The 19-year-old made 24 Premier League appearances for the Toffees last term in what was his first full season as part of the first team but has found himself further down the pecking order this season following the arrivals of Wayne Rooney, Davy Klaassen and Gylfi Sigurdsson.
Davies - also a part of the England Under-21s side - has insisted that he is not bitter about the increased competition for places and is viewing it as an opportunity to improve his game.
"I am always looking at the other lads to see how I can improve," Davies told the Liverpool Echo. "I did it a lot last season as well – and now I can pick up even more from the players who have come in, like Gylfi Sigurdsson, Wayne and Davy Klaassen. They all have elements to their games I can learn from and try to add to my game, be it types of movement, different techniques, or positions on the pitch.
"I have a lot to learn. I am still very young and my talent is quite raw, so I am just picking up little parts of the game I have not previously been told about or noticed. I can pick them up from these players.
"The squad is good in that way – and there are a lot of senior players who you can always speak to.
"They do help me out a lot, really. I have been quite lucky with the squad I have come into. Without their help it would have been tough for me, so I am grateful to them. And Leighton Baines is always around to have a chat with me, so that is good to have."
Davies has been part of the Everton setup since the age of 11.