EV charger market potential for oil companies

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【Summary】A report suggests that oil demand will peak in the 2030s, with electric vehicles being the main cause. Oil and gas companies are expected to invest in EV charging to adapt to the shift and maintain profits. Driivz, a smart EV charging management software developer, discusses the challenges and growth opportunities in this transition.

FutureCar Staff Aug 30, 2023 4:42 PM PT

EV charger market potential for oil companies

A July 2023 report from Wood Mackenzie predicts that oil demand will reach its peak at 108 million barrels per day in the early 2030s. However, the report also states that demand will gradually decrease in the following decades. Several factors will contribute to this decline, including the use of fuel cells and synthetic fuels in vehicles. The consultancy firm also concluded that electric vehicles (EVs) will displace the most demand by a significant margin.

Although it may take until the late 2040s for oil demand to fall below 100 million barrels per day, oil and gas (O&G) companies are not likely to ignore the long-term impact on their profits. Doron Frenkel, the Chief Executive and Founder of Driivz, a smart EV charging management software developer, believes that this is why O&G companies are increasingly investing in EV charging. Driivz has experience assisting O&G firms, such as Hungarian oil firm MOL Group, in transitioning their business.

In an interview with Automotive World, Frenkel discusses the challenges involved in shifting from oil to EV charging, how it can be accomplished, and the growth opportunities that still exist in this industry.