Between 2017 and 2024, completely electric cars are expected to “become the rational choice for motorists in Europe,” the report said, as EV showroom prices fall due to cheaper batteries and EV ranges increasing. Charging infrastructure is also expected to become more widespread, in part due to government support.
The shift from fossil fuel to electric-powered cars would create a disruption in the European automotive industry. In fact, this has already begun, with German manufacturer Volvo pledging to focus on hybrids and plug-ins by 2019. The ING report said that the cost of owning EVs in Germany in 2024 would be similar to owning fossil fuel-powered cars. Last week, France joined this movement, implementing a ban on new petrol and diesel cars by 2040.