Given the policies in place today, China and Europe will be among the biggest adopters of EVs. In China, credits and subsidies could help EVs grow to over a quarter of the car market by 2030. In the mean time, tightening emissions standards and high fuel taxes across Europe could make EVs account for 23% of the market.

“Dynamic market uptake of electric vehicles has occurred in recent years,” the IEA said in a report. “Ongoing support and commitments for increased deployment of EVs from policy makers and the automotive industry suggest that this trend is not going to abate in the coming decade.”

To access this quickly developing market, investors have a number of electric vehicle-specific ETF options to choose from, including the KraneShares Electric Vehicles and Future Mobility ETF (NYSEArca: KARS), Global X Autonomous & Electric Vehicles ETF (NasdaqGM: DRIV) and Innovation Shares NextGen Vehicles & Technology ETF (NYSEArca: EKAR). Investors may also find exposure to traditional car makers through the First Trust NASDAQ Global Auto Index Fund (NasdaqGM: CARZ).

For more information on the car industry, visit our automobiles category.

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