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In the era of new-energy vehicles, power semiconductors are riding the wave of growth.
Release time:
2022/05/30
Riding on the tailwind of “global automotive electrification,” the power semiconductor industry is booming. The trends toward vehicle intelligence and electrification are clearly driving up the value of automotive semiconductors.
Riding on the tailwind of “global automotive electrification,” the power semiconductor industry is booming. The trends toward vehicle intelligence and electrification are clearly driving up the value of automotive semiconductors.
Meanwhile, in the face of factors such as a sharp increase in semiconductor demand and extended lead times from overseas suppliers, domestic power semiconductor manufacturers will seize the opportunity for import substitution, and domestic manufacturers are expected to benefit.
New-energy vehicles—Dongfeng is here!
Power semiconductors are riding the wave of growth.
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1. Global sales of new energy vehicles are growing rapidly, and their penetration rate continues to rise.
As global environmental protection policies become increasingly stringent and the need to improve energy structures grows ever more urgent, countries around the world are formulating development plans for new-energy vehicles. New-energy vehicles, primarily powered by pure electric and hybrid electric systems, have entered a period of rapid growth, and vehicle electrification has become an inevitable trend.
Governments of multiple countries have introduced plans to promote the development of new-energy vehicles.
Source: ICCT, Open Source Securities Research Institute
According to the “Energy-Saving and New-Energy Technology Roadmap 2.0” compiled by the China Society of Automotive Engineers, by 2025, the penetration rate of new-energy vehicles in China’s new car sales will reach 20%. According to forecasts by the China Association of Automobile Manufacturers, China’s automobile sales are expected to reach 30 million units by 2025. Based on a 20% penetration rate, new-energy vehicle sales in China could then reach 6 million units. By 2035, new-energy vehicles will become the mainstream, accounting for 50% of total sales.
According to EV Sales data, global sales of new-energy passenger vehicles reached 3.1248 million units in 2020. Even amid a contraction in the global automotive market, new-energy passenger vehicles maintained a robust growth rate of 41.40%. According to forecasts by EVTank, global sales of new-energy vehicles are expected to reach 12 million units by 2025.
China's sales of new-energy vehicles are expected to reach 6 million units in 2025.
Data sources: China Association of Automobile Manufacturers, Open Source Securities Research Institute
Global sales of new-energy passenger vehicles are expected to reach 12 million units in 2025.
Data sources: EVSales, Open Source Securities Research Institute
2. The value of semiconductors used in new-energy vehicles is increasing, with the most significant growth seen in power semiconductors.
The trends toward vehicle intelligence and electrification are significantly boosting the value of automotive semiconductors. Vehicle intelligence primarily encompasses features such as intelligent driving, smart cockpits, and connectivity. Building on conventional vehicles, these advanced systems incorporate sophisticated sensors (such as radar and cameras), controllers, actuators, and other components. Through onboard sensing systems and information terminals, vehicles can engage in intelligent information exchange with people, other vehicles, and road infrastructure, dramatically enhancing the driving experience and enabling advanced driver-assistance systems—and even fully autonomous driving. These trends in vehicle intelligence are driving up demand for automotive digital chips, sensor chips, and memory chips, among others.
Electrification refers to the replacement of internal combustion engines with power batteries as the primary source of vehicle propulsion, with electric motors responsible for converting the chemical energy stored in these power batteries into kinetic energy that drives the vehicle. In this process, the demand for power semiconductors—used for power conversion—will increase significantly. Power semiconductors are poised to benefit substantially from the electrification trend and represent one of the fastest-growing segments in terms of value within the automotive semiconductor market.
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