EV charger market potential for oil companies

Home > Industry Analysis > Content

【Summary】A report predicts that oil demand will peak in the early 2030s, with electric vehicles being the main cause. Oil and gas companies are investing in EV charging infrastructure to adapt to this shift and maintain profits. Driivz, a smart EV charging software developer, is helping O&G companies like MOL Group through this transition. The article discusses the challenges, strategies, and growth opportunities in the EV charger market for oil companies.

FutureCar Staff Aug 30, 2023 9:54 AM PT

EV charger market potential for oil companies

A July 2023 report from Wood Mackenzie predicts that the 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 decrease in the following decades. Several factors, including the use of fuel cells and synthetic fuels in vehicles, will contribute to this decline. Nevertheless, the report emphasizes that electric vehicles (EVs) will have the most significant impact in displacing oil demand.

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 decline in 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 already assisted O&G firms like Hungarian oil company MOL Group in their transition to this new business model.

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