The estimates by GlobalData say that the electric vehicle market, including BEVs and hybrid vehicles (HEVs), will reach 62.74 million units by 2030, recording a compound annual growth rate (CAGR) of 16% during 2022-30. The advanced automotive cylindrical lithium-Ion battery market for BEVs and HEVs is also estimated to be 6.24 million units by 2030.