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.