How oil & gas companies should prepare for the rise in the global electric vehicle (EV) population.
According to a recent KPMG survey, the rise in the global electric vehicle (EV) population can significantly affect demand on oil & gas products. As of today, the number of EVs in use is still quite small compared to the overall number of cars, because they remain high maintenance and insufficiently accessible. However, the rapid development of innovative technologies and business models (e.g. Mobility as a Service), in combination with the increasing importance of sustainability for business, can lead to more radical changes than expected. In light of this, oil & gas companies should already begin considering possible scenarios: turning to a customer demand-based model, and getting ready for a more nuanced approach to identifying demand in terms of trip frequency and car type.
© 2020 KPMG. KPMG refers JSC “KPMG”, “KPMG Tax and Advisory” LLC, companies incorporated under the Laws of the Russian Federation, and KPMG Limited, a company incorporated under The Companies (Guernsey) Law, as amended in 2008.