I think these 2 ASX growth shares are on track to become future blue chips

These companies could become a lot bigger by 2030, in my view.

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There are certain ASX growth shares that I believe have very long growth runways. If they keep growing like they have, they might even become ASX blue-chip companies.

If I'm right, I expect the market capitalisations of two businesses in particular will grow by billions of dollars in the coming years.

They are both now multi-billion-dollar companies, but their scaling suggests that they could be much larger by 2030 and beyond.

Of course, it takes time for plans to come to fruition. But with patience and the power of compounding, I believe the two ASX growth shares below are exceptional opportunities for long-term returns.

Tuas Ltd (ASX: TUA)

Tuas is one of the most compelling, non-tech businesses on the ASX worth over $2 billion, in my view.

The company operates as a telco in Singapore and has rapidly gained market share – it now has more than 10% of the Singapore mobile market, according to Tuas. In its update for the first three months of FY25, Tuas revealed that its active mobile subscribers had grown by approximately 27% year over year to 1.1 million.

It also advised that in the first quarter of FY25, it made $35.5 million in revenue, $16.1 million in operating profit (EBITDA), and $18.3 million in operating cash flow. Alongside a positive net profit after tax (NPAT) in the FY25 first quarter, I think this bodes well for the business's future profitability.

Adding more revenue will help it grow its scale and margins. I also think it's appealing that the business is growing its fibre broadband customer base, which reached more than 10,000 active subscribers at the end of November 2024. It already has a client base of more than 1 million people to market its broadband to.

In FY25, Tuas is targeting continued mobile growth, with "product uplifts and ongoing network quality upgrades", and new mobile segments. The business also wants to achieve positive full-year net profit.

The investment team at Wilson Asset Management believes that Tuas may eventually enter Malaysia or Indonesia, which both have a bigger population than Singapore.

Lovisa Holdings Ltd (ASX: LOV)

Lovisa is the other ASX growth share I want to tell you about. It sells affordable jewellery to a target market of younger shoppers globally.

It truly is a global company, with at least one store in countries such as Singapore, Malaysia, Hong Kong, China, Vietnam, South Africa, the United Kingdom, France, Germany, the Netherlands, Poland, Italy, the UAE, the United States, Canada, Mexico and South America.

The ASX share is regularly entering new markets, expanding its growth runway. Three of the latest countries it has expanded into are three franchise markets: the Ivory Coast, the Republic of Congo and Panama.

At the end of FY24, the business had 900 stores worldwide. By the AGM update, it had 927 stores. I think there is easy scope for Lovisa to reach 2,000 stores in the next several years. This could add significant scale benefits, including a helpful boost to operating profit (EBIT) margin.

The company's store rollout strategy is definitely helping sales, despite the challenging retail environment. In the first 20 weeks of FY25, total sales were up 10% year over year, assisted by comparable store sales growth of 1%.

If the store count, total sales and net profit keep rising, I believe Lovisa could become a much larger business in the next 10 years.

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Motley Fool contributor Tristan Harrison has positions in Lovisa and Tuas. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Lovisa. The Motley Fool Australia has recommended Lovisa. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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