According to the study, the new zero-emission race series will help contribute to the additional sale of 77 million EVs worldwide from 2015 to 2040, with resultant local and global economic, social and environmental benefits.

The study says the additional sales would total €142m (£119m) worldwide for the car industry and create 42,000 permanent jobs. From an environmental viewpoint, this would lead to the saving of four billion oil barrels – the equivalent of Japan's current consumption over 2.5 years – together with the prevention of 900 million tonnes of C02 – comparable to Italy's current annual emissions over two years.

In addition, the research forecasts savings of €25bn (£21bn) on healthcare costs and productivity from the reduction of pollution in cities and a significant improvement in quality of life.

Juan Costa Climent, EY global climate change & sustainability services leader, commented: ‘Our research has shown the huge potential that Formula E has to accelerate not only the technology, but also to breakdown many of the misconceptions around electric vehicles. With an estimated 77 million more electric vehicles on the road by 2040, as a result of Formula E together with all its stakeholders, today's unveiling of the latest racing car technology is the first step in an exciting journey for the industry.’

The Formula E championship uses fully electric single-seater race cars capable of speeds in excess of 225km/h (140mph). Beginning in September 2014, the series will compete in the heart of 10 of the world's leading cities – including London, Los Angeles and Monte Carlo – with 10 teams, each with two drivers.  

Alejandro Agag, CEO of Championship promoters Formula E Holdings, added: ‘We want Formula E to act as a catalyst between companies, leaders, experts, cities and policy-makers and together to drive the change towards the greater use of sustainable mobility.’