Electrified cars could make up more than half of the global auto market by 2030, according to a new study.

The new study by the Boston Consulting Group found that a combination of evolving technology, regulatory pressure, and reduced cost of ownership will all play into electrified vehicles reaching a tipping point.

The researchers found also that battery costs have been declining at a rate of 20 percent annually, since 2009. That means that the cost of electric vehicles should become cost-effective for consumers without a subsidy between 2025 and 2030.

Until that time, though, the study says that regulation will continue to drive electrification. That includes bans of fossil fuel vehicles as well as providing incentives for EV purchases.

BCG found that electrification will take on different forms around the globe. It said that the U.S. would be largely mild hybrids and battery-powered EVs. In China and the EU, electrification would be primarily EVs. In Japan, and much of the rest of the world, it would be mostly mild and full hybrids.

In calculating the data, BCG assumed that batteries would lower from $150 per cell to $90 and that oil would remain near $60 per barrel. Government incentives were not included, but current regulations regarding carbon reductions were expected to remain in place. Changes to current incentives like the proposal to remove the $7,500 federal tax rebate shouldn’t slow the adoption rate, but keeping the incentive would likely speed it up.

“The prospects for electric vehicles are now clarifying,” said Xavier Mosquet, lead author of the study. “The transition period from an ICE-dominated marketplace to a market in which electrified vehicles grow share…is about to commence.”

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Increased autonomous ride sharing plays a big part in the transition as well. The study expects ride sharing to account for nearly 20 percent of EV sales in the U.S. by 2030, and around 8 percent worldwide.

Note, though, that the study says electrified vehicles hitting 50 percent. Not just battery-powered vehicles. That means micro and mild hybrids will make up the numbers as well. Fully electric vehicles are still expected to make great inroads, but aren’t likely to jump from less than one percent of the market now to quite those great heights. Gains will still be impressive, though. The study estimates that 6 percent of new vehicles will be full-electric by 2025, and 14 percent by 2030. Hybrid vehicles make up around five percent of the global auto market today.