It’s very likely to go the way of oil. EV demand has slowed down recently (honestly I don’t believe the world is ready for mass adoption and EVs themselves are not ready also), so we’ll keep finding more and more and always beyond the consumption.
However what's actually happening is that demand is going up, but at a rate slower than before. Imagine that in 2022 demand increased by 60% YoY but in 2023 demand only increased by 40% YoY (these are approximate figures). You are measuring the second derivative which is decreasing from a big positive value to a smaller positive value, which is not usually described by the word "slow". Intuitively "slow" means the second derivative has become negative.
Increasing position less fast is the definition of slowing down, as I said. Increasing speed less fast is, of course, not the definition of slowing down, it's decelerating; we agree on this.
But you are equating demand to "speed" (rate-of-change of position), and I am equating demand to "position" (not a rate-of-change). If demand is analogous to speed, then what is is measuring the rate-of-change of?
Acceleration decreased such that it is negative. Negative acceleration is "slowing down."
Ok, let’s substitute that into the original comment, instead of:
> demand has slowed down recently
we get:
> speed has slowed down recently
Nothing to do with the rate of change of speed, just speed itself. In other words:
In terms of _speed_, this would indicate that _speed_ was once higher and is now lower.
Let’s translate that same sentence back substituting speed with demand:
In terms of _demand_, this would indicate that _demand_ was once higher and is now lower.
That statement cannot be true as 2023 demand was the highest ever.
Where it could be different is in places like power generation. You might talk about peak demand in Watts, and daily demand in watt-hours.
https://www.reuters.com/business/autos-transportation/global...
> LONDON, Dec 12 (Reuters) - Global sales of battery electric vehicles (BEV) and plug-in hybrids (PHEV) rose 20% versus a year ago as strong growth in North America and China offset lower sales in Europe, according to market research firm Rho Motion.