The market for electric cars is growing phenomenally, significantly impacting global oil demand. According to the International Energy Agency (IEA), this demand should decrease by 5 million barrels per day by 2030. This revolution is taking place mainly in China, the United States and Europe.
The impressive rise of electric cars around the world
The electric car market is in the midst of “explosive growth” with more than 10 million vehicles sold by 2022 worldwide. According to the IEA, this growth is expected to continue at a rate of 35% this year, reaching 14 million units. As a result, the market share of electric cars has jumped from 4% in 2020 to 14% in 2022 and is expected to climb further to 18% in 2023.
Towards a reduction in global oil demand
This massive electrification of the car fleet has major consequences for the energy sector. Indeed, oil demand is expected to decrease by 5 million barrels per day by 2030. As a reminder, the total oil demand forecast for 2023 is 101.9 million barrels per day.
The giants of the electric car market: China, the United States and Europe
The IEA points out that electric car sales are growing rapidly in the world's largest markets in terms of new vehicle volume, namely China, the United States and Europe. China is in pole position, with nearly two out of every three electric cars sold worldwide and a dominant position in the battery and component manufacturing sector.
The impact of environmental regulations and zero emission targets
With increasingly stringent environmental regulations and the European Union planning to ban the sale of thermal cars by 2035, the IEA estimates that the market share of electric cars will reach 60% in these three geographic areas by 2030. This transformation also extends to other countries where direct “zero-emission” personal mobility is on the rise, such as India, Indonesia and Thailand.
Dear Reader, This electric revolution is shaping up to be a “historic transformation of global car manufacturing,” according to Fatih Birol, the director of the IEA. It's time to prepare for a greener, more sustainable future, where electric cars will play a central role in reducing our dependence on oil and help fight climate change. Together we can shape a future where mobility is environmentally responsible and technologically innovative.
