Demand for oil: Why does it keep going up?
Posted: Wed Oct 16, 2019 9:26 am
A more silent structural change may put this conclusion (that EV's will lower oil demand) into question: consumers are buying ever larger and less fuel-efficient cars, known as Sport Utility Vehicles (SUVs).
This dramatic shift towards bigger and heavier cars has led to a doubling of the share of SUVs over the last decade. As a result, there are now over 200 million SUVs around the world, up from about 35 million in 2010, accounting for 60% of the increase in the global car fleet since 2010. Around 40% of annual car sales today are SUVs, compared with less than 20% a decade ago.
Read more: https://www.iea.org/newsroom/news/2019/ ... -mark.html
This dramatic shift towards bigger and heavier cars has led to a doubling of the share of SUVs over the last decade. As a result, there are now over 200 million SUVs around the world, up from about 35 million in 2010, accounting for 60% of the increase in the global car fleet since 2010. Around 40% of annual car sales today are SUVs, compared with less than 20% a decade ago.
Read more: https://www.iea.org/newsroom/news/2019/ ... -mark.html