With the east wind of "global vehicle electrification", the power semiconductor industry is riding on the wind, and the trend of intelligentization and electrification of automobiles is obviously driving the value of automotive semiconductors to increase.

 

 

 

At the same time, in the face of factors such as the sudden increase in semiconductor demand and the extension of overseas delivery, domestic power semiconductor manufacturers will usher in the opportunity of domestic substitution, and domestic manufacturers are expected to benefit.

 

 

 

The new energy vehicle Dongfeng has arrived

 

 

 

Power semiconductors are riding the wind

 

 

 

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1. The global sales of new energy vehicles have grown rapidly, and the penetration rate has continued to increase

 

With the increasingly stringent global environmental protection policies and the increasingly urgent requirements for energy structure improvement, various countries have formulated development plans for new energy vehicles. .

 

Many governments have issued plans to promote the development of new energy vehicles

 

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Source: ICCT, Open Source Securities Research Institute

 

 

 

According to the "Energy Conservation and New Energy Technology Roadmap 2.0" compiled by the Chinese Society of Automotive Engineers, by 2025, the penetration rate of new energy vehicles in new car sales in my country will reach 20%. According to the forecast of the China Automobile Association, the sales volume of automobiles in my country is expected to reach 30 million in 2025. Based on the penetration rate of 20%, the sales volume of new energy vehicles in my country is expected to reach 6 million. By 2035, new energy vehicles will become mainstream, accounting for 50% of total sales.

 

 

 

According to EV Sales data, the global sales of new energy passenger vehicles in 2020 will reach 3,124,800 units. Even with the shrinking global auto market, new energy passenger vehicles still maintain a high growth rate of 41.40%. According to EVTank's forecast, by 2025, global sales of new energy vehicles are expected to reach 12 million.

 

 

 

In 2025, my country's new energy vehicle sales are expected to reach 6 million

 

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Data source: China Automobile Association, Open Source Securities Research Institute

 

 

 

Global sales of new energy passenger vehicles are expected to reach 12 million in 2025

 

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Data source: EVSales, Open Source Securities Research Institute

 

 

 

2. The value of semiconductors for new energy vehicles has increased, and the increase in power semiconductors is the most significant

 

 

 

The trend of intelligence and electrification of automobiles is obviously driving the increase in the value of automotive semiconductors. The meaning of automobile intelligence mainly includes automobile intelligent driving, intelligent cockpit, networking, etc. On the basis of ordinary vehicles, advanced sensors (radar, camera), controllers, actuators and other devices are added. The terminal realizes intelligent information exchange with people, vehicles, roads, etc., which significantly improves the riding experience and realizes assisted driving and even automatic driving. Automotive intelligence mainly drives the consumption of automotive digital chips, sensor chips and memory chips.

 

Electrification means that the power battery replaces the fuel as the power source of the car, and the electric motor is responsible for converting the chemical energy of the power battery into the kinetic energy of the car. In this process, the amount of power semiconductors used for electrical power conversion will be significantly increased. Power semiconductors have significantly benefited from the trend of electrification and are one of the categories with the most significant value increase in automotive semiconductors.