Tokyo — Electric vehicles will displace 2.5 million b/d of oil demand by 2030 onthe back of increasing sales of EVs in all major car markets amid support fromgovernment policy initiatives, a senior energy and transport analyst at theInternational Energy Agency said Wednesday. Receive daily email alerts, subscriber notes & personalize your experience. "In the report, we refer to 2.5 million b/d in the case of 2030," saidPierpaolo Cazzola at an event organized by The Institute of Energy Economics,Japan, in Tokyo, where the IEA launched the Global EV Outlook 2018. In 2017, EVs displaced 0.4 million b/d of diesel and gasoil demand, amajority of which was attributed to two-and-three wheelers (73%), followed bybuses (15%) and LDVs (12%), the IEA said in the Global EV Outlook 2018. In the IEA's World Energy Outlook released in November -- its centrallong-term outlook scenario -- it had forecast that 280 million EVs will be onthe roads in 2040, reducing oil demand by 2.5 million b/d. The IEA's latest projection on EVs' displacement of oil demand is anupdate of its view published in the WEO released in November, after factoringin policy developments over the course of 2017. --Takeo Kumagai, takeo.kumagai@spglobal.com --Edited by Geetha Narayanasamy, newsdesk@spglobal.com
A rise in sales of electric vehicles ( EVs ) along with government initiatives , will displace 2.5 million barrels per day ( m³ ) of oil reserves by 2030 , according to the International Energy Agency 's ( IEA ) Global EV Outlook 2018 report . rising EV emissions led to the loss of 0.4 million bpd of diesel and gasoil sales in 2017 . Almost three quarters , 73 % , of the EVs were two - and - four wheelers , 15 % were buses and 12 % were light duty vehicles .