New energy vehicles reshape the automotive industry chain

The power semiconductor content of new energy vehicles has increased sharply, and the demand for memory chips and MCUs has increased under the trend of intelligence. The semiconductor content is about twice that of fuel vehicles. The main drive inverter and OBC, DC/DC and other applications in new energy vehicles have greatly increased the value of power semiconductors, and the intelligentization of vehicles has increased the demand for memory chips, MCUs, etc. From the perspective of the value of single-vehicle semiconductors, hybrid vehicles and pure The average semiconductor value of electric vehicles is US$890 and US$950, twice that of traditional vehicles at US$490. Under the global stimulus policy, the sales of new energy vehicles have grown against the trend, and are expected to exceed 10 million units in 22 years. Many countries around the world have implemented stimulus policies. For example, 26 of the 27 EU countries have formulated tax relief or cash subsidy policies, and decided to ban the sale of fuel vehicles in the EU by 2035. The sales volume of new energy vehicles in 22Q1 is 2.004 million units, an increase of 80% year-on-year. It is estimated that the sales volume will reach 10.4 million units in 22 years, 15 million units in 23 years, and increase to 27 million units in 2025

 

China is the world's largest semiconductor sales market, accounting for 32% of the world in 21 years. Terminal consumer electronics brands and new power auto brands have risen and empowered growth. In 2021, China's semiconductor sales will be 187 billion US dollars, which is the largest regional market in the world, accounting for 32%. With the rise of my country's terminal consumer electronics brands and new power automobile brands, it is expected that my country's semiconductor sales will grow to $274 billion. China's IC output value only accounts for 16.7% of the market size, and domestic substitution is forging ahead. According to IC Insights data, my country's IC output value will only account for 16.7% of the IC market in 2021, and the domestic substitution space will exceed 150 billion US dollars.

 

The demand in the automobile market has exceeded expectations, and with the advancement of technology and the increase in the volume of new energy vehicles, the number of chips installed in automobiles has continued to rise. The intelligentization and networking of automobiles are the key directions for the technological evolution of automobile companies. Intelligentization and networking of automobiles will increase the usage of cameras, radars, IMUs, ECUs and other devices; thus driving CIS chips, MEMS, CPUs, FPGAs, and ASICs and power semiconductors and other automotive grade semiconductor market demand.

 

The value of single-vehicle power semiconductors for hybrid vehicles is 6 times that of traditional fuel vehicles, and the value of single-vehicle power semiconductors for pure electric vehicles is 9 times that of traditional fuel vehicles. Driven by downstream demand, medium and high voltage IGBTs are one of the fastest growing types of power semiconductors.

 

Omdia predicts that the global IGBT module market will reach US$6.2 billion in 2024, and China's IGBT module market will reach US$2.6 billion. According to YOLE data, new energy vehicles are the industry with the largest market value added and the fastest growth rate among IGBT downstream applications. It is estimated that the CAGR of the global IGBT market for new energy vehicles will be about 29.4% from 2020 to 2024.