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.