Global Electric Vehicle Sales Surge, Doubling in Record Time
EV market skyrockets: Global electric car sales double in record time

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Electric vehicle (EV) sales have surged globally, with approximately 21 million battery electric vehicles (BEVs) and plug-in hybrids sold in 2026, doubling from 2022. China leads this growth, accounting for around 60% of global EV registrations, while Europe and the US also see significant increases, marking a pivotal shift in the automotive market towards electrification.
- 01In 2026, global sales of BEVs and plug-in hybrids reached 21 million, a significant increase from 10 million in 2022.
- 02China dominates the EV market with 13 million new registrations, representing about 60% of the global total.
- 03The market share of electric vehicles has jumped to 25%, up from just 2% in 2018.
- 04In Europe, EV sales increased by nearly 30% in the first quarter of 2026, capturing 28% of new registrations.
- 05Analysts predict global EV sales could exceed 23 million in 2026, with potential sales reaching 55 million by 2035.
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The electric vehicle (EV) market is experiencing unprecedented growth, with global sales of battery electric vehicles (BEVs) and plug-in hybrids reaching 21 million in 2026, effectively doubling the figures from 2022. This surge indicates a significant shift away from traditional internal combustion engines, with EVs now accounting for 25% of new car sales worldwide, up from 2% in 2018. China is at the forefront of this transformation, having sold 13 million EVs, which constitutes approximately 60% of global registrations. The country's robust charging infrastructure and competitive pricing from local automakers have made the transition to electric vehicles seamless for consumers. Meanwhile, Europe and the US are also witnessing notable increases; for instance, Europe saw a 30% rise in EV sales in early 2026, capturing 28% of new registrations. Analysts forecast that global EV sales could surpass 23 million this year and potentially reach 55 million by 2035, highlighting the substantial impact of EVs on the global oil market, potentially saving around 5 million barrels of crude oil daily by 2030.
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The rapid growth of EV sales is reshaping the automotive industry and reducing reliance on fossil fuels, which could lead to lower oil prices and a shift in energy consumption patterns.
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