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Semiconductor Practice

New silicon carbide

prospects emerge as market

adapts to EV expansion

Rising electric-vehicle adoption is boosting demand for crucial silicon carbide

power electronics components. How can semiconductor players, automotive

OEMs, and others create value amid disruption?

October 2023

This article is a collaborative eort by Albert Brothers, Ondrej Burkacky, Julia Dragon, Jo Kakarwada,

Abhijit Mahindroo, Jwalit Patel, and Anupama Suryanarayanan, representing views from McKinsey’s

Semiconductor Practice.

The electric-vehicle (EV) market is estimated to

grow at a 20 percent CAGR through 2030, when

sales of xEVs are estimated to reach 64 million—

four times the estimated EV sales volume in 2022.1

Ensuring the EV component supply is sufficient to

meet this rapid rise in estimated demand is critical,

and the supply of silicon carbide (SiC) merits special

consideration. Our analysis shows that compared to

their silicon-based counterparts,2 SiC metal-oxide-

semiconductor field-effect-transistors (MOSFETs)3

used in EV powertrains (primarily inverters, but also

DCDC converters and onboard chargers)4 provide

higher switching frequency, thermal resistance, and

breakdown voltage. These differences contribute

to higher efficiency (extended vehicle range) and

lower total system cost (reduced battery capacity

and thermal management requirements) for the

powertrain. These benefits are amplified at the

higher voltages needed for battery electric vehicles

(BEVs), which are expected to account for most EVs

produced by 2030.

In this article, we will examine how SiC manufacturers,

automotive OEMs, and others can seize the oppor-

tunities inherent in the projected EV market growth

urge to create value and gain competitive advantages.

1 Based on data from the McKinsey Center for Future Mobility.

2 That is, silicon insulated-gate bipolar transistors (IGBTs).

3 A MOSFET is an electronically controlled switch.

4 An inverter is a device that converts DC power from the EV battery to AC supply for the EV motor.

5 Excluding subsidies. With subsidies, TCO is already at parity between EVs and ICE vehicles.

Extensive market growth projected for

EVs and SiC by 2030

Between 2018 and 2022, projections for EVs’ share

of the global light-vehicle market in 2030 increased

3.8 times, from around 17 million to 64 million units

(Exhibit 1). This growth has been fueled by the

expectation that EVs will reach total cost of owner-

ship (TCO) parity with internal-combustion vehicles

(ICEs) in many countries by 2024 or 2025,5 as well

as by the regulatory actions taken and invest ments

made in EVs and charging infrastructure as part of

the push to meet net-zero targets.

The SiC device market, valued at around $2 billion

today, is projected to reach $11 billion to $14 billion

in 2030, growing at an estimated 26 percent CAGR

(Exhibit 2). Given the spike in EV sales and SiC’s

compelling suitability for inverters, 70 percent of SiC

demand is expected to come from EVs. China, where

anticipated EV demand is highest, is projected to

drive around 40 percent of the overall demand for

SiC in EV production.

Across EVs, the type of powertrain—BEV, hybrid

electric vehicle (HEV), plug-in hybrid electric vehicle

(PHEV), 400-volt, or 800-volt—determines the

Ensuring the EV component supply

is sucient to meet this rapid rise in

estimated demand is critical, and the

supply of silicon carbide merits special

consideration.

2New silicon carbide prospects emerge as market adapts to EV expansion

Exhibit 1

Web <2023>

evolution>

Exhibit <1> of <8>

Global light-vehicle sales, million units (% share) Prior xEV1 market forecasts, million units

Note: Figures may not sum, because of rounding.

1xEV includes battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell electric vehicles (FCEVs).

2Internal-combustion engine.

Source: McKinsey Center for Future Mobility

The push to achieve net-zero objectives has accelerated the pace of

electric-vehicle adoption.

McKinsey & Company

2022

2025

2030

Series 1

Series 2

Total

2030

xEV1ICE2

Current projection

2021 projection

(~42 million units)

2020 projection

(~30 million units)

2019 projection

(~20 million units)

2018 projection

(~17 million units)

(19%)

(35%) 64

(67%)

(81%)

(65%)

(33%)

2022 projection

(~58 million units)

The SiC device market, valued at around

$2 billion today, is projected to reach $11

billion to $14 billion in 2030, growing at

an estimated 26 percent CAGR.

3New silicon carbide prospects emerge as market adapts to EV expansion

/11

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SemiconductorPracticeNewsiliconcarbideprospectsemergeasmarketadaptstoEVexpansionRisingelectric-vehicleadoptionisboostingdemandforcrucialsiliconcarbidepowerelectronicscomponents.Howcansemiconductorplayers,automotiveOEMs,andotherscreatevalueamiddisruption?ThisarticleisacollaborativeeffortbyAlbertBrothers,OndrejBurkacky,JuliaDragon,JoKakarwada,AbhijitMahindroo,JwalitPatel,andAnupamaSuryanarayanan,representingviewsfromMcKinsey’sSemiconductorPractice.October2023Theelectric-vehicle(EV)marketisestimatedtoExtensivemarketgrowthprojectedforgrowata20percentCAGRthrough2030,whenEVsandSiCby2030salesofxEVsareestimatedtoreach64million—fourtimestheestimatedEVsalesvolumein2022.1Between2018and2022,projectionsforEVs’shareEnsuringtheEVcomponentsupplyissufficienttoofthegloballight-vehiclemarketin2030increasedmeetthisrapidriseinestimateddemandiscritical,3.8times,fromaround17millionto64millionunitsandthesupplyofsiliconcarbide(SiC)meritsspecial(Exhibit1).Thisgrowthhasbeenfueledbytheconsideration.OuranalysisshowsthatcomparedtoexpectationthatEVswillreachtotalcostofownertheirsilicon-basedcounterparts,2SiCmetal-oxide-ship(TCO)paritywithinternal-combustionvehiclessemiconductorfield-effect-transistors(MOSFETs)3(ICEs)inmanycountriesby2024or2025,5aswellusedinEVpowertrains(primarilyinverters,butalsoasbytheregulatoryactionstakenandinvestmentsDC-DCconvertersandonboardchargers)4providemadeinEVsandcharginginfrastructureaspartofhigherswitchingfrequency,thermalresistance,andthepushtomeetnet-zerotargets.breakdownvoltage.Thesedifferencescontributetohigherefficiency(extendedvehiclerange)andTheSiCdevicemarket,valuedataround$2billionlowertotalsystemcost(reducedbatterycapacitytoday,isprojectedtoreach$11billionto$14billionandthermalmanagementrequirements)forthein2030,growingatanestimated26percentCAGRpowertrain.Thesebenefitsareamplifiedatthe(Exhibit2).GiventhespikeinEVsalesandSiC’shighervoltagesneededforbatteryelectricvehiclescompellingsuitabilityforinverters,70percentofSiC(BEVs),whichareexpectedtoaccountformostEVsdemandisexpectedtocomefromEVs.China,whereproducedby2030.anticipatedEVdemandishighest,isprojectedtodrivearound40percentoftheoveralldemandforInthisarticle,wewillexaminehowSiCmanufacturers,SiCinEVproduction.automotiveOEMs,andotherscanseizetheopportunitiesinherentintheprojectedEVmarketgrowthAcrossEVs,thetypeofpowertrain—BEV,hybridurgetocreatevalueandgaincompetitiveadvantages.electricvehicle(HEV),plug-inhybridelectricvehicle(PHEV),400-volt,or800-volt—determinestheEnsuringtheEVcomponentsupplyissufficienttomeetthisrapidriseinestimateddemandiscritical,andthesupplyofsiliconcarbidemeritsspecialconsideration.1BasedondatafromtheMcKinseyCenterforFutureMobility.2Thatis,siliconinsulated-gatebipolartransistors(IGBTs).3AMOSFETisanelectronicallycontrolledswitch.4AninverterisadevicethatconvertsDCpowerfromtheEVbatterytoACsupplyfortheEVmotor.5Excludingsubsidies.Withsubsidies,TCOisalreadyatparitybetweenEVsandICEvehicles.2NewsiliconcarbideprospectsemergeasmarketadaptstoEVexpansionWeb<2023>E<SxihCiibniEtV1Revolution>Exhibit<1>of<8>Thepushtoachievenet-zeroobjectiveshasacceleratedthepaceofelectric-vehicleadoption.Globallight-vehiclesales,millionunits(%share)PriorxEV1marketforecasts,millionunitsxEV1ICE295Ser6ie4s1Series2TotalCurrentprojection928232642022projection(35%)(67%)(~58millionunits)16(19%)2021projection(~42millionunits)66602020projection(81%)(65%)(~30millionunits)322019projection(33%)(~20millionunits)2018projection(~17millionunits)2022202520302030Note:Figuresmaynotsum,becauseofrounding.1xEVincludesbatteryelectricvehicles(BEVs),hybridelectricvehicles(HEVs),plug-inhybridelectricvehicles(PHEVs),andfuel-cellelectricvehicles(FCEVs).2Internal-combustionengine.Source:McKinseyCenterforFutureMobilityMcKinsey&CompanyTheSiCdevicemarket,valuedataround$2billiontoday,isprojectedtoreach$11billionto$14billionin2030,growingatanestimated26percentCAGR.NewsiliconcarbideprospectsemergeasmarketadaptstoEVexpansion3Web<2023>E<SxihCiibniEtV2Revolution>Exhibit<2>of<8>ThesiliconcarbidedevicemarketisestimatedtogrowataCAGRof26percentbetween2022and2030.Annualsiliconcarbidepowerdevicerevenue,$billionCAGR,2022–30Industrialandenergy1Series1Series2Tot1a1l.414.4+18%p.a.3xEV22.83.9+26%p.a.36.47.48.610.5+31%p.a.31.82.21.72.24.15.020300.81.11.31.64.65.20.91.12.83.4202720222025Note:DataisasofNovember2022.1Otherapplicationsasashareofindustrialandenergyincludepowersupplies(23%),industrialapplications(14%),commercialvehicles(12%),uninterruptablepowersupplies(12%),andmilitaryandaerospace(12%).2xEVincludesbatteryelectricvehicles(BEVs),hybridelectricvehicles(HEVs),plug-inhybridelectricvehicles(PHEVs),andfuel-cellelectricvehicles(FCEVs).3Perannum.Source:McKinseyCenterforFutureMobility,CurrentTrajectoryScenarioMcKinsey&CompanybenefitsandrelativeuptakeofSiC.BecauseoftheirVerticalintegration:Acompellinggreaterefficiencyneeds,800-voltBEVpowertrainsbusinessmodelintheSiCmarketaremostlikelytouseSiC-basedinverters.6Accordingtoouranalysis,by2030,BEVsareexpectedtoThecurrentSiCmarketishighlyconcentrated,withaccountfor75percentofEVproduction(upfrom50onlyafewend-to-endleaders.Indeed,thetoptwopercentin2022),whileHEVsandPHEVswillmakecompaniesintheSiCwaferanddevicemarketsuptheother25percent.Furthermore,weanticipatecontrolaround60to65percentofSiCmarketsharemorethan50percentmarketpenetrationfor800-(Exhibit3).voltpowertrainsby2030(upfromlessthan5percentin2022).Accordingly,weanticipateasignificantThemarketrewardsverticalintegration,asevidencedtailwindforSiCdevicesinthecomingdecade.bythedominanceofthemostlyintegratedleadingplayers.Accordingtoouranalysis,verticalintegration6BasedondatafromtheMcKinseyCenterforFutureMobility.4NewsiliconcarbideprospectsemergeasmarketadaptstoEVexpansionWeb<2023>E<SxihCiibniEtV3Revolution>Exhibit<3>of<8>Thetoptwoplayersservedaround55to75percentofdeviceandwafermarketsin2022.Siliconcarbide(SiC)wafer1:2022revenueandSiCdevice3:2022revenueandmarketshare4marketshare2ProducebothwafersanddevicesOthers$554millionTankeBlue$1,947millionOthers7%SKSiltron3%MitsubishiElectric7.09%7%2%.04%RohmOnsemi.02%12%Semiconductor10%Onsemi5STMicroelectronics614%RohmSemiconductor20%Coherent15%Wolfspeed18%Inneon53%Wolfspeed36%STMicroelectronicsNote:Figuresdonotsumto100%,becauseofrounding.1IncludesonlynishedrawSiCwafers.2RevenuesandmarketsharesofRohmSemiconductor,SKSiltron,TankeBlue,STMicroelectronics,andOnsemiestimatedbasedon2021marketsharesasaproxy.3Discretesandmodules.4RevenuesandmarketsharesofMitsubishiElectricestimatedbasedon2021marketsharesasaproxy.5ApproximaterevenueequivalentforGTAdvancedTechnologies.6MarketshareforNorstel.7Fullyintegratedendtoend,butcaptive.Source:PowerSiC2023,YoleGroup,August2023;McKinseyanalysisMcKinsey&CompanyinSiCwaferanddevicemanufacturingcanimprovenoteworthyinlightofrecentsupplychainchallenges.yieldbyfivetotenpercentagepointsandmarginsbySimilarly,verticalintegrationalsoofferswaferplayerstento15percentagepoints,7partlyfromloweryieldahedgeagainstcommoditization,suchashaslossandpartlyfromeliminatingmarginstackingatoccurredinthesiliconmarket.eachstepintheprocess(Exhibit4).HigheryieldsareachievedfrombettercontroloverdesignandfasterNotsurprisingly,severalleadingmanufacturershaveyieldrampswithclosed-loopfeedbackbetweenalreadyevolvedtowardverticalintegrationthroughwaferanddevicemanufacture.M&Aandpartnerships.Inparticular,semiconductordevicemanufacturershaveaddedupstreamcapacityStrategically,verticallyintegratedmanufacturerscaninwafermaterialsmanufacturing.ThisincludesalsoofferastrongervaluepropositiontoautomotivetheSTMicroelectronics’acquisitionofNorstel,OEMsbecauseofhighersupplyassurance,whichisOnsemi’sacquisitionofGTAdvancedTechnologies7Comparedtoacombinationofpure-playprovidersacrossthesesegmentsofthevaluechain.NewsiliconcarbideprospectsemergeasmarketadaptstoEVexpansion5Web<2023>E<SxihCiibniEtV4Revolution>Exhibit<4>of<8>Verticalintegrationinsiliconcarbidedevicemanufacturingcanhelprealizesignicantincreasesinmarginandyield.6-inchsiliconcarbideMOSFET1:Relativecostcomparisonbyvaluechainstep($perwafer),2022NonintegrateddevicemanufacturerMarginsYieldlossCostofprocessFullyintegrateddevicemanufacturerSubstrateEpitaxy2MarginexpansionDevicefabrication3fromeliminationofModulepackagingmarginstackingandCostyieldimprovementDevicemarginASP4(distributor)1Metal-oxide-semiconductoreld-eect-transistor.erayieldimprovementoverin-house2Epitaxyyieldsrepresentativeofepitaxyprovidersandintegrateddevicemanufacturers.Leadingepitaxyprovidersoepitaxy,evenforintegratedmanufacturers.3Devicefabricationincludesdicingandprobetest.4Averagesellingprice.Source:SiCtransistorcomparison2021,YoleGroup,December2021;McKinseyanalysisMcKinsey&Company(GTAT),andtheRohmSemiconductoracquisitionofmarketpenetrationreachedby2030.OnceSiCrystal.8Theseandotheracquisitionsdemonstratetechnologicalchallengesareovercome,eight-confidenceintheoperational,financial,andstrategicinchwafersoffermanufacturersgrossmarginbenefitsofverticalintegration.benefitsfromreducededgelosses,ahigherlevelofautomation,andtheabilitytoleverageTransitioningto8-inchwaferscandepreciatedassetsfromsiliconmanufacturing.Ourofferprice,margin,andmarketanalysisprojectsthegrossmarginbenefitofthisadvantagestransitiontobeaboutfivetotenpercentagepoints,dependingonthelevelofverticalintegration.Accordingtoouranalysis,atransitionfromtheproductionanduseofsix-inchwaferstoeight-Volumeproductionofeight-inchwafersintheinchwafersisanticipated,withmaterialuptakeUnitedStatesisprojectedtobeginin2024andbeginningaround2024or2025and50percent2025,whenindustry-leadingmanufacturersare8FormoreontheSTMicroelectronics–Norstelacquisition,see“STMicroelectronicsclosesacquisitionofsiliconcarbidewaferspecialistNorstelAB,”STMicroelectronics,December2,2019;formoreontheOnsemi–GTATacquisition,see“OnsemicompletesacquisitionofGTAdvancedTechnologies,”Onsemi,November1,2021;formoreontheRohmSemiconductor–SiCrystalacquisition,see“HistoryofSiCrystal,”SiCrystal,accessedSeptember5,2023.6NewsiliconcarbideprospectsemergeasmarketadaptstoEVexpansionslatedtobringcapacityonline.9Productionofeight-GreaterinvolvementintheSiCvalueinchwafersisexpectedtoramprapidlythereafter,chaincreatesnewprioritiesforchieflyinresponsetodemandandpricepressuresautomotiveOEMs(especiallyfrommidtier-volumeEVOEMs),aswellastocostsavingsrealizedbyconversiontoeight-Acutesupplychainchallenges,geopoliticalconsidinchSiCwaferfabrication.erations,thetransitionto800-voltvehicles,andtheresultingincreaseindemandforSiCMOSFETshaveOuranalysisshowsthateight-inchwafersubstratesallpromptedrecentexpansionsofOEMinvolvementarestillrelativelymoreexpensivepersquareinchinsemiconductorandSiCsourcing.Givenrecentcomparedtosix-inchwafers,duetoloweryields.supplychaindisruptionsandthedevelopingSiCHowever,thegapisexpectedtocloseforleadinglandscape,withanticipatedmajortechnologicalmanufacturersinthecomingdecadebecauseofinnovations,automotiveOEMsengageinmultipleprocessyieldimprovementandnovelwaferingsourcingmodelsforbothSiC-basedEVinverterstechnologies.Forinstance,wefindthat,comparedandtheunderlyingSiCchips(Exhibit5).Ouranalysistotheconventionalwaferingtechniquewithmultishowsthat,astheindustrymatures,preferenceswiresaws,laser-cuttingtechniqueshavethearelikelytoshifttowardgreaterOEMinvolvementpotentialtomorethandoublethenumberofwafersinsourcingSiCaswellasdesigninginverters.Thisproducedfromonemonocrystallineboule.AndshiftalsomanifestsitselfinagrowingnumberofadvancedwaferingtechniquessuchashydrogenpartnershipsbetweenSiCmanufacturersandsplittingcouldfurtherincreasetheoutput.automotiveOEMs.9McKinseyanalysisbasedonannouncementsfromSiCwaferanddevicemanufacturers.Web<2023>E<SxihCiibniEtV5Revolution>Exhibit<5>of<8>OEMinvolvementinsiliconcarbidesourcingandcomponentmanufacturingwillpromptchangesacrossthepowercomponentvaluechain.56DegreeofOEMinvolvementOEMdesignsandXIdentiedOEMbuildsinverterprocurementarchetypeInverterbuildOEMdesigns24Partialmovementbyarchetypeinverter;tier1OEMfromarchetypebuildsexpectedComplete13movementbyOEMTier1designsandbuildsinverterfromarchetypeexpectedTier1buysSiCOEMbuysSiCOEMbuildstheirchipschipsownSiCchipsSiliconcarbide(SiC)sourcingarchetypeMcKinsey&CompanyNewsiliconcarbideprospectsemergeasmarketadaptstoEVexpansion7OEMshaveengagedinnumerouspartnershipsandsecuringtheirsupplychainwithnonexclusivebutfewexclusiveagreementspartnerships(Exhibit6).PartnershipsbetweenSiCmanufacturersandOEMsrangefromlong-termsupplyagreementstoThishighlevelofOEMinvolvementindicatesthatstrategicanddevelopmentpartnerships—andevenincumbentandprospectiveSiCmanufacturersthattoco-investmentsandjointventureagreementsdevelopdeeprelationshipswithOEMsandhaveinmanufacturingfacilities.Ouranalysisofpublicautomotive-specificdevicecapabilitieswillbebestannouncements10from18automotiveOEMspositionedtoparticipateinthegrowthofthissector.representingmorethan75percentof2030BEVSiCmanufacturersseekingtoensureshareofvolumefoundthat12OEMs(representingmorewalletmaywishtosecurepartnershipsearly,giventhan60percentof2030BEVvolume)havealreadybarrierstodemonstratingtechnicalproficiencyannouncedtwoormorepartnershipswithSiCandassuringaccesstosupply.Thisisparticularlymanufacturers.FiveOEMs(representingaroundpertinentinlightofthelong-termnatureofmany15percentofBEVvolume)haveannouncedonesupplier–OEMrelationships.Furthermore,less-partnership,whileonlyoneOEM(representingestablishedSiCmanufacturersmayneedtobuildaround2percentofBEVvolume)hasnotannouncedearlypartnershipswithOEMstoachieveaproofofapartnershipwithaSiCmanufacturer.Whilethisconceptanddemonstrateassuranceofsupplytoanalysisislimitedtoannouncedpartnerships,therebedesignedintoautomotiveplatforms.OuranalysisisacleartrendtowardautomotiveOEMsdiversifyingshowsthatOEMsarelikelytobeopentomultiple10AsofApril19,2023.Web<2023>E<SxihCiibniEtV6Revolution>Exhibit<6>of<8>SeveralsupplypartnershipsbetweenOEMsandsiliconcarbidemanufacturershavebeenannounced,butfewareexclusive.Numberofannouncedsiliconcarbide(SiC)partnershipsacrossautomotiveOEMs5751ThreeormoreSiCpartnersTwoSiCpartnersOneSiCpartnerNoSiCpartnersMcKinsey&CompanyThereisacleartrendtowardautomotiveOEMsdiversifyingandsecuringtheirsupplychainwithnonexclusivepartnerships.8NewsiliconcarbideprospectsemergeasmarketadaptstoEVexpansionpartnershipswithless-establishedmanufacturerscapacityandtechnologicalperformance,Chinesetocreatenewavenuesofassuredsupply.OEMsareexpectedtobroadlyshiftprocurementtolocalsuppliers,fromwhatiscurrentlyapproximatelyChineseOEMssignalincreasedlocalsourcing,15percenttoaround60percentby2030(Exhibit8).butleadershaveyettoemergeChinaisexpectedtoremainthelargestSiCmarketThisshifttolocalprocurementinChinaisexpectedthrough2030(Exhibit7),withgrowthdrivenbytobeenabledbyariseinChineseplayersacrosstheconsumerdemandandsupportedbypopularwholeSiCvaluechain—fromequipmentsupply,toincentives,suchasEVs’exemptionfromlicensewaferanddevicemanufacture,tosystemintegration.platequotas.AccordingtoMcKinseyresearchandChineseequipmentsuppliersalreadycoverallmajoranalysis,thismarketisapproximatelyone-thirdSiCfabricationstepsandhaveannouncedinvestChineseOEMsandtwo-thirdsforeignOEMsinmentstorampupcapacitythrough2027.However,China,amixthatisexpectedtoshifttowardChineseclearsupplyleadershaveyettoemergeintheOEMsandapproachamoreevensplitby2030.Chineseecosystem.Currently,non-ChineseSiCmanufacturerssupplyHowstakeholderscanmakethemost80percentofthewafermarketinChinaandmoreoftheSiCdemandsurgethan95percentofthedevicemarket.However,ouranalysisshowsthatChineseOEMsareincreasinglyTheacceleratingadoptionofEVsandtheincreasseekinglocalsupplysourcesduetogeopoliticalandinglyvitalroleofSiCinthegrowingEVmarketsupplyassuranceconsiderations.GivensufficientdenotesfundamentalimplicationsforplayersacrossWeb<2023>E<SxihCiibniEtV7Revolution>Exhibit<7>of<8>Chinaisexpectedtoremainthelargestmarketforsiliconcarbidethrough2030.Siliconcarbide(SiC)invertervolume,millionSiCpowerdevicemarketforelectricvehicles,$billionAveragesellingCAGR,202230price,$7.0Restofworld~3001.01.2Restofworld~20%p.a.19.2NorthAmerica~4502.02.4NorthAmerica~20%p.a.113.6Europe~4002.53.1Europe~30%p.a.117.7GreaterChina~3753.23.8GreaterChina~20%p.a.11Perannum.Source:McKinseyCenterforFutureMobility,CurrentTrajectoryScenario;YoleGroupcomponentteardowntracks;McKinseyanalysisMcKinsey&CompanyNewsiliconcarbideprospectsemergeasmarketadaptstoEVexpansion9Web<2023>E<SxihCiibniEtV8Revolution>Exhibit<8>of<8>ChineseOEMsareexpectedtoincreasinglyprefersourcingsiliconcarbidelocally,from15percentin2022to60percentby2030.ExpectedsiliconcarbidedeviceshareofwalletprocuredlocallywithinChina,%TypeofOEMChineseForeign(inChina)60Series1151520302022203052022McKinsey&CompanytheSiCvaluechain.WhilethereisnoparamountSemiconductorcomponentmanufacturersstrategytoleadwithincreasedmarketshareorDefiningaSiCgrowthandinvestmentstrategyvaluecreation,someconsiderationsareimperativethatkeepspacewiththegrowingopportunityforforplayerstopositionthemselvesforprimacyintheSiCacrosstheEVandothermarketsiscentralshiftingSiCmarket.toanywell-situatedsemiconductorcomponentmanufacturer’soutlook.AccesstothemarketwithAutomotiveOEMsandtier-onesuppliersappropriatelydefinedpartnershipswithautomotiveWell-positionedautomotiveOEMsandtier-oneOEMsandtier-onesuppliersislikewisevital,asissupplierswillhaveEVandSiCadoptionandtimingcontinuedinvestmentintechnologydevelopment,plansthatarealignedwiththemarketandtheircapacityramp-upexecution,andcostdegression—peers.AsOEMandtier-onepartnershipsareformedparticularlyinlightofatransitiontoeight-inchearlyinthedevelopmentprocess,SiCinverterandwafers.Playerswillcontinuetoshapeandbesemiconductorsupplychainstrategiestailoredshapedbybuild-buy-partnerdecisionsacrossthetointernalcapabilitiesandgrowthstrategy—formanufacturingvaluechain,includingthoserelatedexample,co-developmentpartnershipswithSiCtosubstrate,epitaxy,anddevices.devicemanufacturersversusmorestraightforwardsupplyagreements—arehighlyadvantageousProspectiveinvestorsinSiCinsecuringandmaintainingpartnerships.WithIdeally,aSiCinvestmentthesisincorporatesanadvancementsintechnologysuchastrenchassessmentofreinvestmentsandtimetomaturitytopologiesfortransistorsandhybridSi-SiCinverterthatisalignedwiththemarket,valuechain,anddesignsandcontinuedshiftsinthevaluechain,technologydynamics.ItisimportantforinvestorsdesigningaholisticsourcingstrategythattakestoconsiderwhichplayersarelikelytoemergeasuncertaintyintoaccountwillsimilarlyserveOEMsleadersasthemarketmatures,whetherannouncedandtier-onesupplierswell.capacitiesarelikelytocomeonlineasscheduled,10NewsiliconcarbideprospectsemergeasmarketadaptstoEVexpansionuserid:246491,docid:145466,date:2023-11-10,sgpjbg.comFindmorecontentlikethisontheandwhetherthereareopportunitiestodisruptandrealizedbythosecompaniesthatattendtotrendscreatesubstantialvaluewithstrategicallychosenandopportunitiesintheSiCecosystemandMcKinseyInsightsAppinvestments.quicklybuildkeycapabilitiesandpartnershipstosupporttheirgrowthambitions.TheSiCScan•Download•PersonalizeGovernmentsvaluechainisdynamicandhasahighdegreeofIncentivesorecosystemenablerscanhelpuncertainty.TherehavebeensignificantshiftsgovernmentssupportlocaldemandforSiCforinthedemandenvironment:changesininverteruseinEVsandotherapplications.InternationaldesignandtheMOSFETneedperinverter;frameworksthatsupportthevaluechainandthecontinuedaccelerationofEVdemand;safeguardnationalinterestscouldhelpsupportthevaluechain,includingemergingplayersinaglobalsupplychainwhilefulfillingdemandsforChinaandinvestmentsintheSiCvaluechainbylocalizationandsupplyresiliency.nontraditionalplayerssuchasautomotiveOEMs;regulatorypostures;andtechnology,includingTheadoptionofEVsrepresentsasignificanttheriseofnewwaferingtechniquesimprovingopportunityforplayersinthesiliconcarbideyield.Inthisenvironment,allmarketparticipantsvaluechain.Competitivegainswilllikelybegainstrategicadvantagesfrommonitoringdevelopmentsonanongoingbasisandbuildingflexibilityintotheirplans.AlbertBrothersisaconsultantinMcKinsey’sNewYorkoffice;OndrejBurkackyisaseniorpartnerintheMunichoffice;JuliaDragonisanassociatepartnerintheFrankfurtoffice;JoKakarwadaisaconsultantintheCarolinasoffice;AbhijitMahindrooisaseniorpartnerintheSouthernCaliforniaoffice;JwalitPatelisanassociatepartnerintheDallasoffice;andAnupamaSuryanarayananisanassociatepartnerintheSiliconValleyoffice.TheauthorswishtothankMichaelGuggenheimer,ZacharySalyer,DennisSchwedhelm,BrandonStrecker,AndreasTschiesner,andmembersoftheMcKinseyCenterforFutureMobilityteamfortheircontributionstothisarticle.Copyright©2023McKinsey&Company.Allrightsreserved.NewsiliconcarbideprospectsemergeasmarketadaptstoEVexpansion11

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