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What the future holds in store-III: Electric cars will have little impact on demand
Mar 15: The advent of the electric car is seen as big threat to the demand for oil but this is a false assumption, according to new evidence.
8The population of electric vehicles crossed the 1 million mark in 2015, and the world today has 2 million EVs around the world.
8The projection is that the world will have 150 million vehicles in 2040.
8But the point to note however is that 150 million vehicles, for instance, would reduce the oil demand by the rate of only 1.3 million barrels per day.
8And even if goes up to 700 million vehicles, as is ambitiously projected by 2040, it will probably be equivalent to 6 million barrels per day of demand decline.
8In fact, by 2040, a lot larger contribution to lowering consumption will come from the efficiency improvements, to the tune of more than 10 million barrels per day of the demand decline in oil.
8In a short term five-year projections, in the context of global demand breaching the 100 million barrels per day supply, the decline in oil coming from the electric vehicles will by a measly 0.2 million barrels per day.
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