EV charger market potential for oil companies

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【Summary】Oil companies are expected to invest in EV charging as the demand for oil is projected to decrease due to the rise of electric vehicles. While it may take some time for oil demand to significantly decline, companies are recognizing the need to adapt and profit from the growing EV market. Driivz, a smart EV charging management software developer, highlights the challenges and opportunities in this transition.

FutureCar Staff Aug 25, 2023 9:19 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 the demand will gradually decrease in the following decades. Various factors will contribute to this decline, including the use of fuel cells and synthetic fuels in vehicles. Nevertheless, the consultancy firm emphasizes that electric vehicles (EVs) will be the main driver in displacing the demand for oil.

While 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 overlook the beginning of a long-term decline in profits. According to Doron Frenkel, Chief Executive and Founder of Driivz, this is why O&G companies are increasingly investing in EV charging infrastructure. Driivz is a smart EV charging management software developer that has already assisted O&G firms, such as MOL Group, a Hungarian oil company, in transitioning their business.

Frenkel explains to Automotive World the challenges involved in shifting from oil to EV charging, how this transformation can be achieved, and the remaining growth opportunities in this sector.