Source: Axios

Approximately 1.5 million barrels of oil were displaced each day in 2021 due to Electric Vehicle usage. This quantity is slated to grow as EV uptake and usage continue to rise.

These new, tangible effects of EV uptake are helping to challenge the opinion that such vehicles are a niche climate technology. Over the past 6 years, the amount of oil displaced by EVs has doubled. Download the full report by BloombergNEF, here.

A key fact from the report that will be especially interesting to LEVA-EU readers states, “Two- and three-wheeled EVs accounted for 67% of the oil demand avoided in 2021,” attributed to rapid adoption in Asia. It can be assumed that the majority of these vehicles would be classified as Light Electric Vehicles.

Two- and three-wheeled EVs were followed by buses, which displaced 16% of total oil, and passenger vehicles, the fastest-growing segment, which displaced 13%.