In recent years, electric vehicles have increased their share in the global vehicle industry, and this trend is having a significant impact on oil demand. Today, it is estimated that 102 million barrels of oil are consumed daily worldwide. Of this huge amount, 45 million barrels are consumed by motor vehicles. However, electric vehicles are becoming a factor in shifting this balance. According to research, electric vehicles currently reduce oil demand by an average of 2 million barrels per day
This demand reduction potential of electric vehicles offers important clues about how oil demand will be shaped in the future. According to forecasts by Bloomberg New Energy Finance (BNEF), the peak in vehicle demand will occur in 2027. From this date onwards, the demand for vehicle fuel will gradually decrease with the spread and adoption of electric vehicles. By 2040, vehicle fuel demand is projected to fall to 35 million barrels.
This change affects not only the vehicle industry but also the energy sector. As electric vehicles become more widespread, new regulations may be required for energy production and distribution. However, by providing an environmentally friendly and sustainable alternative, electric vehicles can also help to reduce major environmental issues such as air pollution and greenhouse gas emissions.
The rising popularity of electric vehicles is also creating new opportunities and challenges for automakers, energy companies and governments. Traditional automakers must invest in new technologies to compete in the EV market, while energy companies must build infrastructure to make energy generation and distribution suitable for EVs. Governments can contribute to a sustainable vehicle future by supporting the adoption of electric vehicles through incentives and regulations.
In conclusion, electric vehicles are impacting global oil demand and accelerating the transformation of the vehicle industry and the energy sector. This transformation can play a critical role in achieving important goals such as environmental sustainability and energy independence.
PhD Candidate at Marmara University's Department of Political Science and International Relations in Istanbul, Turkey