The electric vehicle (EV) market is heating up.

And we’re not the only ones excited about the potential.

The International Energy Agency doubled its 2030 forecast from 23 million to 58 million.

Total SA’s chief energy economist believes electric cars could make up 15% to 30% of global new vehicle sales by 2030, as noted by Bloomberg.

Statoil ADA agrees that EVs could account for 30% of new car sales by 2030.

BHP Billiton believes there will be 140 million of them on the road by 2035.

Over the last couple of years, the market has been growing at a nearly 50% CAGR, and is now on the cusp of something far greater.  In fact, the number of electric cars on roads all over the world topped three million in 2017 – a 54% jump in a year.

Nearly 580,000 were sold in China in 2017 – a 72% jump year over year.

The U.S. sold just under 200,000 in 2017, up from 160,000 in 2016, making EV market share 1.2% in the U.S.

From the Tesla models, Bolt, Volt, Focus and the Leaf, we’re just in the beginning stages of an EV revolution, especially as countries like China announce they may soon wind down production and sales of cars using fossil fuel.

India, France, Britain and Norway are also talking about banning gas and diesel cars.

General Motors announced plans to eventually go 100% electric.

The company currently offers extended-range EVs, the Chevrolet Bolt EV, but will add another two over the next 18 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.

Volkswagen wants to build an electric version of each of its 300 auto models by 2030.  Even 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.

“All Volvo models launched from 2018 and beyond, for example, will use either hybrid, plug-in or pure battery-electric drivetrains. Last month, Volkswagen AG said it will invest $20 billion to develop electrified products. Every model sold by its various brands — including VW, Audi, Bentley and Lamborghini — will be offered with at least one battery-based drivetrain option” says NBC News.

That has big opportunity written all over it.

As an investor, you have two choices.  You can invest in the EV market.  Or, you can get left behind.

We'll keep you abreast of the explosive situation in The Cheap Investor.