EV charger market potential for oil companies

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【Summary】A report predicts a decline in oil demand due to the rise of electric vehicles (EVs). Oil and gas companies are investing in EV charging infrastructure to adapt to this shift and ensure future profits. Driivz, a smart EV charging management software developer, is helping O&G firms with this transition. Challenges and growth opportunities in the EV charging market are discussed.

FutureCar Staff Aug 30, 2023 11:58 PM PT

EV charger market potential for oil companies

A July 2023 report from Wood Mackenzie predicts that demand for oil will reach its peak at 108 million barrels per day in the early 2030s. However, the report also suggests that this demand will gradually decline in the following decades. The decline will be influenced by various factors, such as the use of fuel cells and synthetic fuels in vehicles. But the largest contributor to the decrease in demand is expected to be the rise of electric vehicles (EVs).

Although it may take until the late 2040s for oil demand to drop below 100 million barrels per day, oil and gas (O&G) companies are not likely to ignore the long-term impact on their profits. This realization has led to increased investment in EV charging infrastructure by these companies. One such company is Driivz, a smart EV charging management software developer. They have already assisted O&G firms like Hungarian oil firm MOL Group in transitioning their business towards EV charging.

Doron Frenkel, the Chief Executive and Founder of Driivz, explains the challenges involved in shifting from oil to EV charging. He also discusses how this transition can be achieved and what growth opportunities are still available in this emerging market. Frenkel's insights provide valuable information on the future of the O&G industry and the role of EV charging in it.