IEA forecasts 23 million electric vehicles sold in 2026, nearly 30% of new cars. Learn the trends, China’s dominance, and rising markets.
According to the International Energy Agency’s (IEA) 2024 Global EV Outlook, the world is on track to sell an astonishing 23 million electric vehicles (EVs) in 2026. That would represent almost 30 % of all newly registered cars and marks a new milestone for the industry.
Why 2026 Could Be a Turning Point
The forecast follows a strong 2025 performance, when global EV sales topped 20 million – a 20 % jump from the previous year. Even as the first quarter of 2026 saw an 8 % dip in sales compared with Q1 2025, the overall trajectory remains upward, driven by soaring fuel prices and ongoing energy‑security concerns.
Regional Highlights
- China: Remains the world’s largest EV market, accounting for roughly 55 % of all new EV registrations in 2025 (about 13 million units). Chinese manufacturers supplied 60 % of global EVs and produced nearly 75 % of the world’s EVs that year.
- Europe: Saw a near‑30 % increase in Q1 2026 sales versus the same period in 2025, reflecting strong policy support and expanding charging infrastructure.
- Asia‑Pacific (excluding China): Growth surged 80 % in Q1 2026, propelled by Australia, Japan, South Korea and fast‑emerging markets such as Indonesia and Thailand.
- Latin America: Recorded a 75 % jump in Q1 2026, with Brazil and Mexico leading the charge.
Supply Chain Dominance
China’s influence extends beyond vehicle assembly. The country produced over 80 % of the world’s EV batteries in 2025 and its exports more than doubled to exceed 2.5 million units. In total, about 55 % of all EVs sold globally are imported from China – a figure that has leapt from under 5 % just five years ago.
Southeast Asia: The Next Growth Engine
Southeast Asian markets are accelerating rapidly. EV sales in the region more than doubled in 2025, capturing close to 20 % of the local market share. The IEA projects that by 2035, EVs could represent 60 % of new vehicle sales across Southeast Asia, thanks to falling prices, expanding incentives, and government‑backed tax breaks – Vietnam, for instance, has announced a new suite of EV subsidies to cushion the ongoing energy crisis.
Electric Trucks Take Off
Global electric truck sales more than doubled in 2025, with China again leading the pack. By the end of 2025, electric trucks made up nearly 10 % of all new truck registrations worldwide, signaling a shift for commercial fleets toward zero‑emission solutions.
Beyond Hardware: Software, AI and Data Platforms
The 2024 IEA report introduces a new focus on automotive software and artificial intelligence. It highlights emerging online tools that track real‑time EV market data, policy changes, and battery‑technology breakthroughs, underscoring the growing importance of digital ecosystems in the EV transition.
Looking Ahead to 2035
Even without additional policy measures, the IEA estimates the global EV fleet could swell from the current 80 million to a staggering 510 million vehicles by 2035. Such growth would reshape energy demand, urban planning, and the automotive supply chain for decades to come.
With record-breaking sales on the horizon, manufacturers, policymakers, and consumers alike have a clear signal: the electric revolution is not just arriving – it’s accelerating.