations.

For Zaggle, this philosophy is reflected in its approach to supporting talent and creating platforms for potential to flourish. The company has supported cricketing talent including Jasprit Bumrah, Hardik Pandya and Ayush Mhatre, reflecting its belief in recognizing potential early, backing it with conviction and creating the right environment for talent to grow.

The evening concluded with reflections on leadership, excellence, contribution and legacy, leaving the audience with a broader question: after achieving success, how can we use it to create opportunities and make a meaningful difference to others?

The gathering brought together diverse voices from Hyderabad’s business, entrepreneurial and professional ecosystem, united by a shared interest in leadership, performance, contribution and the pursuit of excellence.

About Zaggle

Incorporated in 2011, Zaggle (NSE: ZAGGLE) (BSE: 543985) is a leading player in spend management, with a differentiated value proposition and diversified user base. The company operates in the business-to-business-to-customer segment and is amongst a small number of uniquely positioned players with a diversified offering of financial technology products and services. Zaggle is one of the largest number of issued prepaid cards in India in partnership with its banking partners and is also one of the largest commercial credit cards player in India basis spends generated on cards issued by its partner banks. Additionally, Zaggle has a diversified portfolio of SaaS products, including tax and payroll software and a wide touchpoint reach. It is a leading player in spend management, with more than 50 million prepaid cards issued in partnership with 19 banking partners and more than 4.0 million users served as of June 30, 2026, offering a differentiated value proposition and diversified user base.

Zaggle’s network of corporate customers covers the banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure and automobile industries.

For more information, please visit company website https://www.zaggle.in/ and follow our latest updates on LinkedIn | Facebook | Instagram | Zagg.Money

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Asia-Pacific Media Forum opens in Shenzhen, building a bridge of understanding and coexistence through media

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SHENZHEN, China, Sept. 6, 2026 /PRNewswire/ — The Asia-Pacific Media Forum opened in Shenzhen, southern China’s Guangdong province. Li Shulei, head of the Publicity Department of the CPC Central Committee, attended the opening ceremony and delivered a keynote speech. Huang Kunming, secretary of the CPC Guangdong Provincial Committee, also attended and addressed the ceremony. Held under the theme “Building a Path to Shared Prosperity for the Asia-Pacific Community: Media Consensus and Action,” the forum brought together more than 400 representatives from over 220 mainstream media organizations, think tanks, government agencies, embassies and consulates in China, UN agencies and international organizations. They came from 42 countries and regions worldwide, with strong representation from the Asia-Pacific, to renew friendships and explore opportunities for cooperation.

China will host the 33rd APEC Economic Leaders’ Meeting later this year. The development and cooperation in the Asia-Pacific region cannot be achieved without the active participation of media outlets across the region. It is important to tell the story of an open and interconnected Asia-Pacific, provide comprehensive coverage of progress and achievements in cooperation across all fields, and foster a favorable public opinion environment for the region’s opening and development.

The forum produced a number of practical outcomes: the establishment of the Asia-Pacific Media Partnership Organizing Committee, the exchange of China-foreign media cooperation documents, the launch of the “Gather in Shenzhen, Create a Better Asia-Pacific” Media Cooperation Initiative, and the release of the Shenzhen Consensus of the Asia-Pacific Media Forum (Shenzhen Consensus). These outcomes mark a pivotal leap in Asia-Pacific media cooperation—from “scattered interaction” to “institutionalized collaboration.” Against the backdrop of 2026 APEC “China Year,” the forum has injected tangible and much-needed media strength into the building of an Asia-Pacific community with a shared future.

Ahead of the upcoming APEC Economic Leaders’ Meeting, the Media Cooperation Initiative launched by Shenzhen stands out as the forum’s most innovative and actionable outcome. The initiative forms a complete cooperation loop built on three pillars: technology sharing, joint content creation, and talent cultivation. On technology sharing, the Asia-Pacific Digital & Smart Media Intelligence Shenzhen Center will be established. Shenzhen is putting in place an advanced technological foundation for media, an open-source HarmonyOS (OpenHarmony) ecosystem, digital-intelligence laboratories and application scenarios, and stands ready to share technologies and outcomes with Asia-Pacific media counterparts, offering a “Shenzhen solution” for the systemic transformation and innovative development of mainstream media in the digital-intelligence era. On joint content creation, the “Witness Miracles, Seek Solutions” co-creation and joint broadcast program will be rolled out. It invites Asia-Pacific media partners to take Shenzhen as a case study and model, and to jointly plan and produce objective, truthful and multi-dimensional content products. On talent cultivation, the Training Base for Asia-Pacific Youth Media Professionals has been established. Each year it will invite Asia-Pacific media professionals—especially those under the age of 45—to Shenzhen for study tours, visits and training.

The Shenzhen Consensus released at the forum builds broad consensus on issues including open cooperation, digital, smart and green transformation, and media exchanges. It advocates safeguarding the multilateral trading system, deepening the application of AI, advancing mutual learning among civilizations, and contributing to Asia-Pacific prosperity.

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SOURCE Guangdong Province

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