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Electric Vehicle Market May Quadruple to $957 Billion By 2030

The current EV market is expected to rise to $957.42 billion from $208.95 billion, according to a Market Research Future report.

As carmaker Rivian's (RIVN) skyrocketing shares on the first day of trading showed, the electric vehicle market is hot. So hot, in fact, that it could quadruple by 2030.

According to a report by Market Research Future, the electric car market is worth $208.95 billion in 2021 — a number that could more than quadruple to $957.42 billion in just over eight years.

Along with rising demand, fuel prices and various government initiatives will push more people toward electric cars. The research firm estimates a CAGR of 24.51% during the period between 2022 and 2030.

"Tax breaks, non-monetary benefits such as new car registration and carpool lane access, increased vehicle range, active participation of OEMs, provision of charging infrastructure in regular places, and other factors can all contribute to the expansion of EV market trends," reads the report.

Once considered the only electric car worth talking about, Tesla ( (TSLA) - Get Free Report) is quickly losing its grip on the market as a wealth of new electric car options become available. 

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IHS Markit data dug up by CNBC found that, while Teslas accounted for 79% of all electric vehicles sold in 2020, things will not remain that way for long as hundreds of new models hit the market by 2025. In 2021, there were only several dozen available.

The all-electric truck from Rivian is only the beginning. In the last year, Volvo (VLVLY), Toyota (TY) and Volkswagen (VLKAF) all released electric models of their cars. 

For now, according to the MRF report, there is little risk of oversaturation since demand continues to increase:  (RIVN) - Get Free Report shares are still up 17.30% to $118.14 a day after going public, an IPO high not seen since Facebook's 2012 debut.