Depends on who's lifetime you're talking about
Yes. For better or worse, ICE power of all kinds are perceived as at end-of-life--they just aren't going to attract the R&D dollars necessary to do what is possible. The future is electric.
I don't think I'll see this come to

percent fruition... I think we're about 30 years away from this.
As for research and development, I'm not inclined to agree completely. Gasoline and diesel engines have greatly been enhanced in the last 10 years with higher MPG and more power from smaller displacement.
The real issue, in my opinion, is the infrastructure and the standardization of chargers. There's too many competing platforms, Tesla, Chademo, Charge Point ..see this reference...,.
PlugShare is probably the most popular EV charging site/app to date. It includes all types of charging stations (level 2, CHAdeMO, SAE Combo, Supercharger) and stations from various charging station companies/networks (ChargePoint, Blink, EVgo, GE, SemaCharge).Sep 10, 2015
Until they get serious and settle on a one standard platform and populate charging stations all across the USA it will be a continued slow rollout of electric vehicles. They are still the lowest percentage of the cars on the road today. And, while the range anxiety for small cars are getting better, there is still no good solution for RVs at any price point normal people can afford. Yes, there's a trial run for larger trucks, but, this is for commercial operations with enormous budgets.
I'm all for electric cars, we purchased a 2009 Toyota Prius brand new and it's a fantastic car.
I can better see the rollout of all hybrid vehicles way before all electric vehicles ( 100 percent density).....and, there's always going to be some ICE cars and trucks.... just will be.
Remember that the electric vehicle is by no means new ... It's been around for a 150 years with false starts and spectacular failures.
Infrastructure is the name of the game here. Without it and there won't be a huge impact.
Tesla has the right idea here, except that they won't let non Tesla cars use their charging stations... that's going to be a real problem... that needs to change.
Just my two cents.