Global electric vehicle market sees rising sales and shifting dominance

The global electric vehicle (EV) market is experiencing significant shifts and growth. According to the International Energy Agency, battery-powered models and plug-in hybrids are expected to account for 29% of all new car purchases this year, a substantial increase from 4% in 2020. In Europe, EV market share reached 25% in July, driven largely by strong performance in France and Germany. In the Czech Republic, the Škoda Elroq has emerged as a popular model.

Market competition is dominated by Tesla, BYD, and Geely. In the second quarter of 2026, BYD led global sales with approximately 600,000 units, followed by Tesla with a 12% market share. While China remains the largest market, accounting for 56% of global battery electric vehicle (BEV) sales, total sales in both China and the United States have seen recent fluctuations due to economic factors and changes in subsidies.

Geopolitical factors, including oil price volatility, have also influenced demand in various regions. While sales have dipped in some major markets, other areas like South Africa and parts of Southeast Asia have seen rapid increases in EV adoption. The industry is seeing a trend toward more affordable models to lower the barrier to entry for consumers.