LYON, France – The share of electric cars (EV) and their hybrid cousins (HEV) made up 30% of the overall power module market in 2015, a share that will grow to almost 50% by 2021.

Sales of battery electric cars doubled between 2014 and 2015, and will continue to grow through 2021, reaching $2.3 billion in sales, says Yole Développement in a new report.

The research group says some 71 million vehicles will be sold worldwide in 2021, of which 19.6% will run on some form of electric power. That's up from just under 5% of the 66 million autos sold last year.

Yole estimates each electric/hybrid electric vehicle will contain four converters. 

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, Yole said.

The firm warned that certain obstacles remain, including charging regulations and the high sticker price compared to ICE vehicles.

Moreover, the role of China is not to be underestimated.

“China’s influence on the electric car market is huge,” said Coralie Le Bret, technology & market analyst, power electronics at Yole. “In 2015, two of the five leading companies for BEVs and PEHVs are Chinese." BYD held the number one market position with about 62,000 vehicles sold including five electrified vehicles. In second was Renault-Nissan with 45,000 vehicles sold across eight electrified models. Next was Volkswagen with 38,000 units sold across three electrified cars.