Fuel Price Shock Pushes Global Gas Car Sales Below 50% for First Time
OPEC+ Holds November Quota at 31.01 Million Barrels Daily What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… The share of gasoline cars in global vehicle sales fell below 50% for the first time ever as the Hormuz shock and the resulting record-high fuel prices accelerated the previously sluggish shift toward EVs outside China.
A few years ago, China blew past the threshold of 50% of all car sales being hybrids and EVs, and the share is now about 55%.
But the rest of the world didn’t follow until the Iran war disrupted the fuel markets.
Global sales shares of EVs are far from the Chinese numbers, but the shift toward electric vehicles has been remarkably fast amid spiking gasoline and diesel prices, which pushed many consumers to choose EVs.
The surge in gasoline prices this year led to the first dip in the share of gasoline-fueled cars below 50%, ever, according to data by automotive data and analytics provider Mobility Global cited byNikkei Asia.
Between January and June, sales of gas-powered vehicles, excluding hybrids, slumped by 10% from a year earlier, to 20.25 million cars, and their share of total global automotive sales fell by 3 percentage points to 49%, the data showed.Related: G7 Moves to Release 100 Million Barrels to Counter Diesel Crisis For years, the EV uptake in markets outside China was sluggish and lagging forecasts, but the Hormuz crisis, the $100 oil prices, and record diesel and gasoline prices pushed many consumers in Europe, South America, and Asia Pacific toward EVs.
Battery electric vehicle sales in Europe, including the UK, Switzerland, and Norway, surged by 52.2% in August from a year earlier as record-high gasoline and diesel prices prompted drivers to flock to battery and hybrid vehicles, data by the European Automobile Manufacturers’ Association, ACEA,showedlast month.
BEV sales in Germany, the biggest car market in Europe, soared by 75% in August year-over-year, as gasoline prices in Germany hit an all-time high of 2.31 euros per liter, or the equivalent of about $10 per gallon.
EV sales in France, another major European market, more than doubled.
In Germany, where the government introduced a purchase premium for EVs from January 2026, sales are accelerating, ananalysisby the German Institute for Economic Research, DIW, showed earlier this week.
One in every four passenger cars sold in Germany between January and August was a pure battery electric vehicle, while the share in August was even higher – one in every three passenger cars sold was a BEV, according to the analysis.
This compares to an average of 19% in 2025.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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