The domestic market stands in stark contrast to global trends, where energy security concerns are driving a rapid transition to electrification. Following the closure of the Strait of Hormuz and subsequent fuel price volatility, international demand for EVs has surged. The International Energy Agency reports that global sales are projected to reach 23 million units in 2026, capturing nearly 30% of the worldwide passenger vehicle market.

Growth remains particularly aggressive outside of North America. Europe experienced a 30% year-on-year increase in EV sales during the first quarter of 2026, while the Asia-Pacific region outside of China saw an 80% spike. Latin American markets also recorded a 75% rise during the same period. BloombergNEF anticipates that the global momentum will continue, with electric models expected to comprise 52% of all passenger vehicles sold by 2035.