The paper presents a comprehensive overview of recent advancements in power electronics and electric machine design, focusing on novel topologies, semiconductor technologies, and integrated design techniques for electric drives. New drive topologies are gradually moving from the research phase to practical application, aiming to increase the rated power, efficiency, and reliability of electric drives. Specifically, these topologies can be categorized into series, which focus on increasing the operating voltage; parallel, which aim at enhancing the operating current and adding redundancy; and multiphase, known for offering significant benefits such as improved fault tolerance, higher torque generation, the possibility of synthetic loading, and diverse winding layout options. Emerging wide bandgap semiconductors, such as silicon carbide and gallium nitride, allow for operation at higher frequencies and lower power losses, enabling further drive integration. In terms of design practices, higher computational power, supported by advanced software, enables simulation and analysis in multiple domains (thermal, mechanical, electromagnetic) using multiphysics co-simulation, as well as multi-objective optimization concepts to achieve rapid prototyping of optimized drive systems. All the approaches described are important steps towards further improving electric drives for numerous applications in industry, consumer electronics, and transportation.