According to the report, they have found that demand for gas-powered vehicles are apparently on the decline, and that they are being displaced by electric cars. “Oil use for cars peaks in the mid-2020s, but petrochemicals, trucks, planes and ships still keep overall oil demand on a rising trend. Improvements in fuel efficiency in the conventional car fleet avoid three-times more in potential demand than the 3 million barrels per day (mb/d) displaced by 300 million electric cars on the road in 2040.”
So far we’ve seen various efforts by governments around the world to encourage their citizens to adopt greener vehicles, such as by waiving taxes on electric and hybrid vehicles that are typically levied onto regular gas-powered cars. Some countries such as Spain have also announced that they plan to ban all gas and diesel powered cars by 2040.
Countries such as Singapore have also announced that they will stop adding cars to its roads by 2018 (this is more to do with crowd control, although less new cars on the roads does have a positive effect). Even companies such as Harley-Davidson is making the shift to electric motorcycles.