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- Although two and three wheelers account for the smallest portion of oil consumption in the transportation sector, rapid electrification in this segment has reduced the global oil demand in 2023 by 1 million barrels a day and the trend is expected to continue.
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May 15, 2023 · The rapid growth of electric vehicles (EVs) will potentially disrupt the traditional oil market. The data presented indicates a significant decline in oil demand as more countries and consumers embrace EVs.
Dec 6, 2023 · Growing sales of electric vehicles in recent years have led forecasters to speed their projections for when global oil use will peak, as public subsidies and improved technology help...
In 2023, world’s daily oil consumption reached 101.7 mb/d,6 with more than 60% of it used by the transportation sector. Within road transportation, in 2022 passenger cars consumed 24.3 mb/d, followed by commercial trucks (16.2 mb/d), whereas two- and three-wheelers consumed 2 mb/d.
Although two and three wheelers account for the smallest portion of oil consumption in the transportation sector, rapid electrification in this segment has reduced the global oil demand in 2023 by 1 million barrels a day and the trend is expected to continue.
- Holger Frey
In total, more than 20 OEMs, together representing over 90% of car sales in 2023, have set some sort of target for future EV deployment. The global electric car sales envisaged in announcements by manufacturers have increased by several percentage points based on developments over the past year.
Sep 16, 2023 · As internal combustion cars account for around a quarter of global oil demand and broader road transport accounts for nearly half, the exponential growth of EVs puts all of that oil...
May 17, 2023 · The market is expected to continue its strong growth throughout 2023 and beyond, eventually coming to save a predicted 886,700 barrels of oil per day in 2025. There may be more and more electric...
