Latest News

BP forecasts 100 million electric vehicles on the road by 2035

Thursday 26 January 2017, By Autovolo

BP forecasts 100 million electric vehicles on the road by 2035

BP forecasts 100 million electric vehicles on the road by 2035

Close to 100 million electric vehicles will be on the road in 20 years’ time, according to forecasts in BP’s 2017 Energy Outlook.

The report, which takes a look at the company’s future predictions, claims the number of electric vehicles (EVs) will increase by 80 times by the year 2035.

However, BP also believes that the global car fleet will double its size in the same time frame, meaning EVs will have a five per cent market share.

Because of this, the petrochemical company is confident that oil will continue to be a vital aspect of the transport industry. It predicts oil demand for cars will increase by approximately four million barrels per day, although the growth in demand for oil will slow.

BP believes non-combusted oil use, such as in the production of plastics and fabrics, will surpass transport as the main source of growth in demand by the early 2050s.

Spencer Dale, the company’s chief economist, said: “The impact of electric cars, together with other aspects of the mobility revolution, such as self-driving cars, car sharing and ride pooling, is one of the key uncertainties surrounding the long-term outlook for oil.

“The possibility that the most important source of growth in oil demand in the 2030s won’t be to power cars or trucks or planes, but rather used as an input into other products, such as plastics and fabrics, is quite a change from the past.”