By 2022 it may be possible to buy an electric vehicle for the same amount as a vehicle powered by a traditional petrol or diesel engine, according to a report published by Bloomberg Business this month.
At the moment the biggest barrier to wider EV adoption is arguably their high asking price. And with infrastructural improvements and technological upgrades, this type of eco-friendly vehicle is becoming more practical by the day, leaving the upfront cost as an enduring issue.
But if analysts are accurate in their predictions, it could be just six years before the choice between EVs and other cars is not affected by such considerations.
The main reason that EVs are comparatively costly today is that the batteries required to power them still put a significant burden on the total expense of the vehicle. But the report points out that battery prices have fallen by just over a third in the past 12 months and are likely to continue to tumble as demand rises and the technology involved in manufacturing them improves.
In 2015 there was a 60 per cent increase in the number of EVs sold internationally. And within 25 years they are expected to account for 35 per cent of the market as a whole.
This suggests that petrol- and diesel-powered cars will still be in the majority by 2040, or hybrids will account for the rest of the market. But ultimately it seems like complete EV dominance is only a matter of time.
Today less than a single percentage point of the new car market is made up of EVs. But as battery prices slide southwards, the predictions made in the report suggest that a major up-tick in sales is just around the corner.
While this is great news for drivers who want to reduce the harmful emissions their motoring activities produce without feeling the sting in their wallets, there are other economic considerations involved with the rise of EVs.
Specifically, it is the industries built around supplying the fossil fuels that power current cars which are likely to suffer. And analysts believe that by 2023 the need for oil will have dropped by up to two million barrels per day.
For companies and indeed entire countries which rely on the demand for oil to survive and thrive, this could be a significant issue. Some are even warning of a looming crisis which will come if steps are not taken today to ensure that the falling need for oil is balanced by investment in other areas.
At the other end of the spectrum, there are expectations surrounding the rise in EV ownership in terms of how this will impact the electricity infrastructure of the UK and other developed nations. With more people charging up their cars at home or while parked elsewhere, the demand for power will only increase.
Globally the amount of power drawn annually by EVs could be equal to a tenth of all electricity generated around the world in 2015. This annual total of 1900 terrawatt-hours of consumption is not likely to be hit until 2040, but it gives an indication of the scale of the challenge that electricity providers are going to face.
This will no doubt lead to debates about the resources which are consumed in order to provide the electricity to charge EVs. Because getting rid of a petrol-guzzling car only to replace it with an EV that plugs into a mains connection supplied by a power station that burns coal will seem like a less than perfect solution to many motorists.
Questions about the mining processes and economic impact of extracting the minerals required to build the batteries which are found within EVs also exist. But in the long term there is no doubt that vehicles must shift away from a reliance on fossil fuels, since non-renewable resources are necessarily limited and unsustainable.