After years of sluggish adoption, electric vehicles are poised for a sharp increase in sales, new products and investments that could eventually make the gasoline engine a thing of the past.

Look no further than Wall Street, where investors are positively giddy about the prospect of established automakers offeringfull lineups of electric vehicles, like General Motors, and about the chances of startups like Lucid Motors and Rivian that are promising groundbreaking EVs to come.

In recent weeks, GM, Volvo and Jaguar have announced commitments to phase out gas-powered vehicles within the next 15, 10 and five years. Tesla's lineup has always been fully electric.

Plus, the arrival of the Biden administration and a Senate controlled by Democrats are giving electric car proponents hope of a new round of tax incentives to encourage electric car buying.

"The EV industry is entering a golden age," Wedbush Securities analyst Dan Ives said in a research note, noting that improvements in battery technology, tax incentives and more affordable models could lead to soaring demand.