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EVs Displace 5 Times More Oil Globally Than They Did 5 Years Ago — Analysis

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EVs Displace 5 Times More Oil Globally Than They Did 5 Years Ago — Analysis

Five years on from Glasgow, EVs have proved the single most effective way to curb oil use, says T&E.

At COP26 in Glasgow, twenty-four countries and a group of leading car manufacturers committed to ending the era of fossil-fuel powered vehicles by 2040 “or earlier”. Five years and two energy crises later, oil savings from EVs globally are up fivefold, new T&E analysis shows. EVs are the single most effective way of cutting oil demand, improving energy security and reducing emissions, says T&E.

While battery electric vehicles (BEVs) represent just 4.2% of the global fleet, they now account for 25% of all new car sales worldwide – up from 6.6% five years ago. This surge has pushed oil displacement from 215,000 barrels a day in 2021 to 1.2 million barrels a day today, or roughly 1.2% of global consumption.

At the same time, electric buses now make up 5% of the global fleet, battery electric trucks are at 1% but in some countries exceed 50% of new sales. T&E estimates these vehicles avoid as much as 320,000 barrels a day. As road transport burns close to half of all the world’s oil, transitioning to EVs is crucial in reducing oil dependency. As the global car and truck fleet continues to grow, EVs are the only thing stopping runaway oil demand, warns T&E.

8 million barrels of oil a day by 2034 — matching the sustained disruption seen during the 2026 crisis. Accelerating EV adoption will be crucial to preventing future oil shocks, according to T&E.


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