How large is the potential electric car market?
I’m interested in maybe making some investments and I’ve been watching the auto industry. The EV industry still seems relatively new, but it's growing pretty quickly. How large is the potential electric car market?
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With the technological advancements and the fight against climate change, the electric car industry is fast growing. Allied Market Research published a report that stated that in 2020 the global EV market was valued at $163 billion, and by 2030 it is projected to hit $823.75 billion.
EVs are not a new invention, however, the market while relatively young, has hit a growth spurt. In North America, the market size was at $12.80 billion in 2020 and is predicted to grow 27% by 2030. Tesla Motors is currently leading in the EV market, but the race for electric vehicles is not over.
There are many ways to invest in the industry. It’s a great industry to invest in. As governments and the auto industry begin to phase out traditionally fuelled vehicles, the market for EVs will only go up.
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