Electric vehicle market share reaches 20% globally

Global electric vehicle (EV) market share reached a new milestone in August 2026, with battery electric vehicles (BEVs) accounting for approximately 20% of all new car registrations. When including plug-in hybrids (PHEVs), the total share of plug-in vehicles rose to 27%.

While the overall segment of plug-in vehicles grew by 5% year-on-year to 1.8 million units, the growth was driven entirely by BEVs, which saw a 13% increase to 1.3 million units. Conversely, plug-in hybrid registrations fell by 12%.

In terms of specific models, the Tesla Model Y remains the world's best-selling plug-in vehicle despite a 12% year-on-year decline in registrations. The Geely Xingyuan rose to the second position with 52,058 registrations, followed by the BYD Song in third place with 48,944 units.

Market trends are also being influenced by technological shifts, such as the adoption of Lithium Iron Phosphate (LFP) battery chemistry. LFP batteries have reduced production costs for basic modules by up to 30% and offer high durability without the need for expensive cobalt or nickel.