Australia and New Zealand have been ranked among the two fastest growing electric vehicle markets in the world since the start of the Iran war in late February triggered a fossil fuel supply crisis that is still being felt across the globe.
The European energy and climate think tank Ember this week published a new analysis that shows that in the six months since the Hormuz energy crisis erupted, electric car fleets in oil-importing countries are estimated to have displaced 200 million barrels of crude oil, with a value of $US20 billion ($A29 billion).
Fully electric cars (BEVs) are responsible for the largest share of this figure ($16.5 billion), with the rest coming from plug in hybrids. The savings from PHEVs could have been more but there is real-world evidence that drivers end up relying on their internal combustion engines more than manufacturers initially claim.
The biggest savings from oil imports were in China, accounted for $US14 billion of this total, followed by the EU with $US3.1 billion, with the biggest savings in the market coming from Germany and France, at around $US760 million and $US560 million respectively.
As a percentage of oil displacement compared to each country’s oil consumption, Denmark emerges as a clear frontrunner electric cars displaying 13% of the country’s oil consumption in 2025. Savings in Australia from electric cars are put at $US220 million.
“The impact of the Hormuz energy crisis on the cost of fuel has resulted in a clear uptick in demand for BEVs from consumers, driving up sales share,” Ember notes.
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