Market Snapshot
Global electric vehicle sales (BEV, PHEV and fuel cell) reached 7.5 million units through May 2026, up 3 percent year-over-year. China holds 51 percent of global EV market share. (Read More)
· Europe remains the growth leader, with EV sales up 26 percent year-to-date, supported by incentive programs, higher fuel prices and increasing participation from Chinese automakers, which now account for a growing share of European EV sales.
· China's domestic EV market continues to lag, with EV sales down 15 percent year-to-date. Chinese exports reached another record in May as Chinese manufacturers increasingly look abroad to offset weaker demand at home.
· North America remains the weakest major market, with EV sales down 25 percent year-to-date, though Canada's new tariff quota agreement is beginning to open the market to additional Chinese competition, including BYD's planned market entry by the end of 2026. (Read More)
EVs accounted for 7.1 percent of U.S. new light-vehicle sales in May, 1.8 percentage points below the 8.9 percent share recorded in May 2025, per Omdia estimates. EV sales fell 21 percent year-over-year in May, a decline of roughly 27,000 units. Year-to-date EV sales are down nearly 182,000 units (28 percent).