India, June 11 -- The electric vehicle industry has, for the past decade, become the dominant application area for power electronics. Most power electronics players have enjoyed the automotive industry as their main source of revenue for years, and power electronics innovations have focused mainly on improving efficiency and performance across the e-powertrain.

However, throughout the past two years, power electronics tier 1s have gradually seen their automotive industry revenue stagnate amid reduced government incentives and increasingly steep competition with highly vertically integrated Chinese EV manufacturers.

While IDTechEx still forecasts long-term growth in the EV market, many players are looking for alternative, growing applica...