Electric vehicle (EV) companies such as US-listed Fisker (NYSE: FSR) appear to have a huge growth opportunity over the next decade. Indeed, the International Energy Agency (IEA) forecasts that the global EV stock across all transport modes will increase from 11m in 2020 to 145m vehicles by 2030. This equates to an annualised growth rate of almost 30%.
Even with such a strong growth rate, EVs are expected to account for just 7% of road vehicles by 2030. As such, their growth opportunities extend well beyond the end of the current decade, as consumers shift from fossil fuel powered vehicles to cleaner forms of transportation to help meet ambitious net-zero targets put in place across the world’s major economies.
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