The impact is concrete and quantified: the development of electric cars throughout the world will have many effects on the energy market. According to the analysis of the International Energy Agency, the most significant impact will obviously be on oil. According to the Paris-based IEA, the explosion in the electric car market will cut crude oil demand by five million barrels a day by 2030.
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Five million barrels less needed daily, therefore, knowing that current world production is just over one hundred million barrels per day. Not enough to upset the global geopolitics of black gold, but it remains to be seen how much this will influence the price of a barrel in the course of the decade.
Another lesson: according to the work of the IEA, more than ten million electric cars were sold last year worldwide, and sales are expected to grow another 35% this year to reach 14 million units sold. Expressed another way, this means that the market share of electric cars has increased from 4% in 2020 to 14% in 2022. This market share is expected to reach 18% this year. The international agency does not hesitate to talk about growth “explosive“.
All regions of the world concerned
By definition and quite logically, electric cars are breaking through more quickly in the new segment on the leading world markets of China, the United States and Europe. On these three dominant markets, China has taken a step ahead: nearly two out of three electric cars produced in the world are sold there. Not to mention the Chinese factories that dominate the sector of batteries and their electronic components.
Besides China, the United States and Europe, what are the other areas that are gaining momentum for the electric car? With increasingly stringent environmental regulations tightening across the globe, the International Energy Agency notes encouraging trends for “zero-emission” mobility in India and Indonesia, where the car market electricity tripled last year. Another example is Thailand, where the market has more than doubled. Countries that were not really the most virtuous until recently.