Electric Shock Scenario Sets Stage for EV Adoption Surge

Wood Mackenzie has released its 'Electric Shock' report, examining how three key forces, oil supply shocks, policy decisions, and technological innovation, could accelerate the growing share of electric vehicles (EVs) in the global vehicle market.

The report says these forces could converge and 'send EV adoption into overdrive, with implications for oil, power, and metals.'

The Electric Shock scenario outlines the potential for global oil demand to fall to 99 million barrels per day in 2040 under an accelerated EV growth environment.