Global electric vehicle (EV) sales rebounded strongly in March, reinforcing expectations for sustained demand growth across key battery raw materials including lithium, nickel, cobalt and graphite.
Benchmark Mineral Intelligence reported 1.75 million EVs sold globally in March, lifting first‑quarter 2026 volumes to approximately four million units. The data points to renewed momentum following a slower start to the year, driven by stronger performances across Europe and parts of Asia.
Australia also recorded a milestone month, with March becoming the strongest on record for battery‑electric vehicle (BEV) registrations—more than 2,000 units above the previous peak set in June 2025.
Benchmark said global EV sales increased 66% month‑on‑month, supported by a post‑holiday rebound in China and record‑breaking results in several European and Asian markets. Europe emerged as the strongest growth engine, with more than 500,000 EVs sold during the month, representing a 72% month‑on‑month increase and 37% year‑on‑year growth, buoyed by subsidy support and higher fuel prices.
China also recorded a sharp monthly recovery, with sales nearly doubling compared with February. However, market volumes remain 21% lower year‑to‑date, reflecting ongoing policy adjustments. Chinese manufacturers continue to rely on exports to support output, though rising overseas inventories indicate potential near‑term demand imbalances.
Outside Europe and China, EV sales rose 79% across the rest of the world, while Europe delivered 27% growth in the first quarter, collectively underpinning a positive demand outlook for battery raw materials.
For the resources sector, Benchmark said the stronger March performance provides renewed confidence that EV adoption trends will continue to support demand for critical battery inputs through 2026.
