Electric Vehicle Market To Surpass 144 million units by 2030

Electric Vehicle Market To Surpass 144 million units by 2030

New research points to the size of the global electric vehicle (EV) hitting more than 50 million units by 2025, up from 11.3 million in 2020, before going on to top more than 144 million units by 2030. What’s interesting about this is the call that every third new car sold is anticipated to be propelled or assisted by an electric battery by 2025.

Part of the driving force behind the adoption of EVs is the call for stricter emissions control. For example, in California, the transportation sector is responsible for more than half of all of California’s carbon pollution, 80 percent of smog-forming pollution and 95 percent of toxic diesel emissions. As a result in September 2020, California announced it will phase out gasoline powered cars and 100% of in-state sales of new passenger cars and trucks are zero-emission by 2035. Another example of a powerful tailwind for our Cleaner Living investment theme.

More recently, governors of a dozen US states including California, New York, Massachusetts and North Carolina called on President Joe Biden to back ending sales of new gasoline-powered vehicles by 2035. This comes as Ford Motor (F), General Motors (GM) and other automotive manufacturers look to challenge Tesla (TSLA) in the EV market. In late May Ford announced it would boost its electric vehicle spending to more than $30 billion and aims to have 40% of its global volume be all electric by 2030. Soon thereafter, General Motors announced it would increase its  global spending on electric and autonomous vehicles to $35 billion through 2025, 30% greater than its most recent forecast. As that occurs and the competitive landscape tightens, EV vehicle price points are poised to improve, spurring adoption.

All of the above suggests not only further growth in the EV market past 2030, but continued demand for EV related infrastructure like the charging stations from Blink Charging (BLNK), ChargePoint and others.


About the Author

Chris Versace, Chief Investment Officer
I'm the Chief Investment Officer of Tematica Research and editor of Tematica Investing newsletter. All of that capitalizes on my near 20 years in the investment industry, nearly all of it breaking down industries and recommending stocks. In that time, I've been ranked an All Star Analyst by Zacks Investment Research and my efforts in analyzing industries, companies and equities have been recognized by both Institutional Investor and Thomson Reuters’ StarMine Monitor. In my travels, I've covered cyclicals, tech and more, which gives me a different vantage point, one that uses not only an ecosystem or food chain perspective, but one that also examines demographics, economics, psychographics and more when formulating my investment views. The question I most often get is "Are you related to…."

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