Just 4.2% of the world's cars are electric, but they cut oil use by 1.2 million barrels a day

Electric vehicles make up a sliver of the world's cars, but they're already putting a dent in global oil demand.

Transport & Environment estimated that battery-electric cars save 1.2 million barrels of oil a day despite accounting for just 4.2% of vehicles worldwide.

Here's what to know

In 2021, battery-electric cars displaced about 215,000 barrels of oil per day. That figure has since grown more than fivefold, according to a T&E analysis cited by CleanTechnica.

In 2021, battery-electric models accounted for 6.6% of new-car purchases worldwide. T&E said that share has surged to a quarter of all purchases.

No other strategy cuts oil demand, shores up energy security, and lowers pollution as effectively as electric vehicles, it said. Battery-electric cars save the equivalent of 1.2% of the oil consumed worldwide.

More background

T&E reported that battery-electric models make up about 1% of the world's trucks and a majority of new truck purchases in some countries. It put the electric share of the global bus fleet at 5%.

Daily oil consumption would be up to 320,000 barrels higher without electric buses and trucks, T&E estimated.

Nearly half the oil consumed worldwide goes to road transportation.

T&E warned that oil demand could spiral out of control as more cars and trucks hit the road unless EV adoption keeps pace.

What's being done?

At the 2021 COP26 summit in Glasgow, 24 countries and a group of major automakers agreed to stop selling gas- and diesel-powered vehicles no later than 2040, per CleanTechnica.

The analysis tracked the growth of electric transportation over the five years following that commitment.

By 2034, battery-electric cars could cut daily oil use by about 5.8 million barrels if current policies hold, T&E projected.

Global energy markets have weathered two crises since the Glasgow pledge, and T&E called for faster EV adoption to help ward off future oil shocks.

It estimated that the battery-electric fleet in use prevents over 200 million metric tons of carbon dioxide-equivalent emissions each year.

Antony Froggatt, a senior director at T&E, connected the trend to energy security as well as climate goals. "Five years after Glasgow, EVs stand as one of the clearest victories in global climate history," he said, per CleanTechnica.

Where can I learn more?

Electric vehicles are cutting oil use as they claim a growing share of new-car sales.

• Worldwide, gas-only cars now account for less than half of new vehicle sales.

• In Europe, EVs have overtaken gas and diesel vehicles while U.S. adoption lags.

• China's EV market share reached a record 65% in August as combustion-engine sales collapsed.

• The U.S. EV share fell to 6% after tax credits ended; Europe reached 23%.

• In Norway, EVs accounted for 96% of new-car sales.

Get TCD's free newsletters for easy tips, smart advice, and a chance to earn $5,000 toward home upgrades. To see more stories like this one, change your Google preferences here.