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How Large is the Electric Car Industry?
It seems like the market for electric cars is booming right now. How large is the electric car industry?
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The electric car industry is only getting larger as governments continue to incentivize their drivers and build up infrastructure. A report by Allied Market Research stated that the global EV market in 2020 was valued at $163 billion, and it is projected to hit $823.75 billion by 2030.
There are many components to the industry and not simply cars. The industry includes everything from the mining of metals and materials to build parts, to the development of charging stations in cities.
The concept of EVs is still fairly new especially since our world has been centered around fossil fuel-burning vehicles for over a century. With the electric car has also risen the concept of the autonomous car. Self-driving cars suggest a new horizon for both the delivery and public transit industries. The EV industry is multifaceted and quickly expanding.
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