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By 2022, electric cars are likely to overtake traditional gas cars, says new research.

However, while they are already preferred for use and research, they are still more expensive than gas cars and have not come into the mainstream.

The Bloomberg New Energy Finance (BNEF) showed in a study that the decline in battery cost will also reduce the prices of electric cars, making them more affordable.

Hence, the total cost of ownership for electric cars will fall as compared to the traditional combustion engine cars, even though fuel efficiency is expected to increase by 3.5 percent annually.

"If the oil price were to fall to $20 and stick there, this would only delay mass adoption of electric cars to the early 2030s," said Salim Morsy, senior analyst and author of the study, according to The Independent. "In the next few years, the cost-of-ownership advantage will continue to lie with conventional cars, and we, therefore, don't expect electric cars to exceed 5 per cent of sales in most markets - except where subsidies make up the difference. However, that cost comparison is set to change radically in the 2020s."