PHEV and EV markets will see significant growth through 2020 but are predominantly driven by government policies, both incentives and mandates. Without a breakthrough in battery cost and performance, EV market is likely to stay below 1% even through 2023-25. Outlook for PHEVs is much better as the vehicles meet the customers' needs, and battery life seems promising. The main challenge for PHEV is cost; continuous government subsidies and CAFE regulations could sweeten the pill. Wireless charging may be critical to improve real-life fuel economy of PHEVs. Expansion of PHEVs, in competition with HEVs, in the next decade is quite possible. Overcapacity in automotive Li-Ion cell production is severe in the short term.
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