Due to falling battery costs, economies of scale and government backing, all new car sales in Europe will come from the purchase of electric cars by the year 2035.
That's according to a projection made by international banking and financial services corporation ING Group. One hundred percent of all vehicle registrations across the European continent as electric vehicles could put Euro car manufacturers at a disadvantage to other rival companies in North America and Asia.
ING's projection has been considered more "aggressive" than others, The Guardian reports. Other reports from governments have suggested expectations that are under 100 percent in many cases.
For example, the UK National Grid expects 90 percent of all new cars to be electric by 2050. France also seeks to roll-out regulations that ban all sales of new petroleum and diesel fueled vehicles by the year 2040.
ING argued that beginning in 2017, the ideal choice in vehicle ownership is for Europe's millions of motorists to own electric cars. This change of thought is expected to end in 2024, according to the bank report. Other projections include that by 2024, German motorists will be able to own an electric car and fuel it at the same cost of having a conventional petrol or diesel car.
Economist Tony Seba of Stanford University in California said that his research projects that nearly all miles traveled, on a global scale, will be from electric vehicles. This is an ambitious projection, to say the least, especially when petrol vehicles are still the most commonly used type of car across the World.
Even major oil players--like Royal Dutch Shell, ExxonMobile, and Saudi Aramco--have brushed off these projections as use in petrol products is only expected to grow in regions like the Middle East and North Africa.
The International Energy Agency echoed similar sentiments, stating that the demand for oil will increase in the coming decades, according to Financial Times.
Prices may tank for increased used of electric and hybrid cars; however, the demand will still exist.
How do you feel about ING's projection? Is it a smart move? Tell us in the comments.
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