Global EV sales are on pace for a record 23 million in 2026

Electric vehicles are no longer a niche trend. In more and more of the world, they are quickly becoming the default choice.

A new report by BloombergNEF said passenger EV purchases worldwide are poised to set a new high in 2026, as Fleetworld detailed.

What's happening?

In its Electric Vehicle Outlook 2026, BloombergNEF estimates that passenger EV sales will climb 11% from 2025, pushing the global total above 23 million in 2026.

Pure battery-electric cars and plug-in hybrids are both part of that count, Fleetworld notes. Together, BloombergNEF expects them to represent 27% of all car sales worldwide in 2026, versus 9% five years ago.

The report also points to much stronger EV penetration over time. By 2035, BloombergNEF projects, electric vehicles will make up 52% of passenger-vehicle sales globally.

China remains the largest EV market, but BloombergNEF noted sharp growth in several newer markets as well. In 2025, the report said electric vehicles accounted for nearly half of car sales in Singapore, 39% in Vietnam, and 27% in Thailand, Fleetworld pointed out.

Why does it matter?

One reason EV adoption continues to expand is the continued decline in lithium-ion battery costs. As batteries become less expensive, electric vehicles can gradually become more affordable for a wider range of households.

EVs can save drivers money through lower fueling and maintenance costs. While upfront prices can still be a barrier for some buyers, the broader market trend suggests consumers will have more options across a wider range of price points.

BloombergNEF expects the shift toward electric driving to reshape fuel demand as well, with road transport fuel use projected to peak in 2029. That would be a significant turning point for oil consumption, energy markets, and the pollution linked to everyday driving.

The report also suggests the EV story is not being driven by the United States alone. Several emerging markets already have higher electric-vehicle sales shares, which could influence manufacturing, charging infrastructure buildout, and vehicle availability worldwide.

What's being done?

Automakers, battery manufacturers, and governments are all helping move the market forward, though progress is not happening at the same pace everywhere. 

Lower battery costs remain one of the clearest drivers of growth, since they improve the economics of both building and buying EVs. That is where BloombergNEF pointed to China's advantages in its mature supply chain and infrastructure, as Fleetworld describes.

In many countries, expanding model lineups and charging networks are also making electric cars more practical for everyday use. The rapid gains seen in Singapore, Vietnam, and Thailand suggest adoption can climb quickly when policy, infrastructure, and consumer demand align.

The slowdown in the U.S. reveals the flipside when policy goes the other way.

Fuel savings, maintenance needs, available tax incentives, and access to home or nearby charging can all affect whether an EV makes financial sense.

Drivers who are not ready to go fully electric may also see more plug-in hybrid options as the market expands, with more choices as the technology improves and prices continue to shift.

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