Ever? Absolutely. It's really hard to guess when though. Europe moving to the forefront is more difficult than when the North American market moved ahead of Japan due to the language and economic issues.
As it is now a lot of games get released in Europe in English, French, Spanish, and German; but there are a lot of other languages in Europe. It's very difficult for game companies to justify localizing every game into, say, Slovakian (nothing against Slovakia). However, many of these smaller European countries are developing rapidly and have large numbers of multi-lingual speakers that can enjoy games in languages other than their native one. As this trend spreads, the language barrier will become less of an issue, but it's very hard to guess when/where the tipping point will be.
The same goes for economic issues as well. There are countries in Europe where games are absurdly expensive when compared to the average wage. However, in no small part thanks to the Euro, this gap is also closing.
In the the end, I agree that there's a good chance Europe could become the largest market by the end of the next generation. It's the most complicated market by far though, and many of the factors are far out of the hands of video game companies or even gamers in the region.
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