Electric Vehicles: on the verge of an EV revolution?



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Report summary

The global market for EVs has grown ten-fold in the past five years. And that was before Tesla unveiled its Model 3 in March. Within weeks of the announcement, pre-orders stood at an astounding 370,000 cars – equal to one-third of all electric vehicles on the road today. So, are we on the verge of an EV revolution? Wood Mackenzie looks at the state of the global EV market, and its potential impact on oil and power demand.

What's included

This report contains

  • Document

    Electric Vehicles On the verge of an EV revolution FINAL.pdf

    PDF 1.25 MB

Table of contents

    • While Tesla’s Model 3 may signal a breakthrough, its impact on the global market depends on the broader EV industry.
    • The greatest barrier to EV mass-market adoption is the high vehicle cost (vs ICE).
    • Mass-market adoption will not depend on EV cost alone.
    • One to six million barrels of global oil demand could be displaced by EVs in 2035.
    • But 2035 could be just the beginning of an EV revolution.

Tables and charts

This report includes 5 images and tables including:


  • EVs: global passenger car stock
  • Battery pack cost: EIA 2012 projections vs latest quotes
  • Cost-Benefit Analysis: EV vs ICE car
  • Global annual sales of EVs (PHEV/BEV*): WM base case
  • Oil displaced by EVs: WM carbon-constrained scenario

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