Electric vehicles won't rule the road until at least 2040, says US government

According to the Department of Energy, gasoline powered vehicles will still make up for the vast majority of vehicles on the road even in the year 2040. The department's Energy Information Administration (EIA) is forecasting in its 2014 Annual Energy Outlook that the market share of gasoline powered cars and trucks will witness a mere 4 percent downfall, from today's 82 percent to 78 percent, by 2040.

While full hybrids will account for 5 percent, plug-in hybrids and full electric vehicles will collectively constitute only 2 percent of the market share. Micro hybrids and other advanced fuel technologies will feature in 42 percent of the gasoline powered vehicles in that year.

The Agency predicts a rise in the fuel efficiency of the country's cars and trucks, which is expected to jump from 21.5 mpg in 2012 to 37.2 mpg by 2040. While the forecast is green, the government expects even better. According to the new rules set by the Obama administration in 2012, the fuel efficiency figures should touch 54.5 mpg for cars and light-duty trucks by 2025.

The overall energy consumption by the American transport sector is expected to fall by 4 percent. Diesel vehicles will double from today's 2 percent to 4 percent. The agency also predicts that the price of gasoline 25 years from now will be $3.90 and that of diesel will be $4.73. These price figures are adjusted for inflation.