We’ve long suggested that electric vehicles will upend the oil industry. Some estimates suggest that 10% of oil demand may be lost as consumers switch to electric vehicles. This would have a significant impact on the oil industry
There are second-order effects. Many petrol retailers (e.g. garages) run on tiny margins, supported only by the chocolate and drinks bought by passing drivers. As consumer’s switch away from petrol and diesel their need to stop at a local gas station diminishes and with the the sustainability of these small firms. As the local petrol forecourt closes down, owning an ICE vehicle because more inconvenient (as you have to traveller further to fuel it), in turn making owning electric more attractive. And this before we consider the impact of shared-ownership modalities.
Last year saw a 42% rise in sales of Battery EVs (like the Tesla and the Leaf) and PH EVs with nearly 775k shipped worldwide, representing about 1% of all car sales. Good data here.