WIDE BAND GAP (WBG) SEMICONDUCTOR MARKET ANALYSIS

Wide Band Gap (Wbg) Semiconductor MarketSize and Trends

The increasing demand for electric vehicles and inverters is expected to propel growth of the Wide Band Gap (Wbg) Semiconductors market during the forecast period

In recent years, demand for electric vehicles has increased significantly across the globe. This is majorly attributed to relatively low operating cost of electric vehicles than conventional internal combustion engine vehicles. Moreover, governments are offering subsidies to electric vehicle buyers with the aim of reducing air pollution level. These government subsidies are expected to shift the consumer preference from conventional Internal Combustion engine vehicles to electric vehicles. The pollution caused by the internal combustion engine vehicles is one of the major factors for air pollution in metro politician cities.  For instance, in June 2020, the government of Germany increased the subsidy on electric vehicles from US$ 3,565 to US$ 7,130. Moreover, in India, the Delhi state government also announced a subsidy of about US$ 67  per Kwh of the vehicle battery capacity in December 2019. According to Coherent Market Insights’ analysis done in 2019, Delhi, a city in India, had the highest air pollution levels in the country.

Wide Band Gap (Wbg) Semiconductors are used in charging electric or hybrid vehicles. According to Coherent Market Insights’ analysis, in 2019, 3,350,561 units of electric vehicles were sold in 2019 across the globe and electric vehicle market is expected to show a significant growth during the forecast period.  As a result of the rapidly increasing demand for electric vehicles, the Wide Band Gap (Wbg) Semiconductors market is expected to witness significant growth during forecast period.

Wide Band Gap (Wbg) Semiconductor Market - Impact of Coronavirus (Covid-19) Pandemic :

The COVID-19 pandemic has hampered growth of several economies of countries across the globe. According to data published by the International Monetary Fund Analysis, the global economy is expected to witness a 3% decline over the course of 2020 compared to 2019. Along with the GDP, the dispensing power of individuals across the globe is expected to decrease during 2020. As a result, demand for consumer electronics and electric vehicles is also expected decline during 2020.