Managing the Mix: Electric, Hybrid, Plug-in Vehicles and Charging Systems

­The automotive industry is experiencing one of its most transformative periods as electric and hybrid vehicles move into the mainstream. This shift coincides with rising demands for safety, automated driving, and connectivity, all of which dramatically increase the electronics content in all vehicle types.

According to Grandview Research, the global “pure” EV market was valued at $1.33 trillion in 2024 and is projected to reach $6.52 trillion by 2030, growing at a 32.5% CAGR. The plug-in hybrid (PHEV) market is also expanding, from $145.08 billion in 2024 to $353.04 billion by 2034, a 9.3% CAGR, according to Precedence Research.

In my opinion, the EV and charging markets continue to descend from the Gartner Hype Cycle’s peak of inflated expectations. Consumers are beginning to consider total cost of EV ownership, particularly battery replacement/recycling costs. Still, EV and hybrid markets are advancing, thanks to innovations in battery technology, tightening emissions standards, and increasing consumer awareness.

As I and others predicted, hybrid electric vehicles (HEVs) and plug-in EVs (PHEVs) are serving as a transitional technology from ICE (internal combustion engine) vehicles until full EVs become practical for all. Manufacturers are still grappling with the ideal product mix across ICE, HEV, and EV technologies, given vastly different consumer needs.

The overall environmental impact of EVs and HEVs varies. If the electricity used is not from renewable sources, emissions are merely shifted upstream. Moreover, financial instability among some EV makers also raises consumer concerns about long-term product support.

Despite these challenges, automakers continue to invest heavily in next-generation battery chemistries and charging infrastructure essential for mass-market adoption. Advances in lithium-ion and solid-state batteries are pushing driving ranges beyond 300 miles.

The EV ecosystem is also expanding, with DC fast chargers delivering an 80% charge in under 30 minutes. Automakers, utilities, and technology companies are collaborating to build high-speed charging corridors along major highways and cities. Another promising development is vehicle-to-grid (V2G) technology, which enables EVs to return energy to the grid during peak demand.

The future of mobility is electric, connected, automated, and sustainable. This transformation is not just about new powertrains—it represents the convergence of energy, technology, and environmental stewardship. Vehicle makers have the task of managing the mix of various electric, hybrid and plug-in technologies to align with market demand. Regardless of the technologies offered, the electronics content is growing rapidly in all of them, providing tremendous opportunities for well-managed suppliers properly focused on this market.