Overview
- The International Energy Agency projects about 23 million electric vehicle sales in 2026, roughly 30% of new-car sales, and a global EV fleet that could reach about 510 million passenger vehicles by 2035.
- On Wednesday, May 20, 2026, IEA data and industry reports showed 2025 marked a structural shift with global EV sales up about 20% and record market shares in nearly 100 countries.
- Chinese manufacturers now account for the bulk of production and exports, with Chinese firms taking roughly 60% of global EV sales in 2025 and China producing more than 80% of battery cells, a concentration that is lowering prices and reshaping competition.
- BYD led the surge in volume in 2025 with 4.6 million vehicles sold and reported strong international growth in early 2026 while setting a 1.5 million export target for 2026.
- Targeted policies are already changing local markets: Argentina’s 2026 duty-free import quota for 50,000 electrified vehicles was rapidly exhausted after orders topped 160,000 and electrified registrations jumped over 300% in Q1 2026, showing how price and policy can speed adoption and shift consumer choice.