The power electronics market for EV/HEV will reach $13B by 2021, according to reports from research firm Yole Développement. Technology and business developments, as well as business opportunities, are expected in this growing industry.
Sales of battery electric cars doubled between 2014 and 2015, an occurrence considered the first sign of the widespread acceptance of electrified cars. Pushed by aggressive targets in terms of CO2 emissions, electrification is undoubtedly the "greenest" option for car makers, with "diesel-gate" strengthening this impression and improving the public's opinion of electric cars.
The offer for electric and hybrid cars is growing by leaps and bounds, with premium car makers like Aston Martin and Jaguar also involved, and established car makers like General Motors launching affordable electric vehicles with sufficient range to be competitive with gas-powered vehicles. Once seen as a fancy-yet-flawed technology, electric cars are now becoming attractive thanks to players like Tesla and the financial benefits of owning an electric vehicle. The development of a charging infrastructure and an increasing range have also helped boost the market.
Considering all of these advantages, along with the political push for the mass adoption of electric cars, the market could be even higher. However, in order for electrified cars to enjoy global appeal some obstacles still must be cleared, such as charging regulations and the high sticker price compared to ICE vehicles.