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Petrol demand to reach peak levels despite EV growth

The rise of electric vehicles will not stop petrol demand from reaching peak levels over the next two decades.



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Battery technology will be the major factor that will deter electric vehicles (EV) from overthrowing petrol-fuelled vehicles over the next twenty years, according to new data from Facts Global Energy.

A report by Cuneyt Kazokoglu, head of oil demand at consultancy firm FGE, claims that petrol vehicles will dominate the roads for the years to come. By the year 2040 there will be around 1.8 billion passenger vehicles across the world, with only 10% of these expected to be electric, reports Auto Express.

One of the key factors behind the development of EVs is the continued support by governments. The report cites Denmark as an example of how EV sales plunge after state incentives are taken away – sales fell in 2016 by 80% compared to the previous year.  

The progress in battery size and lifespan will be one of the other key factors behind the limited growth possibilities that EVs currently have, as enough is being done if those areas, Kazokoglu says. 

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