Nearly two decades after the Tesla Roadster brought battery electric vehicles (BEVs) into the mainstream, BEVs are increasingly eating into the gasoline and diesel market. Electric vehicles now account for around 4.20% of the global car fleet, which is an admittedly small number that doesn’t truly show the impact EVs are having on fossil fuel sales.
Data from T&E shows that electric vehicles now displace 5 times more gas than they did in 2021, displacing a whopping 1.2 million barrels of oil daily compared to 215,000 barrels per day in 2021. In addition to displacing 1.20% of worldwide oil use, electric cars are also cutting carbon dioxide emissions by over 200 million metric tons of CO₂-equivalent emissions annually.
In 2021, two dozen countries and several top carmakers met at COP26 held in Glasgow and committed to bringing the age of gas-powered cars to an end by the year 2040. Just five years later, the global EV industry has prevented the consumption of millions of barrels of oil. According to analysis by T&E, electric cars have proven to be one of the most effective means of cutting demand for oil, limiting greenhouse gas emissions, and boosting energy security.
EVs now make up 25 percent of all new car sales across all global markets, up from 6.60 percent in 2021. Electric bus adoption has also risen over the past 5 years to 5 percent of the world’s bus fleet, while battery-powered trucks now represent around 1% of the worldwide truck fleet. In select countries, electric trucks represent more than 50 percent of new truck registrations.
T&E estimates that electric truck and bus adoption has displaced around 320,000 barrels of oil each day. Given their extensive gas consumption, fully electrifying the world’s bus and truck fleets could substantially reduce fossil fuel use. As a whole, vehicular transportation consumes nearly 50% of the world’s oil supply and accounts for around 30% of total emissions, making electrification absolutely critical to reducing fossil fuel use and limiting environmental pollution.
According to T&E, current sustainability legislation puts BEVs on course to displace around 5.80 million barrels of oil per day by the year 2034. T&E senior director Antony Froggatt says that, in addition to their effectiveness in reducing oil demand, electric cars can also insulate countries where EVs account for nearly 100% of new car sales, like Denmark and Norway, from energy shocks caused by international energy crises.
As legacy automakers like Ferrari N.V. (NYSE: RACE) also venture into making electric versions of their iconic models, the future looks bright for the transition to electric mobility.
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