News Release

Electric vehicles expected to displace 2.7 MMbbl of oil per day by 2030

Market share growth in Europe, China and adoption of California targets in more than 20 U.S. states jumpstarts visible impacts

byEnverus

CALGARY, Alberta (March 7, 2023) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the leading global energy data analytics and SaaS technology company, has released an updated electric vehicle (EV) outlook outlining the energy impacts from EV adoption, including light-duty vehicle fuel demand and regional gasoline displacement.

“EV market share growth in Europe and China is significantly outperforming expectations,” said Carson Kearl, an associate at EIR. “U.S. adoption will be strongly supported as over 20 states have committed to California’s adoption targets.”

Key takeaways from the report:

  • EIR sees the global share of EVs as a proportion of total new car and light truck sales hitting 65% by 2030 and 85% by 2035. Combining EV sales already representing over 10% of new vehicle purchases worldwide with improving fuel efficiency standards, peak gasoline demand is on the horizon, according to EIR projections.
  • This adoption forecast implies the displacement of 2.7 MMbbl/d of liquid fuels in 2030 and 5.2 MMbbl/d in 2035, presenting a major driver of EIR’s peak oil demand thesis, which sees global oil demand cresting sometime in the latter half of this decade. EIR sees EVs displacing 0.75 and 1.5 MMbbl/d of liquid fuels in the U.S. and China by 2030, respectively.
  • Affordability in terms of cost breakevens for EVs has improved markedly since EIR’s last forecast; EV models are available in every class of car and light truck that break even within three years of purchase.

Members of the media should contact Jon Haubert to schedule an interview with one of Enverus’ expert analysts.

About Enverus
Enverus is the leading energy SaaS company delivering highly-technical insights and predictive/prescriptive analytics that empower customers to make decisions that increase profit. Enverus’ innovative technologies drive production and investment strategies, enable best practices for energy and commodity trading and risk management, and reduce costs through automated processes across critical business functions. Enverus is a strategic partner to more than 6,000 customers in 50 countries. Learn more at Enverus.com.

About Enverus Intelligence Research
Enverus Intelligence Research, Inc. is a subsidiary of Enverus and publishes energy-sector research that focuses on the oil and natural gas industries and broader energy topics including publicly traded and privately held oil, gas, midstream and other energy industry companies, basin studies (including characteristics, activity, infrastructure, etc.), commodity pricing forecasts, global macroeconomics and geopolitical matters. Enverus Intelligence Research, Inc. is registered with the U.S. Securities and Exchange Commission as a foreign investment adviser.

Media Contact: Jon Haubert | 303.396.5996

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