Electric Vehicles Displaced 1.5 Million Barrels of Oil per Day in 2021
A new report from research firm BloombergNEF shows the world’s rapid adoption of electric vehicles (EVs) is having a noteworthy impact on oil demand.
The report estimates EVs displaced roughly 1.5 million barrels of oil per day last year, a little over 3% of global demand (43.7 million barrels per day).
The amount displaced has more than doubled over the last six years, up from around 725,000 barrels per day in 2015.
The 1.5 million barrels amounts to roughly one-fifth of Russia’s pre-war exports, according to the report.
Two- and three-wheeled vehicles represented 67% of the total oil displaced per day, largely due to increased adoption in Asia, followed by buses at 16% and passenger vehicles at 13%.
Global passenger EV sales rose 103% in 2021, reaching nearly 6.6 million units.
EVs represented 13% of all passenger vehicle sales in Q4 2021.
Pure battery-electric vehicles dominated the category, representing nearly 70% of global EV sales last year, followed by plug-in hybrids at 30% and fuel-cell (hydrogen) vehicles at less than 1%.
E.U. sales represented 28% of global EV sales, outpacing the U.S. (10%) by a wide margin.
EV sales grew the fastest in India, surging 209% in 2021 compared to 2020.