According to the latest data from UK market research firm Benchmark Mineral Intelligence (BMI), global sales of electric and plug-in hybrid electric vehicles (PHEVs) in May 2026 reached approximately 1.8 million units, a 3% increase compared to the same period last year.
Notably, for the first time in years, Europe has emerged as the main driver of growth in the global electric vehicle market. In May, the continent recorded approximately 415,000 new electric vehicle registrations, a 23% increase compared to the same period last year.
According to experts, government support programs and rising fuel prices have prompted European consumers to accelerate their decision to switch to electric vehicles.
The recovery in European electric vehicle sales is taking place against the backdrop of a period of slow growth in the region from 2022 to 2024. According to the International Energy Agency (IEA) Global EV Outlook 2026 report, electric vehicle sales in Europe are projected to increase by more than 30% by 2025, reaching approximately 4.2 million vehicles and accounting for 28% of all new car sales.
The group of countries including Germany, the UK, France, Spain, and Italy all recorded strong growth thanks to incentive policies and the emergence of more affordable electric vehicle models.
Meanwhile, China – the world's largest electric vehicle market – has temporarily stalled. In May, electric vehicle sales in Asia's number one economy fell 9%, to around 987,000 units, after some trade-in programs and tax incentives ended.
However, China remains the center of the global electric vehicle industry, accounting for more than half of all electric vehicle sales worldwide . Chinese automakers are also boosting exports and expanding their presence in Europe, Southeast Asia, and Latin America to compensate for the decline in their domestic market.
In contrast to Europe, North America is facing a difficult period. Electric vehicle sales in the region fell 26% in May, to around 123,000 units. The termination of some US tax incentives for electric vehicles, along with the loosening of emissions regulations, has significantly slowed the transition to electric vehicles.
Nevertheless, the long-term outlook for the electric vehicle industry remains positive. The IEA forecasts global electric vehicle sales could reach approximately 23 million units in 2026, equivalent to nearly 28% of total new car sales worldwide.
Europe is projected to continue being the strongest growth region among major markets, while Southeast Asia, Latin America, and the Middle East are also emerging as new bright spots in the electrification of transportation.
Notably, the new data also shows that Southeast Asia is one of the fastest-growing electric vehicle regions in the world today. According to the IEA, electric vehicle sales in the region are expected to more than double by 2025, with Vietnam, Thailand, and Indonesia playing a leading role.
Vietnam is considered the largest electric vehicle market in Southeast Asia in terms of the proportion of electric vehicles in total new car sales.