Increasing adoption of electric vehicles threatens oil demand, which could plausibly peak before 2030, according to a new report.
In a note to its clients, Fitch Ratings said developments in 2017 show how technological changes and greater product awareness could lead to annual sales of 10 million battery-powered EVs by 2025.
Last year saw a slew of EV product announcements driven by technological advances such as the continued decline in battery costs, consumer preferences and environmental policy. Governments and manufacturers have set EV targets. OPEC has raised its forecast for the size of the EV fleet in 2040 to 250 million units from 140 million, and other forecasters have disclosed EV penetration assumptions for the first time.
