EV charger market potential for oil companies

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【Summary】A report predicts that demand for oil will peak in the early 2030s due to the rise of electric vehicles (EVs). Oil and gas companies are investing in EV charging to adapt to this shift and maintain profits. Driivz, a smart EV charging management software developer, is helping O&G firms transition to EV charging. The article discusses the challenges, strategies, and growth opportunities in this transition.

FutureCar Staff Aug 25, 2023 6:21 AM 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 suggests that demand will gradually decline in the following decades. While there are various factors contributing to this decline, such as the use of fuel cells and synthetic fuels in vehicles, the report highlights electric vehicles (EVs) as the main driver displacing oil demand.

Even though 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 ignoring the long-term impact on their profits. According to Doron Frenkel, Chief Executive and Founder of Driivz, this is why O&G companies are increasingly investing in EV charging. Driivz, a smart EV charging management software developer, has already assisted O&G firms like Hungarian oil company MOL Group in navigating this business transition.

In an interview with Automotive World, Frenkel discusses the challenges of transitioning from oil to EV charging, how this transition can be achieved, and the potential growth opportunities that still exist in this evolving industry.