[REVISION HISTORY]

Global electric vehicle market growth and volatility

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2026-10-15 16:45 UTC → 2026-10-16 13:05 UTC · added ~~removed~~

Global electric vehicle (EV) and plug-in hybrid sales have reached record levels in 50 countries, driven by rising fuel costs linked to geopolitical instability involving the United States, Israel, and Iran. The closure of the Strait of Hormuz and subsequent oil price surges, which exceeded $100 per barrel in early 2026, have accelerated the shift toward electrification to address energy security. In According to the ~~United Arab Emirates, fuel prices reached a four-year high~~ International Energy Agency (IEA), electrified vehicles were projected to account for 29% of new car sales in ~~October~~ 2026, ~~with Super 98 petrol increasing nearly 16.6%~~ up from 4% in ~~a single month. This has driven motorists toward hybrid~~ 2020. In the second quarter of 2026, sales of EVs and ~~electric vehicles; notably, BYD overtook Tesla as~~ plug-in hybrids rose by 35% compared to the ~~best-selling EV brand~~ previous quarter, with over 9 million units sold in the ~~UAE by the~~ first ~~quarter~~ half of ~~2026. In~~ the ~~United States, rising fuel costs continue to drive interest in EVs, though~~ year. However, a ~~gap persists~~ six-month growth streak ended in September 2026, as ~~charging sessions increased by 34% while new installations grew by only 16%. In Europe and Oceania, adoption continues to expand. In the European Union,~~ global EV ~~registrations~~ sales fell 2%. While year-to-date volumes rose ~~by 40.5% in~~ 3% to 15.5 million units, regional performance diverged sharply. North American sales plummeted 44%, largely attributed to the ~~first half~~ expiration of ~~2026.~~ federal tax credits in the United States. China also saw an 18% decline in domestic sales, prompting a focus on export markets. In contrast, Europe experienced record-breaking growth, with sales rising 39% year-over-year to nearly 600,000 units. In Ireland, new private EV registrations rose 54% in September ~~2026 compared to the previous year, accounting for 28% of all new private car registrations through September. Top brands in Ireland included Toyota, Volkswagen, and Tesla.~~ 2026. In Australia, ~~26,287 battery electric vehicles (BEVs) were sold in September 2026. The National Automotive Leasing and Salary Packaging Association (NALSPA) noted that~~ demand remains supported by government discounts aimed at mitigating cost-of-living pressures and ~~volatile~~ fuel prices are sustaining demand, aided by the Federal Government’s Electric Car Discount. It is estimated that Australians using this discount between mid-2022 and mid-2026 will have collectively saved $609 million on fuel by Christmas 2026. price volatility.

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