Amid the combined effects of the energy crisis, policy adjustments, and regional demand divergence, the global EV market has entered a phase of profound differentiation. According to data released by Benchmark Mineral Intelligence, a research and consulting firm specializing in electric vehicles and battery supply chains, global EV sales reached 4 million units in the first quarter of 2026, down 3% year-on-year. However, focusing solely on March data, sales hit 1.75 million units, up 66% month-on-month and 3% year-on-year.

Fueled by soaring oil prices, the European market is making history, while the Chinese market adjusts amid policy rollbacks, the North American market remains sluggish, and emerging markets are becoming new growth poles. Charles Lester, Data Manager at BMI, stated that despite the strong rebound in the global EV market in March 2026, significant regional differentiation persists as structural pressures continue to weigh on key markets.

▍Europe: A Historic Breakthrough Driven by the Energy Crisis

Europe has emerged as a clear growth engine for the global EV market. In March 2026, European EV sales surpassed 500,000 units for the first time, setting a new record. Monthly sales rose 72% sequentially and 37% year-on-year, with both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) reaching record highs.

The core driver of this explosive growth is the energy crisis triggered by the Middle East conflict, which has pushed gasoline prices higher and threatened supply disruptions, influencing consumer purchasing decisions and driving demand for zero-emission vehicles. According to The Guardian, Ajay Bhatia, CEO of Mobile.de, Germany's largest online automotive marketplace, noted that EV inquiries in both new and used car markets surged by more than 50% in March compared to February. Meanwhile, inquiries for gasoline and diesel vehicles declined, while those for hybrids and mild hybrids with smaller batteries rose slightly by 4%.

In the UK, March coincided with a license plate registration change cycle, compounded by rising fuel costs, leading to a 31% year-on-year sales increase—a record high. In France, despite price caps imposed by suppliers like TotalEnergies, soaring gasoline prices triggered "panic buying" and supply disruptions at gas stations, with BEV sales surging 69% year-on-year, far exceeding the 36% growth in the previous two months. Austria, Belgium, Finland, Italy, Portugal, Spain, and other countries also saw record-high BEV sales.

Notably, Chinese automakers are playing an increasingly important role in the heart of Europe. In Italy, Leapmotor accounted for nearly 30% of BEV sales in the first quarter of 2026, with the combined share of Chinese brands approaching 40%.

▍China: Growing Pains Amid Policy Rollbacks

As the world's largest EV market, China's performance in Q1 was less than optimistic. Data shows that EV sales reached 1.9 million units in the quarter, down 21% year-on-year. While March sales nearly doubled sequentially, this was largely a seasonal rebound following a low base during the Lunar New Year holiday.

Despite short-term fluctuations in the domestic market, overseas performance stood out. According to the China Association of Automobile Manufacturers, new energy vehicle (NEV) exports reached 371,000 units in March, up 1.3x year-on-year, with Q1 exports totaling 954,000 units, up 1.2x year-on-year.

▍North America: A Collective Retreat Amid a Policy Vacuum

The North American market is mired in persistent sluggishness. EV sales in the region reached 320,000 units in Q1 2026, down 27% year-on-year, with the U.S. declining 27% and Canada 25%. While U.S. sales surpassed 100,000 units in March—the highest monthly figure since the federal tax credit expired in Q3 2025—the overall downward trend remains unreversed.

The North American market's struggles stem from a dual collapse in policy support and automaker confidence. Honda recently canceled the development and launch of new models, including the Afeela, its joint venture with Sony. These decisions likely reflect the triple pressure of subsidy rollbacks, weak demand, and lagging charging infrastructure.

▍Rest of the World: Exponential Growth in Emerging Markets

Shifting focus away from the three major markets—China, the U.S., and Europe—reveals even more extreme growth trajectories in "peripheral markets." In Q1 2026, EV sales in the rest of the world totaled 600,000 units, up 79% year-on-year. In New Zealand, BEV registrations soared 263% year-on-year in March, pushing the cumulative annual growth rate above 100%. In Australia, BEV sales rose 89% year-on-year in March, slightly below the 111% growth in the previous two months but still sufficient to set a new monthly record, exceeding the previous peak by over 2,000 units.

Oceania has become one of the first regions to face concerns over gas station supply disruptions, with gasoline prices rising over 20% since the outbreak of the Iran war. These markets, characterized by low EV penetration, high dependence on Gulf oil, and relatively stable policy environments, may not be decisive variables in global sales but reveal another path for EV growth. When energy crises strike, hesitant markets can respond aggressively.

BMI forecasts significant growth in many Asian regions, where dependence on Gulf oil is typically higher, and the impact of gasoline prices and supply disruptions is more direct. In South Korea, EV registrations more than doubled year-on-year in March. In Japan, where BEVs previously accounted for less than 2% of new car sales, the country is now "finally seeing a full-scale shift toward electric vehicles" amid rising energy costs.

Global EV data for Q1 2026 sends a clear signal: the era of growth dividends is fading, and market competition is entering a new phase of Stock game (stock competition). Consumers in different regions are making purchasing decisions based on entirely different logics—Europeans are switching to EVs due to high oil prices, Chinese buyers are hesitating amid subsidy rollbacks, Americans are exiting due to policy vacuums, while consumers in Oceania and other Asian regions are accelerating electrification amid energy crises.

But all these stories point to a common conclusion: the structural shift toward electrification is now inevitable. For automakers, global strategies must be reevaluated; for consumers, EVs are transitioning from a policy-driven choice to an economically driven necessity.

Layout 丨 Zheng Li

Source 丨 Benchmark

Image Source 丨 Qianku.com