Forecasters' estimates of the peak time for the world's oil consumption have accelerated in recent years due to the growing sales of electric vehicles.

Industry experts claim that public subsidies, along with advancements in technology, are helping consumers get past the sticker prices of battery-powered cars, which can be quite shocking.

After making several revisions to its 2017 prediction of a peak of almost 105 million barrels per day in 2040, the International Energy Agency (IEA), a consortium of 29 developed countries with headquarters in Paris, projects that global oil consumption will peak at 103 million barrels per day by the end of this decade.

Global oil demand growth has been primarily driven by the transportation sector; however, policy support for the shift to electrification has significantly reduced that demand. Apostolos Petropoulos, an energy modeler at the IEA, said this has changed the game.

The governments of China and the United States, the two countries that consume the most oil globally, have revised down their estimates for domestic consumption, while oil giant BP has increased its estimates for the world's peak oil demand.

According to the IEA, transportation accounts for over 60% of global oil demand, of which 10% is accounted for by the United States alone. This percentage ought to go down because the IEA predicts that EVs will have reduced the world's daily oil consumption by nearly 5 million barrels by 2030.

By the end of the decade, EV sales are expected to account for between 40% and 45% of the global vehicle market, up from their current 13% share. This information comes from the IEA.