EVs promise zero emissions from the exhaust and a decrease in city air pollution. With an aim of attaining 30% EV penetration by 2030, the Indian government has initiated the FAME India program, which encourages the adoption of EVs. The initiative propels the requirement for discrete power semiconductors as they are used for power conversion purposes in these automobiles.
Apart from the increasing use of EVs in the country, the growing need for power electronic modules in various industries is the major factor for the Indian discrete power semiconductor devices market advance. From $1,007.7 million in 2021, revenue generated from the sale of these components is likely to propel at a 12.2% CAGR during 2021–2030, ultimately reaching $2,834.2 million.
Due to the rising pollution levels and increasing fuel prices, several policies have been adopted by the government to push the use of EVs. For example, a policy was introduced by the Delhi government in 2020 to fuel the evolution of battery EVs, in order to achieve a 25% EV share in the registrations of new vehicles by 2024. Initially, 100 EV charging points and battery stations, each of which can charge five automobiles, will be set up at as many locations, the majority on land under the ownership of DMRC.
The largest share in the Indian discrete power semiconductor devices market was held by the TO-247 category within the package type segment in 2021, a situation that is predicted to remain unchanged over the forecast period. This is credited to the decent thermal conduction straight to a heat sink, negligible stress in installing activities, and a bigger die or lower on-resistance and high-current devices provided by this type of packaging.
The rising acceptance of consumer and connected devices is also likely to intensify the growth of the industry. Power electronic products are widely used in home appliances, such as AC power supplies, dishwashers, induction heaters, and washing machines. Most power electronics are enhancing load controls, for example, variable-speed-drive motors for fans, compressors, pumps, or switching power supplies that are there in most consumer electronics.
