Recently, STMicroelectronics, a leading company in the global semiconductor industry, released its latest financial report, revealing the company's significant achievements in the ST silicon carbide (SIC) field.

According to the report, in 2023, STMicroelectronics achieved a remarkable revenue of $1.4 billion in the ST SiC field. The company further revealed to the media that over 6 million vehicles are currently driving on global roads every day using 100% STMicroelectronics SiC solutions, fully demonstrating the widespread application of STMicroelectronics technology and its important contribution to the automotive industry.

The latest predictions from international research firm Markets and Markets on the silicon carbide market further confirm the rapid growth trend in this field. The institution predicts that the value of the silicon carbide market will reach $4.2 billion by 2024, and will continue to grow on this basis. It is expected to reach $17.2 billion by 2029, with a compound annual growth rate of up to 32.6%.

This growth is mainly driven by the continuous increase in demand in the power electronics and automotive industries, while the continuous improvement of SiC substrate and epitaxial quality also provides important growth opportunities for market expansion.

As an international leading manufacturer in the third-generation semiconductor field, STMicroelectronics has received high recognition from the market for its continuous investment and innovation in silicon carbide technology. The company has set more ambitious goals, aiming to achieve revenue of $1.5 billion by 2024 and is expected to reach $2 billion by 2025. In the longer term, STMicroelectronics expects its revenue in the ST SiC field to reach $5 billion by 2030, demonstrating optimistic expectations for the future development of the silicon carbide market.

The silicon carbide market has shown explosive growth since Musk applied silicon carbide power devices to Tesla models. STMicroelectronics, with its strong technological strength and advanced product solutions in this field, is gradually becoming one of the key forces driving the rapid development of this market.

With the increasing global demand for efficient and environmentally friendly new energy vehicles, breakthroughs and innovations in the SiC field by major semiconductor companies undoubtedly bring more possibilities and vitality to the entire industry and market.