The Rise of the Electric Car: How Will it Impact Oil, Power and Metals?
This Wood Mackenzie report provides data-driven insight into the impact of global electric vehicle adoption on oil, power and metals markets.
Today, electric vehicles make up less than 1% of the 86 million new cars sold in 2016. China drives the sales, followed by Europe and the US.
In Wood Mackenzie's base case, 125 million electric vehicles are adopted by 2035, which displaces 1.8 million barrels per day of oil demand and adds 350 terrawatt hours to power demand. However, Wood Mackenzie's carbon-constrained scenario, which reflects trajectories consistent with the Paris Agreement, shows electric vehicles could reach almost 350 million units, or 20% of the total car fleet by 2035. The carbon-constrained scenario would have significant implications for gasoline demand, disrupting oil markets before the power sector.