Battery-electric vehicles (BEVs) are now displacing approximately 1.2 million barrels of oil per day worldwide, equivalent to around 1.2% of global oil consumption, according to a new analysis by European clean transport organisation Transport and Environment (T&E).
The figure represents more than a fivefold increase from the 215,000 barrels per day displaced in 2021. T&E published the analysis ahead of COP31, the United Nations Climate Change Conference taking place in Antalya, Türkiye.
The findings highlight the growing role of vehicle electrification in reducing oil demand, improving energy security and cutting transport emissions, despite fluctuating climate commitments and two major energy crises over the past five years.
EVs Account for a Quarter of Global New-Car Sales
T&E’s analysis shows that BEVs currently represent approximately 4.2% of the global vehicle fleet but account for 25% of new car sales worldwide. Five years ago, their share of new-car sales stood at just 6.6%.
The organisation estimates that existing policies could increase daily oil displacement from BEVs to approximately 5.8 million barrels by 2034.
Antony Froggatt, senior director at T&E, said the benefits of electrification extend beyond environmental objectives.
“Right now the only winners in our oil addiction are fossil-fuel giants and petrostates,” said Antony Froggatt, senior director at T&E.
He pointed to markets with very high electric vehicle adoption, including Norway, Denmark and Hong Kong, as examples of regions better positioned to withstand future energy supply disruptions.
“Places with near 100 per cent sales of EVs like Norway, Denmark and Hong Kong have effectively insulated themselves from future shocks. Five years after Glasgow, EVs stand as one of the clearest victories in global climate history.
“At this year’s COP, world leaders must set binding electrification targets. Not just for the climate, but for national security.”
Electric Buses and Trucks Add to Oil Savings
The impact of electrification is extending beyond passenger vehicles. According to T&E, electric buses now account for approximately 5% of the global bus fleet, while battery-electric trucks represent around 1% of the worldwide truck fleet.
Despite their relatively small share of the total fleet, electric trucks are already gaining significant market penetration in some countries, where they account for more than half of new sales.
Together, electric buses and trucks are estimated to displace as much as 320,000 barrels of oil per day.
These developments demonstrate the potential for commercial vehicle electrification to contribute further to reductions in petroleum demand, particularly as battery technology and charging infrastructure continue to develop.
COP31 Puts Transport Electrification in Focus
The latest findings come five years after COP26 in Glasgow, where 24 countries and a group of major automakers committed to ending sales of fossil-fuel-powered vehicles by 2040 or earlier.
Since then, EV adoption has accelerated, although the pace of commitments and implementation has varied across markets and manufacturers.
T&E argues that electrification should play a central role in discussions at COP31, particularly because road transport accounts for close to half of global oil consumption.
The organisation is calling on governments to establish binding electrification targets, positioning the transition to electric vehicles as both a climate policy priority and a measure to reduce dependence on imported fossil fuels.
With BEVs already displacing more than one million barrels of oil daily, the analysis suggests that further adoption could significantly reshape global oil demand over the coming decade.