Seeking your Opinion: Is the Market Headed to Fully Electric Vehicles or 48V Hybrids?

Recent news that Tesla is going to produce an all electric vehicle for $35,000 didn't surprise me that much. Sooner or later Tesla would have had to produce an electric vehicle in the price range that most people could afford.

But what really turned my head was the $ billions that Ford plans on investing electric vehicles in the next few years. GM is also responding to the electrification trends of the day and is expanding its electric car portfolio in China. And Volvo is planning on have its entire lineup electric vehicles.

But wait a minute.

Is the global market ready for full vehicular electrification?

What happened to the hybrid market?

Specifically, 48V hybrids that offer more torque, faster acceleration, and better performance than the older generation 12V hybrids, while at the same time maintaining fuel economy and emissions standards compliance.

Hybrid vehicles use a high voltage DC bus to supply power to the motor. To accomplish that, 48v hybrids use a bi-directional current/voltage converter, which is needed to provide power between the 48V and 12V batteries in a hybrid vehicle (i.e., boost 12V to 48 or buck 48 to 12). Some studies say the potential market for 48V hybrid vehicles is great, yet at the same time, some countries such as India and China expect to skip hybrid and go directly to full electric. 

In your opinion, where do you think the market is moving towards: fully electric or 48V hybrids?