EVs are Displacing Substantial Volumes of Oil Demand

A new report released by the research firm BloombergNEF reveals that electric vehicles (EVs) have displaced roughly 1.5 million barrels per day of oil in 2021. As the sale of EV is rising, this amount is going to increase further in coming years.

According to the report:

  • The displaced demand is roughly equivalent to one-fifth of Russia’s total oil and oil products exports prior to the war, and roughly double Germany’s imports of Russian oil and products at the end of 2021.
  • Avoided oil consumption has more than doubled in the past six years, up from ~725,000 barrels of oil per day in 2015.
  • Two-and three-wheeled EVs accounted for 67% of the oil demand avoided in 2021. This is due to their rapid adoption particularly in Asia.
  • Buses, with 16% of total oil demand avoided, were next, followed by passenger vehicles, the fastest growing segment, accounting for 13%.
  • Commercial vehicles accounted for just 4% of total oil demand avoided in 2021, largely from light commercial EVs.

These figures looks very promising and give assurance of permanent removal of oil dependency in future.

For the full report please visit: https://assets.bbhub.io/professional/sites/24/BloombergNEF-Zero-Emission-Vehicles-Progress-Dashboard-May-2022.pdf

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