BEVs displace 1.2 million barrels of oil daily, five times 2021 level

Transport & Environment (T&E) reports that battery electric vehicles now displace 1.2 million barrels of oil daily. This figure represents a substantial increase from the 215,000 barrels displaced in 2021.

T&E notes that BEVs currently account for 25% of new global car sales. This share has risen from 6.6% five years ago.

According to the report, electric vehicles make up 4.2% of the global car fleet.

Fleet Penetration and Heavy Duty

• Transport & Environment (T&E) states that electric buses account for 5% of the global fleet.
• T&E notes that battery electric trucks make up 1% of the worldwide fleet.
• T&E finds that these heavy-duty electric vehicles collectively displace 320,000 barrels of oil daily.

Antony Froggatt, senior director at T&E, remarked, "Five years after Glasgow, EVs stand as one of the clearest victories in global climate history." The organization cites the US EIA, IRENA, Ember, and the IEA for its figures on global generation and capacity.

Emissions and Oil Context

Transport & Environment (T&E) estimates that battery electric vehicles prevent more than 200 million tonnes of CO2-equivalent emissions each year. This savings is significant given that road transport accounts for almost 50% of worldwide oil consumption. Antony Froggatt, a senior director at T&E, notes, "Electric vehicles are the single most effective way of cutting oil demand."

The organization’s analysis specifically tracks battery electric cars, excluding plug-in hybrids, vans, and two- or three-wheelers from these figures.

Projections and Per-Vehicle Impact

Transport & Environment (T&E) projects that battery electric vehicles will displace 5.8 million barrels of oil daily by 2034. The organization estimates a 2026 supply loss of the same magnitude, 5.8 million barrels per day.

Data from Ember, the IEA, and T&E show that passenger cars contribute the least to daily savings per unit, while heavy-duty vehicles deliver substantially higher displacement.

Vehicle Type	Daily Oil Savings	Source
Car	0.019 barrels	Ember
Truck	0.2 barrels	IEA
Bus	0.15 barrels	T&E

Global sales figures for these vehicles are sourced from Ember.

Methodology and Grid Integration

To quantify displaced petroleum, T&E applies daily per-vehicle savings of 0.019 barrels for cars, 0.2 for trucks, and 0.15 for buses. The study utilizes IEA fleet projections for 2030 and 2035 to identify the offset year for the BEV car fleet. T&E asserts that electric vehicles offer crucial grid flexibility and storage, serving as a key element in the broader energy transition. The organization observes that much like previous COPs spurred the global expansion of wind and solar, support for electric vehicles at COP31 could trigger a similar leap. T&E cautions that with the global car and truck fleet expanding, EVs represent the sole barrier against uncontrolled oil demand.

What to watch

Twenty-four countries and car manufacturers committed at COP26 to end fossil-fuel vehicle sales by 2040. However, no timeline has been established for world leaders to set binding electrification targets.