In 2021, the use of electric vehicles cut demand by about 1,5 million barrels of oil per day. This number is expected to increase as more people buy and drive electric cars.
These real consequences of the adoption of electric vehicles help disprove the idea that electric vehicles are still a kind of "niche technology" for the climate. The amount of oil barrels replaced by electric vehicles it nearly doubled in just 6 years.
What pulls the most: the top 3 of oil "cutters"
According to the study, which I believe will be of particular interest to you, electric two- and three-wheeled vehicles accounted for more than two-thirds of the reduction in demand for oil barrels in 2021. It is reasonable to assume that most of these cars are attributable to the category of light electric vehicles.
Electric buses, which replaced 16% of total oil, followed by electric vehicles in the rankings, and “classic” passenger cars, the fastest growing segment, which moved 13%.
Barrels in the precipice
As the adoption of electric vehicles increases, the demand for oil barrels will continue to decline. In spite of everything and everyone, even the winds of war, unless of course they turn into a full-scale world conflict.
In summary, it is a chain reaction which has now started, and by the dynamics that will make it completely unstoppable in a short time. Of course, then the problems will be of another nature (energy supply and network management in the first place), but the road appears to be marked.
You can download and read Thu the full report, produced by BloombergNEF.