EVs saved oil importers $20bn in six months as 15 countries pass the US on EV share

Energy think tank Ember has launched a monthly EV sales tracker covering 56 countries, which together account for more than 90% of electric car sales and over 80% of all car sales worldwide. Its first analysis, published on 14 October, ties the growth of EVs to the oil shock that followed the disruption of shipping through the Strait of Hormuz in March.

$20 billion of oil not bought

Ember estimates that from March to August 2026, electric cars in oil-importing countries displaced about 200 million barrels of crude, worth around $20 billion. China accounts for the biggest share at $14 billion. EU member states saved a further $3.1 billion, led by Germany and France. Denmark's EV fleet already displaces oil equal to 13% of the country's yearly consumption.

"Every electric car on the road reduces exposure to volatile oil markets," said Ember senior energy analyst Euan Graham.

The US falls behind

After federal EV support was rolled back in 2025, battery EVs (BEVs) made up 6% of US light-vehicle sales in the first eight months of 2026. Of the 56 countries Ember tracks, 49 now have a higher BEV share than the US, and 15 passed it for the first time this year. They include India, Brazil, Italy, Malaysia and New Zealand. India has beaten the US share every month since April.

Global picture

• BEVs reached 18% of new-car sales worldwide in January to August, up from 16% a year earlier.
• BEV sales rose 11% year on year, while plug-in hybrids fell 12% and combustion cars fell 6%.
• Outside China and the US, BEV sales grew by an estimated 45%.
• 49 of 56 countries set a record BEV share in 2026.

Ember points to local industry as part of the story. Tata and Mahindra sold more than 60% of India's EVs in the first half of the year, and Brazil is growing as a regional manufacturing hub. Policy matters too: France's social leasing scheme pushed its BEV share above 30% for the first time, Germany's sales picked up after new subsidies, and Japan's BEV sales doubled after it introduced help with upfront costs.

These are Ember's own estimates, based on its sales data and oil-displacement modelling. If you already drive electric, our EV battery care guide helps keep the pack healthy for longer.