According to reports, Barclays Bank analysts predict that due to the rising popularity of electric vehicles and improved fuel efficiency, global oil consumption is expected to undergo a significant shift by 2025. This reduction in daily oil use could be equivalent to the output of Iran, the third-largest oil producer within OPEC.
Electric vehicles are playing a major role in this transformation. Analysts from Barclays suggest that by 2025, the widespread adoption of EVs and more efficient vehicles could cut auto fuel consumption by 3.5 million barrels per day. That’s roughly the same as Iran’s daily production, which stands at around 3.8 million barrels.
Looking further ahead, if electric vehicles make up one-third of the global car market by 2040, it could reduce oil demand by as much as 9 million barrels per day—nearly 90% of Saudi Arabia’s daily output. OPEC estimates that global oil demand will average about 96.8 million barrels per day this year.
Moreover, several major automotive markets have started proposing bans or restrictions on traditional fuel-powered vehicles. Countries like France, Germany, and the UK have already made statements supporting such moves, while China and India are also exploring similar policies. California is considering implementing a similar restriction as well.
However, the transition to electric vehicles is not without challenges. Consumer concerns about battery life, vehicle cost, and charging infrastructure remain. Additionally, the automotive industry must accelerate its efforts to scale up EV production and complete the necessary infrastructure changes. Although the range of electric vehicles is expected to improve significantly in the coming years, their market share still remains relatively small.
According to the International Energy Agency, global auto sales increased by 40% last year, driven by better-performing and more advanced electric vehicles. However, there are only about 2 million electric vehicles on the road today, making up less than 0.2% of the global light vehicle market. Meanwhile, falling oil prices continue to encourage consumers to purchase larger vehicles like SUVs.
The IEA also reported that fuel efficiency improvements slowed down last year, marking the lowest growth since 2009. Some energy experts believe this is due to the slow implementation of new fuel efficiency regulations. The data shows that in markets with lower fuel efficiency standards, light vehicle sales grew faster between 2010 and 2015. The IEA warned that current fuel efficiency standards for new vehicles are not progressing fast enough to meet long-term goals.
In addition, the Barclays report noted that the rise of electric vehicles has not led to a surge in natural gas demand in Europe. In fact, natural gas consumption peaked in 2010 and then declined. It only saw a slight recovery when it became more competitive than coal. Last year, electric vehicles accounted for approximately 1.5% of new car registrations in Europe.
Push In Connector
With Push-in connection technology, you can connect conductors easily – both directly and without tools, insert forces reduced by 50%. it is suitable for various applications. Insert rigid conductors or conductors with ferrules from 0.25mm² into the conductor shaft.The contact spring opens automatically and provides the required pressure force against the current bar.
When installing smaller conductors from 0.14mm², use a standard screwdriver to push the orange button and actuate the contact spring.
Push-in Connection have test and passed various certificates. For example, Vibration resistance in accordance with railway standard DINEN50155,shock and corrosion resistance in accordance with current shipbuilding registers.
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