News Release

Widespread electric vehicle adoption may be ‘just around the corner’

EIR points to surging EV and lithium demand, substantial reduction in gasoline consumption by 2030

byEnverus

CALGARY, Alberta (Nov. 1, 2023) — Enverus Intelligence Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS platform, has released a new report with an updated view on electric vehicle (EV) adoption across its coverage regions (U.S., OECD Europe, OECD Asia, India and China). In the report, EIR explores the impacts of EV adoption, lithium demand and the potential for battery recycling to expand as an industry.

“Increasing EV adoption, driven by cheaper Chinese EVs penetrating global markets and compliance with California’s Zero-Emission Vehicle (ZEV) policy, is just around the corner and led EIR to revise its outlook. This boost in confidence is primarily due to surpassing expectations in China and Europe and a decrease in long-term fleet size assumptions, said Carson Kearl, senior associate at EIR.

“EIR predicts a substantial 3.5 MMbbl/d reduction in gasoline and diesel consumption by 2030 in its covered regions and we are optimistic about North American lithium suppliers, particularly those with prime acreage positions, and battery recycling companies poised to benefit from the surge in EV sales and the resulting influx of used batteries.”

Key takeaways:

  • EIR expects the EV share of new sales across its covered regions to reach 68% by 2030, up from 59% previously. For this to come to fruition, cheaper Chinese Evs must penetrate broader Asian, European and Australian markets. Additionally, states that have signed on to California’s Zero-Emission Vehicle (ZEV) policy must meet their pledged targets for EV sales.
  • This upgrade in EIR’s outlook is largely driven by an outperformance of Chinese and European adoption expectations from last year’s view, in addition to some downward revisions in long-term fleet size assumptions.
  • EIR expects gasoline and diesel consumption in its covered regions to decrease by ~3.5 MMbbl/d by 2030 from the 2019 peak of 19.5 MMbbl/d.
  • EIR is positive on North American lithium suppliers, specifically direct lithium extraction players that have positively differentiated acreage positions compared to their peers. Additionally, battery recycling companies stand to benefit from the uptick in EV sales driving demand for recyclable materials from the avalanche of used batteries expected to follow.

You must be an Enverus Intelligence® subscriber to access this report.

Members of the media should contact Jon Haubert to request a copy of the full report or to schedule an interview with one of Enverus’ expert analysts.

View all Enverus news releases at Enverus.com/newsroom.

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About Enverus Intelligence Research
Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. Enverus is the most trusted, energy-dedicated SaaS platform, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 98% of U.S. energy producers, and more than 35,000 suppliers. Learn more at Enverus.com.

Media Contact: Jon Haubert | 303.396.5996

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