A research report presented by McKinsey and Company during the Future of Energy Summit says that electric vehicles may possibly lead the roads in wealthy cities such as London and Singapore by 2030. This is in relation to the stricter emission regulations set by government environmental branches in various countries.
"In densely populated, high-income cities like London and Singapore electric vehicles could represent as much as 60 percent of all vehicles on the road by 2030, the result of low-emission zones, consumer interest and favorable economics," the report said.
This is in effort of the governments to lower the harmful greenhouse gas emissions as well as encourage their uptake through subsidies and taxbreaks.
Electric vehicles nowadays are becoming more recognized as automakers like the Volkswagen Group and Daimler start revealing their plans to release a line-up of new electric models in the next few years.
Just recently at the 2016 Paris Auto Show, the Volkswagen Group presented its I.D. Concept car which will become the basis of the company's first electric vehicle that will arrive in showrooms fitted with the Volkswagen Modular Electric Drive Kit.
The Daimler AG, on the other hand, has announced that the company intends to launch 10 EVs under the new sub-brand of Mercedes-Benz called EQ.
Both companies aim to release the line-up of their new electric vehicles by 2025.
However, this growth of electric vehicles could pose a threat to the auto industry. Gasoline retailers should now start monetizing their current assets and focus on how they will get more value from electric charging in either the retail market and fleet services.