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Study: 64.4 million electric cars on the road by 2019

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According to a study by Transparency Market Research, there will be 64.4 million battery-powered vehicles on the road by 2019 including all-electric, hybrid, and plug-in hybrid models. Rising fuel prices, growing consumer interest in environmental protection, and incentives by governments will drive the movement of electrified cars. 

North America is the leading market for all-electric, hybrid, and plug-in hybrid vehicles and will remain so at least until the end of the decade, the study reveals. Generous incentives combined with the U.S. government's willingness to reduce the country's dependence on fossil fuels are big reasons why. Increased taxes on oil-based fuels will also contribute to the popularity of electric vehicles.

In 2012, a small group of automakers (Nissan, GM, Tesla, Honda, and Toyota) accounted for more than 50% of global EV sales. Since then, others have jumped on the bandwagon including Cadillac (ELR), BMW (i8, i3), and Mitsubishi (i-MiEV, Outlander PHEV).

Meanwhile, another study by Lux Research, published on qz.com, claims that electric cars won't be profitable until 2020-2025. The high cost of batteries is to blame, and said batteries will need to drop below $200/kWh for a car priced below $40,000 to pay off for the manufacturer.

Industry analysts therefore have doubts that a company like Tesla can make money with a  more affordable electric car. The upcoming Tesla Model 3 will reportedly sell for less than $40,000 in the U.S., but Lux Research suggests that Tesla may have to charge $80,000 to earn a profit.