We all assume that the electrification of transportation is leading to a decrease in oil consumption, but understanding the level of impact it’s having is murky. BloombergNEF recently provided some valuable insights, and all we can say is WOW.
According to BloombergNEF’s data, here’s the estimated daily oil savings by different types of EVs compared to their combustion engine counterparts:
Electric Passenger Vehicles: In 2015, EVs saved approximately 8,600 barrels of oil per day. By 2025, it is projected that the savings will reach 886,700barrels per day (BloombergNEF).
Electric Commercial Vehicles: No barrels of oil were saved in 2015. However, by 2025, it is expected that electric commercial vehicles will save around 145,000 barrels of oil per day (BloombergNEF).
Electric Buses: In 2015, electric buses saved approximately 43,100 barrels of oil per day. By 2025, the projected savings will increase to 333,800 barrels per day (BloombergNEF).
Electric Two & Three-Wheelers: Two and three-wheeled EVs, such as mopeds and scooters, accounted for significant oil savings. In 2015, they saved almost 674,300 barrels of oil per day. This number is projected to reach 1,100,000 barrels per day by 2025 (BloombergNEF).
Total Oil Barrels Per Day: In 2015, the collective oil savings from EVs amounted to 726,000 barrels per day. By 2025, it is estimated that EVs will save approximately 2,465,500 barrels of oil per day (BloombergNEF).
If infographics are your thing, here’s BloombergNEF’s easy visual reference.
Suffice it to say, the data these folks have shared is kind of mind blowing…and motivating us more than ever. If you feel similarly, spread the news and shout these stats out on social!
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