EV charger market potential for oil companies

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【Summary】Oil companies are expected to invest in EV charging as demand for oil gradually decreases due to the rise of electric vehicles. This transition may take until the late 2040s, but companies like Driivz are already helping oil and gas firms navigate this shift. The CEO of Driivz discusses the challenges and opportunities for growth in the EV charging market.

FutureCar Staff Aug 31, 2023 6:57 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. This decline will be influenced by various factors, including the adoption of fuel cells and synthetic fuels in vehicles. The consultancy firm emphasizes that the displacement of demand by electric vehicles (EVs) will be the most significant contributing factor.

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 ignoring the long-term implications on their profits. Doron Frenkel, the Chief Executive and Founder of Driivz, a smart EV charging management software developer, explains that O&G companies are increasingly investing in EV charging. Firms like Hungarian oil company MOL Group have sought assistance from Driivz during this transition.

In an interview with Automotive World, Frenkel discusses the challenges of shifting from oil to EV charging, the strategies for achieving this transition, and the potential growth opportunities that still exist in this sector.