Few next-big-thing growth trends offer as much long-term promise as electric vehicles (EVs). Based on a recently released report from Fortune Business Insights, the global EV industry is expected to reach $1.58 trillion in annual sales by 2030, representing a compound annual growth rate of nearly 18% between 2022 and the turn of the decade. 

Investors don't have to look far to see clear evidence of the euphoria surrounding the EV space. The $778 billion market cap (NASDAQ: TSLA) possesses is higher than virtually all legacy automakers, combined! Since the EV replacement cycle could last for decades, investors appear quite optimistic that Tesla's first-mover advantages will help it build a moat in the automotive industry.

The Model 3 is Tesla's flagship sedan. Image source: Tesla.

Continue reading

Source Fool.com