Global EV Sales Set to Hit 23 Million in 2026: IEA

According to the latest report by the International Energy Agency (IEA), global electric car sales are expected to rebound strongly in 2026, reaching around 23 million units, accounting for nearly 30% of total car sales worldwide.

The report highlights that rising demand for electric vehicles is being driven primarily by falling battery prices and improving cost competitiveness. In addition, higher fuel prices amid the global energy crisis are further encouraging consumers to shift toward electric mobility.

However, the EV market saw a weak start in 2026, with global sales declining by 8% in the first quarter. This drop was attributed mainly to policy changes in China and the United States.

Despite this, several regions recorded strong growth in EV adoption. Sales rose by nearly 30% in Europe, 80% in Asia Pacific excluding China, and 75% in Latin America, indicating broad-based global expansion.

The IEA also noted that Southeast Asia is emerging as a key growth region for electric vehicles, with EV market share projected to reach 60% by 2035. The global EV fleet, excluding two- and three-wheelers, is expected to grow significantly and could reach around 510 million vehicles by 2035.