A seven-year forecast puts annual global electric-vehicle growth at 15% as EV technology improves, many governments incentivize adoption, ownership costs fall, and consumers have more models to choose from.

The Persistence Market Research report projects the compound annual growth rate to expand the worldwide EV market to $2.2 billion by 2033, much of that from Chinese automakers, such as BYD, that have made inroads in Europe, Latin America and now Canada.

Many countries and some states have targeted more zero-emission auto sales to curb fossil-fuel pollution, and public and private investment in public charging networks has quickly expanded, the report points out.

For instance, India, now the world’s most populous country, aims for 30% EV penetration by 2030 and is investing in infrastructure toward that end.

EV battery advancements, particularly in lithium-ion batteries, have increased EV ranges, cut charging times and lowered EV production costs, making EVs more competitive with gas-powered models, according to the market data provider.

The report expects battery-electric vehicles to lead the overall EV market at nearly 50% share, while plug-in hybrids will serve as transition models in areas with limited public chargers. It pointed to Tesla and BYD’s 2025 expansion of BEV lineups and production capacity.

Though the Asia-Pacific region leads in EV adoption, followed by Europe, India is an emerging adopter country. The report still considers North America a key EV market, despite pullbacks of government incentives, partly due to legacy automakers’ increased competitiveness and startup EV makers’ contributions.