The last decade was marked by a new boom of popularity for electric transport. Massive government support helped increase EV annual sales from just 2 to over 753 thousands worldwide over the ten years. Many countries and private enterprises hold extremely high hopes for electric transport, predicting the imminent abandonment of the internal combustion engines (ICE). Our research shows that in 2018 EVs are yet still unable to compete on equal footing with conventional cars. However, should government and auto manufacturers maintain the current pace of development, true competitiveness between ICE and electric vehicles can be achieved by 2035 even in the low-oil-price environment. Our calculations indicate that by 2040, depending on the scenario, the EVs can secure an 11–28% share of the global road transport fleet. This will lead to an additional increase in global electricity consumption of 11–20%. The challenge, however, is the adaptation of power grid to the growing demand peaks due to EVs charging patterns. To maintain the course on “green” energy, global leaders in EV adoption need to double the efforts on development and implementation of energy storage technologies, otherwise, the spread of electric cars will lead to more fossil fuel consumption. •Massive government support was instrumental for EV boom.•EVs are capable of attaining 11–28% of global fleet by 2040.•Expansion of EV fleet can cause significant instabilities in power grid.•EVs can achieve full competitiveness by 2035.