Per Bloomberg

One of the main attributes of electric cars is that, as the name suggests, they are powered by electricity and not regular fuels. Now, BloombergNEF analysts believe there could be a demand reversal for transportation fuels by 2027.

It was noted that despite how EVs could see a demand reversal for transportation fuels, other areas like plastics, petrochemicals, manufacturing, and agriculture would still see a continued rise in oil demand. The notable expectation is taht in 2029, the shift to EVs was reportedly expected to outweigh "all else and bring total demand to its apex."

However, it was also noted that oil analysts have time and time again been proven wrong after years spent trying to grasp the impact of EV transitioning. It was also noted that the largest oil demand since cheap and affordable cars were released has always been road transportation.

The analysts wrote the following.

“New policies are likely to expedite ‘peak oil demand’ and push the outlook for consumption lower... As the biggest consumer of oil, and one with several options to decarbonize, the future for road fuel demand is likely to decline even further than our Economic Transition Scenario suggests.”

In 2022, it was noted that China was able to sell five times more electric vehicles compared to the US. This came from data released by the China Passenger Car Association regarding 2022 sales data which showed how their EV sales did against the US.

China reportedly sold 5.67 million EV and plug-in hybrid vehicles throughout the year. The country reportedly sold 4 million pure EVs during that period.

China is reportedly considered the largest EV market in the world.

Toward the end of April, it was noted that nearly half of Americans said that it's unlikely that they'll buy an electric vehicle as their next car. Only 19% of them said that they were"very" or "extremely" likely to buy an EV as their next car.

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