Global EV registrations rise, driven by Europe, BMI data shows

Global consumer confidence in electric vehicles continues to show a positive trend. Data for May 2026 indicates an increase in EV registrations, reaching approximately 1.8 million units, a 3% rise compared to the same period last year.

BMI reported that sales of battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) increased for the third consecutive quarter, driven by government incentives and high fuel prices in several countries. Global banking and finance reports on Tuesday (16/6) local time noted that cumulative sales for the first five months of the year rose 0.9% year-on-year.

BMI data manager Charles Lester identified Europe as the main contributor to global EV market growth. The region recorded a 23% increase in EV registrations, reaching around 415,000 units in May 2026. “This increase was mainly driven by government subsidies and high petrol prices, which accelerated consumer purchasing decisions,” Lester said.

However, EV market development remains uneven across regions. China, the world’s largest EV market, recorded a 9% decline in registrations to around 987,000 units in May 2026 compared to the same period last year. This situation is prompting several Chinese automotive manufacturers to expand overseas. According to BMI, the latest trend shows more Chinese manufacturers are exploring partnerships and utilising unused production capacity in Europe.

Meanwhile, the North American market experienced a deeper contraction. EV registrations fell 26% to around 123,000 units in May 2026. The decline was triggered by the expiration of EV tax incentives in the United States and the Trump administration’s policy plans to relax carbon emission regulations. Charles Lester assessed that the focus of the US automotive industry is now shifting back towards internal combustion engine vehicles and hybrid models, while the opening of the Canadian market to some Chinese manufacturers is not expected to be sufficient to alter the growth trajectory of EVs in the region.