Sure some will be left in the dust because they missed the good wagon, but a large chunk of them will survive and thrive.
Right know Tesla's production is quite small compared to other manufacturers, and even the Model 3 is quite expensive. Most people want a car to go reliably from point A to point B, for a relatively small cost. At 30000 to 35000 dollars, the Model 3 is 50% more expensive than a "good enough" car that fulfills basic needs like daily commutes and a few long trips a year. The Model 3 is still a car for people who likes interesting cars and have the money to buy it.
Also right now, even "quite expensive" electric cars are not yet as convenient as traditional cars. IMHO, EV will become a truly viable alternative when they reach the 3 twos: 20 minutes recharge for 200 kilometers of autonomy, at price of 20000 dollars.
~200 km is the distance traveled between pauses on long trips, ~20 minutes is the duration of the pauses, ~20000 dollars is a bit arbitrarily, but I think it's the average price a middle class family is willing to pay for its main car. Of course it's a general approximation, but I think it's still a quite generous target for EV.
Another possible outcome might not come from the traditional car manufacturers but from China or maybe India. Pollution is a huge issue there given the population density and these countries might need EV to reduce it. "Necessity is the mother of invention", local manufacturers might take a lead because of it.