Electric Vehicles Sales to Hit 23m in 2026 as African Market Doubles

Electric vehicle (EV) sales worldwide are anticipated to hit a record 23 million units in 2026, even as the global automobile market experiences a downturn. The International Energy Agency (IEA) projects that EVs will constitute 29% of all new vehicles sold globally this year, an upward revision from previous estimates, despite an expected 2% decline in overall car sales due to economic uncertainty and geopolitical tensions.

The African market is showing remarkable growth, with EV sales more than doubling in the first six months of 2026 to surpass 30,000 units. South Africa saw its EV sales increase more than fivefold year-on-year, while Egypt's sales more than tripled. This surge indicates a growing demand for cleaner transportation across the continent, supported by increasing government initiatives such as import duty waivers in Kenya and mandates for electric vehicle procurement in public institutions in Rwanda.

Despite challenges in the broader automotive industry, including weakening demand and rising costs, the demand for electric vehicles remains strong. The IEA attributes this resilience to heightened concerns over fuel security and fluctuating oil prices. The report, titled “Electric Car Markets in a Time of Uncertainty,” notes that road transport accounts for nearly half of global oil consumption, making nations reliant on imported petroleum particularly vulnerable to price shocks. Accelerating electric mobility is thus seen as a key strategy for enhancing energy security, reducing oil imports, and protecting consumers from volatile fuel costs.