Key facts
- US electric vehicle sales are now projected to be 17% of total passenger vehicle sales in 2030, down from a previous forecast of 27%.
- The reduction in US EV adoption projections is attributed to the Trump administration ending incentives for electric vehicle purchases.
- Globally, electric vehicle sales are expected to reach nearly 30% of all car sales this year.
- Spiking fuel prices, exacerbated by the closure of the Strait of Hormuz and the Iran war, are a key driver of increased global EV demand.
- EV sales saw significant year-on-year growth in Q1 2026 across Europe (30%), Asia Pacific excluding China (80%), and Latin America (75%).
Electric vehicle adoption in the United States is facing a slowdown, with projections for 2030 now standing at just 17% of total passenger vehicle sales, a significant decrease from last year's 27% forecast. This downward revision by BloombergNEF is largely attributed to the Trump administration's decision to end incentives for EV purchases.
In contrast to the cooling US market, global demand for electric vehicles is accelerating rapidly. The International Energy Agency (IEA) anticipates that EVs could account for nearly 30% of all car sales worldwide this year. This surge is partly driven by spiking fuel prices following geopolitical events, including the closure of the Strait of Hormuz and the Iran war, which are prompting consumers to consider or switch to electric and hybrid vehicles.
Regional growth figures highlight the global momentum: Europe saw a nearly 30% year-on-year increase in EV sales in the first quarter of 2026. The Asia Pacific region, excluding China, experienced an 80% surge, while Latin America recorded a 75% increase in EV sales during the same period. BloombergNEF further projects that 27% of cars sold globally in 2026 will be electric, a substantial rise from 9% five years prior, with over half of all passenger vehicles expected to be electric by 2035.