![]() ![]() ![]() More EVs will dramatically depress oil demand-right? Actually, no having more electric and hybrid vehicles on the road is expected to reduce oil demand only modestly over the next 10 to 15 years. And in some cases, the common wisdom is almost entirely wrong. Yet our research reveals that several common assumptions about EVs and the Earth’s resources are misplaced. “Consumer appetite for electric vehicles rivals pickups,” NewsRoom, April 18, 2017, aaa.com. A study by AAA that same year also found environmental concerns to be EV purchasers’ leading consideration-at a staggering 87 percent rate. 2017 hybrid & electric cars survey results, CarMax Business Services, July 18, 2017,. Wanting to help the environment was the number-one given reason (by a substantial margin) that American buyers chose an EV in a 2017 CarMax survey. Indeed, ecological concerns figure strongly in most consumers’ decisions to purchase an EV. Increased EV adoption will affect more and different natural resources, as well as multiple industries, different geographies, and levels of carbon emissions. Aspiring drivers weigh automotive revolution,, March–April 2017,. Recent surveys suggest that 30 percent of car-buying individuals and nearly 50 percent of millennials will consider purchasing an EV for their next car instead of one powered by a traditional internal-combustion engine (ICE). Already, demography is proving to be destiny. ![]() These rates could rise even faster under aggressive scenarios. While EVs accounted for only about 1 percent of global annual vehicle sales in 2016 and just 0.2 percent of vehicles on the road, McKinsey estimates that by 2030 EVs (including battery electric vehicles and plug-in hybrids) could rise to almost 20 percent of annual global sales (and almost 35 percent of sales in Europe). Demand for electric vehicles (EVs) is primed for the passing lane. ![]()
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