Market research analysts at Technavio predict that the global IGBT market will grow steadily at a CAGR of around 12% by 2021. The rising demand for electric (EV) and hybrid electric vehicles (HEV) is identified as one of the primary growth factors for this market. Government initiatives for controlling the rising environmental concerns and oil prices are driving the shift to electric vehicles. It is estimated that EVs and HEVs can lower the oil consumption by more than one-third by 2020 as electricity is cheap and provides a big cost advantage over gasoline and petroleum. Moreover, electric vehicles are more energy-efficient as they convert about 60% of the electrical energy from the grid to power wheels, whereas their conventional vehicles convert only about 20% of the electrical energy. Electric motors provide quiet, smooth operations and require less maintenance than combustion engines. IGBT is a vital component that is needed to minimize switching loss and maximize the thermal efficiency. IGBTs play a significant role in the smooth operations of electric vehicles in transferring power to the grid at a steady rate. With the increase in adoption of EVs and HEVs around the globe, the IGBT market will witness significant growth in the forthcoming years. In terms of geographic regions, APAC will be the major revenue contributor to the IGBT market throughout the forecast period. Rapid industrialization in the developing countries of the region and the increasing adoption of renewable energy and electric vehicles drive the growth of the IGBT market. Additionally, the growing demand for energy-efficient solutions at the industrial and consumer industries is also contributing to the growth of the IGBT market in APAC.