The electric vehicle (EV) market is one of the most explosive.

Total SA’s chief energy economist once noted that EVs could make up 15% to 30% of global new vehicle sales by 2030, as noted by Bloomberg.  The International Energy Agency doubled its 2030 forecast from 23 million to 58 million.

Statoil ADA even believes EVs could account for 30% of new car sales by 2030.

BHP Billiton believes there will be 140 million EVs on the road in the next six years.    

“Demand for electric vehicles is forecast to increase significantly over the next ten years as technology improves, the price gap with petrol cars is closed and more electric chargers are deployed,” IDTechEx Senior Technology Analyst Franco Gonzalez said, as quoted by Reuters.

Auto Giants are Racing to Introduce Electric Vehicles

Volkswagen wants to build an electric version of each of models by 2030.  Volvo and the Jaguar Land rover have said that their entire fleets of vehicles will be electric or hybrid-electric by 2019 and 2020, respectively.

General Motors just announced plans to go 100% electric.  

The company currently offers extended-range EVs, the Chevrolet Bolt EV, but will add another two over the few months.  It wants to add another 20 to its line by 2023.

Ford Motor Company just said it would introduce 13 new electric or hybrid vehicles.  

In fact, it already confirmed two fully-electric vehicles, including a Mustang-inspired crossover by 2020, and a zero-emissions versions of the F-150.

Then, just today, Ford announced it invested $500 million in Rivian to build a new battery-powered vehicle.  The news comes just months after Rivian unveiled two new products, including an all-electric pickup and SUV. According to industry executives, these products could provide big competition to companies like Tesla, as noted by CNBC.

In short, the electric vehicle (EV) boom is well underway.