Over the past decade, we’ve seen the number of electric vehicles on the road grow exponentially, along with an expanding choice of makes and models. We see this growth continuing; there could be more than 300 million electric cars on the road by 2040. And, in a world with more car sharing and autonomous vehicles, this could mean that about 30% of passenger car kilometres could be powered by electricity.
Some forecasts are higher, some are lower than ours. But, whatever the pace, we estimate that for every 100 million electric cars, oil demand could go down by around one million barrels of oil a day.
As part of the mobility revolution, BP is exploring how our network of 18,300 retail sites around the world can serve our customers’ changing needs by offering a range of products and services, including fast, convenient charging. We’ve invested in FreeWire – which produces an electric charging station on wheels – with plans to roll them out at some of our retail sites in Europe.
Over 85% of cars on the road in 2040 are likely to still be using an internal combustion engine. So gains in fuel and vehicle efficiency are tremendously important in reducing greenhouse gas emissions. That’s why BP is always looking for ways to improve its products – making them more efficient, producing biofuels and offering ways to offset their emissions.