Electric vehicles (EVs) are rapidly becoming the preferred choice for consumers worldwide, with global sales expected to exceed 23 million units in 2026. This projection reflects an increase of around 11% from 2025 and marks a significant milestone as EVs approach more than a quarter of all passenger car sales globally.

According to a recent report by BloombergNEF, the combined sales of battery-electric and plug-in hybrid vehicles will represent approximately 27% of all new car sales in 2026, a sharp rise from just 9% five years earlier. The momentum behind EV adoption continues to accelerate, fueled primarily by falling lithium-ion battery prices, which reduce vehicle costs and improve affordability across diverse income groups.

By 2035, BloombergNEF forecasts that electric vehicles will constitute over half of all passenger-vehicle sales worldwide. China remains the largest and most advanced EV market, bolstered by a well-established supply chain and manufacturing ecosystem. However, emerging markets are also demonstrating notable growth, with countries like Singapore, Vietnam, and Thailand achieving impressive EV market shares—accounting for nearly half, 39%, and 27% of car sales respectively in 2025.

The wider adoption of electric vehicles is expected to have profound implications for global energy consumption. BloombergNEF projects that fuel demand from road transport will peak by 2029, signaling a pivotal shift that could reshape oil markets and reduce pollution from traditional combustion engines.

Automakers, battery producers, and governments play critical roles in supporting this transition. Various countries are expanding EV model options and charging infrastructure, making electric cars increasingly practical for daily use. The rapid uptake in Southeast Asian markets underscores how coordinated policies, infrastructure investments, and consumer interest can drive swift growth in EV adoption.

Conversely, the pace of EV sales growth varies regionally, reflecting differences in supportive policies and market conditions. In the United States, for example, slower progress has highlighted the impact of regulatory environments, incentives, and access to charging in shaping consumer decisions.

  • Global passenger EV sales projected to exceed 23 million units in 2026.
  • EVs expected to reach 27% of new car sales worldwide by 2026.
  • By 2035, electric vehicles could represent over half of all passenger car sales.
  • China remains the leading EV market with a mature supply chain.
  • Significant EV uptake in emerging markets such as Singapore, Vietnam, and Thailand.
  • Declining lithium-ion battery costs are key to expanding market affordability.
  • Road transport fuel demand expected to peak around 2029, altering energy dynamics.