The number of electric cars will rise from 1.2 million in 2015 to around 100 million by 2035, BP's latest energy outlook.
The global car fleet of both conventional and electric cars will double from 0.9 billion cars in 2015 to 1.8 billion by 2035 because of rising incomes and improvements to road infrastructure that will boost car ownership, BP said.
The number of electric cars will constitute 5.5 percent of the global fleet by 2035.
'Around a quarter of these electric vehicles are plug-in hybrids, which run on a mix of electric power and oil, and three-quarters are pure battery electric vehicles,' it added.
The report noted that penetration of electric vehicle depends on the pace at which battery costs continue to fall, the size and durability of subsidies and other government policies supporting electric vehicle ownership, the speed at which the efficiency of conventional vehicles improves along with consumer preferences towards electric vehicles.
'In 2015, cars accounted for 19 million barrels per day of liquid fuel demand - a fifth of global demand. All else equal, a doubling in the demand for car travel over the coming 20 years would lead to a doubling in the liquid fuel demand from cars,' BP said.
BP pointed out that the growth of electric cars also mitigates the growth in oil demand, although the effect is much smaller.
'The 100 million increase in the number of electric cars reduces oil demand growth by 1.2 million barrel per day - less than a 10th of the impact of the gains in vehicle efficiency,' it showed.
By Dilara Zengin
Anadolu Agency
dilara.zengin@aa.com.tr