The demise of diesel cars has been predicted by UK car industry bosses, with the increased take-up of electric cars.
Over the next five years investment in battery electric car technology will rise dramatically, according to 93 per cent of car chiefs. 62 per cent believe that diesel technology will become less important to car makers.
The annual global automotive executive survey from KPMG also made clear that 90 per cent of car bosses believe electric cars will be the most important technology by the year 2025.
KPMG's John Leech commented: "Improvements in the cost and range of battery technology, coupled with growing concern over the emission of both carbon dioxide and nitrogen oxides from diesel engines, means that almost the whole automotive industry believes that the mass adoption of electric cars will happen during the next decade."
The survey questioned senior executives in various areas of the car industry, including manufacturers and suppliers themselves, along with dealers and mobility and finance providers. Motorists also contributed to the report.
According to 74 per cent of executives surveyed, more than half of current car owners will not wish to own a vehicle in the future.
According to researchers, rental and car service providers will take precedence, meaning that there will be fewer vehicles on the road and less profit to be made in the industry.
However, new income streams will come from providing digital services, according to 85 per cent of executives.
Mr Leech said: "Carmakers plan to sell a myriad of new digital services to vehicle users. Today car makers already make substantial profits from the sale of consumer finance and annual vehicle insurance but this will grow in the future as innovative services such as remote vehicle monitoring and the integration of the car as a focal point in people's ever more connected lifestyles are demanded by consumers."