Global electric vehicle market trends and 2026 outlook

Global electric vehicle (EV) sales exceeded 20 million units in 2025, accounting for one in four new car sales worldwide. China remains the market leader with over 13 million units sold, representing a 55% market share, while European EV market share reached 20.6% by April 2026. The International Energy Agency projects continued growth for 2026, noting that emerging markets in Asia, Latin America, and the Middle East are the fastest-growing regions. In the EU, EV adoption increased from 17.4% in 2025 to 20.6% in April 2026, totaling approximately 750,000 new registrations between January and April 2026. Data from the European Commission indicates this shift reduces oil demand by 140,000 barrels per day, saving 4.5 billion euros annually. While vehicle prices in Germany and the US decreased slightly in 2025 due to new model entries, 70% of EVs sold in China were already cheaper than the average internal combustion vehicle. Chinese manufacturers currently account for roughly 60% of global EV sales.