Oil on the road to obsolescence?

The number of passenger cars in the world is expected to almost double by 2040, according to a new report from OPEC (Organization of the Petroleum Exporting Countries)

In 2016, there were an estimated 1.1 billion cars on the planet and in the space of 24 years that figure is expected to rise to 2 billion - driven mainly by increased demand in Asia. 

What is interesting though is that the corresponding demand for oil is not expected to keep speed

 It will see a small increase till 2025, but the number of barrels needed to fuel the world's cars will start dropping from 2040 and in the long term, the vital importance oil for our personal mobility will slow down

 Reason: Increased fuel efficiency of modern cars and the increasing penetration of alternative fuel cars