EV charger market potential is wide open for oil companies

A July 2023 report from Wood Mackenzie forecasts that demand for oil will peak at 108 million barrels per day in the early 2030s, before gradually decreasing over the coming decades. While several factors will play into this decline, including the use of fuel cells and synthetic fuels in vehicles, the consultancy concluded that electric vehicles (EVs) will displace the most demand by a wide margin.

Although it could take until the late 2040s for oil demand to fall below even 100 million barrels per day, oil and gas (O&G) companies are unlikely to ignore the start of a long-term drain on profits. This, says Doron Frenkel, Chief Executive and Founder of Driivz, is what makes their investment in EV charging increasingly certain. His company is a smart EV charging management software developer that has experience helping O&G firms— such as Hungarian oil firm MOL Group—through this business transition.

Frenkel tells Automotive World about the challenges of pivoting from oil to EV charging, how it can be achieved, and what opportunities for growth are still available.