According to a new study, the ever-growing popularity of SUVs has resulted in them accounting for over a quarter of the annual global oil demand while also adding 20% in energy-related CO2 emissions.
As per the International Energy Agency (IEA), sports utility vehicles, which are known to be heavier and less fuel efficient than smaller vehicles, accounted for 48% of global car sales in 2023 - up from 20.58% in 2013. The IEA stated, "Over the course of 2022 and 2023, global oil consumption directly related to SUVs rose by a total of over 600,000 barrels per day, accounting for more than a quarter of the overall annual growth in oil demand."
Talking about emissions, the report also mentioned how the 360 million SUVs around the world resulted in 1 billion tons of combustion-related CO2 emissions - an increase of 100 million tons compared to 2022.
The IEA mentioned, "If SUVs were a country, they would be the world’s fifth-largest emitter of CO2", behind China, USA, India & Russia.
The report also stated that preference for SUVs is also seen among electric car sales. However, currently, only a small 5% of SUVs on the roads are electric. Globally, 45% of all electric cars sold are SUVs, 55% in advanced economies. However, they also pose a challenge due to the increased use of critical minerals required in their larger batteries.
Source: Bloomberg