January 08, 2019

Electric Vehicles: Existing fuel market characteristics defining the demand impact of EVs

Going into 2019, Electric Vehicles continue to emerge as a mainstream option for motorists in a growing number of markets.  A raft of government incentives, increasing consumer confidence, and the apparent collective acceptance by the automotive industry that the future is at least partially electric continue to drive rapid growth in the sector.  Accordingly, expectations are high for a significant shift in the make-up of the global vehicle fleet in the coming decades.  However, for most outside the EV manufacturing industry itself, the importance of vehicle fleet electrification is not in the number of new vehicles being deployed, but in their effectiveness in reducing the environmental impact of the road transport sector, mainly in terms of local air pollution and contribution to climate change.  Accordingly, while headline forecasts of Electric Vehicle deployment are important, an understanding of the extent to which these vehicles will succeed in reducing the consumption of petroleum-derived fuels – namely gasoline and diesel – is crucial for observers looking either at the outlook for oil markets, or seeking to determine the scale of future emissions. 

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