IEA: Global EV sales on track for record 23M in 2026

The International Energy Agency (IEA) has released its latest Global EV Outlook, forecasting that electric car sales will hit 23 million units in 2026. That would represent close to 30% of all new passenger vehicles sold globally — a landmark threshold that would have seemed ambitious just a few years ago.

The 2026 projection follows a strong 2025, when global EV sales surpassed 20 million for the first time, marking a 20% year-over-year increase. For context, that means one in every four new cars sold worldwide last year was electric — a ratio that continues to climb despite broader economic headwinds and concerns about a potential slowdown.

Growth is being driven primarily by China, where EV adoption has become mainstream, alongside expanding markets in the European Union and the United States. Policy frameworks such as the EU's 2035 combustion engine phase-out and various national purchase incentives continue to support demand across different income brackets.

The IEA's findings suggest that fears of a significant market slowdown have not materialized into a structural reversal. Instead, the sector appears to be consolidating its gains, with falling battery costs and an increasingly competitive model lineup making electric vehicles more accessible to mainstream buyers globally.