Global EV sales reached 1.75 million units in March 2026

Benchmark Mineral Intelligence, specialising in EV and battery supply chain research and insights, reports that 1.75 million electric vehicles were sold globally in March 2026, bringing Q1 2026 EV sales to 4.0 million – down 3% year-on-year. In March 2026, EV sales grew 66% month-on-month and up by 3% year-on-year.

Snapshot electric vehicle sales in Q1 2026 vs Q1 2025, YTD %

• Global: 4.0 million, -3%

• China: 1.9 million, -21%

• Europe: 1.2 million, +27%

• North America: 0.32 million, -27%

• Rest of World: 0.6 million, +79%

Benchmark Mineral Intelligence Data Manager, Charles Lester, commented:

“The global EV market rebounded strongly in March 2026, with a resurgence in China following the Chinese New Year and record-breaking months across several countries in Europe and Asia driving a 66% month-on-month increase in sales. Despite this momentum, underlying regional divergence remains pronounced as structural pressures continue to weigh on key markets.

"Europe has emerged as the clear engine of growth, recording its strongest month on record with over half a million units sold. Sales rose 72% month-on-month and 37% year-on-year, supported by subsidy schemes and rising petrol prices. Major markets including the UK, France, Italy and Spain all delivered standout performances, while Chinese OEMs are capturing an increasing share of BEV sales across the region.

"China’s market saw a sharp monthly recovery in March, with sales nearly doubling compared to February. However, the market remains down 21% year-to-date as policy adjustments continue to constrain domestic demand. Exports remain a key outlet for Chinese manufacturers, though rising overseas inventories suggest demand may not be keeping pace.”

Europe

Europe recorded a landmark month for EV sales in March 2026, surpassing half a million units for the first time. Sales rose 72% month-on-month and 37% year-on-year, driven by renewed subsidy schemes and higher petrol prices linked to the conflict in the Middle East. Both BEVs and PHEVs reached record volumes.

The strength reflects a combination of seasonal and structural factors. The UK benefited from the March registration plate change, alongside rising fuel costs, delivering a record month and 31% year-on-year growth. Across Europe, countries including Austria, Belgium, Finland, France, Italy, Portugal and Spain also posted record BEV sales, with higher petrol prices continuing to influence consumer behaviour and lift year-to-date growth.

Chinese OEMs are also playing an increasing role. In Italy, Leapmotor accounted for around 30% of BEV sales in Q1 2026, with other Chinese brands pushing the total share closer to 40%.

In France, rising petrol prices, despite price caps from suppliers such as TotalEnergies, triggered ‘panic buying’ and supply disruptions at the pump. This helped drive BEV sales up 69% year-on-year, significantly outpacing the already strong 36% growth seen in January and February

North America

Q1 2026 North American EV sales are down 27% compared to the same quarter last year, with the US down 27% and the Canadian market down 25%. Despite subdued sales so far this year in North America, the US market had over 100,000 sales in March 2026 – the highest monthly figure since the tax credits were eliminated at the end of Q3 2025.

In the US, Honda has followed several other North American OEMs that have pulled back plans for electrification. Honda cancelled the development and launch of its Honda 0 Series models. Shortly after, the Afeela models under a joint venture between Honda and Sony were also cancelled.

China

In China, EV sales almost doubled in March 2026, compared to February, when EV sales were weaker due to the Chinese New Year. The Chinese market remains down by 21% YTD in Q1 2026.

In the opening quarter of 2026, China has exported significant volumes of BEVs and PHEVs as the domestic market continues to be squeezed. However, this has not materialised into registrations to the volumes we have seen in exports, leading to a rise in inventory overseas.

Rest of World (RoW)

New Zealand’s increase in March BEV registrations has been the standout in terms of year-on-year growth rates, surging by 263% compared to the same month last year. At the end of February, the country saw an increase in sales of 20% for the year, however after March, that growth rate is now more than 100% compared to 2025.

Since the start of the war in Iran, with petrol prices rising by over 20%, Oceania in general has been among the first to face concern over supplies at the pump. Australia also saw a significant year-on-year growth rate, with 89% more BEV sales than March 2025. However, this actually represented a lower growth rate than the country had been experiencing so far this year, as the first two months of 2025 were already very strong, with 111% growth, albeit from a lower base. March 2025 is now a record month for Australian BEV registrations, more than 2,000 higher than the previous record set in June last year.