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The International Energy Agency’s (IEA) Global EV Outlook 2026 found more than 15,400 electric vehicles were sold in Australia in April, representing a record 16.4 per cent share of all new car sales.
Globally, electric vehicle sales exceeded 20 million in 2025, marking a 20 per cent increase year on year.
According to IEA executive director Fatih Birol, demand for EVs has accelerated amid fuel shortages linked to the ongoing conflict in the Middle East.
“The growing popularity of EVs has marked a major shift for car makers and the energy system as a whole, and it is providing some relief now amid the largest oil supply shock in history,” she said.
Australian motorists have been hit particularly hard by rising fuel costs, with petrol prices climbing 34 per cent in April compared with the same period in 2025.
Brokers and banks report stronger demand
That growing interest is also beginning to flow through to the asset finance sector.
Following the onset of the conflict, Commonwealth Bank of Australia recorded a 161 per cent increase in weekly loan volumes for new battery electric vehicles in March compared with February.
In the same month, National Australia Bank reported a 100 per cent rise in EV loan volumes overall.
Speaking to Broker Daily, director of Trelos Finance, Nick Lissikatos, said he had also seen demand begin to lift in recent weeks.
“We’ve definitely seen an increase over the last couple of weeks, but not to say that it’s taking over the market,” he said.
“It’s probably still around 20–25 per cent of the market on our financing side.”
Lissikatos added that demand for hybrid vehicles had remained resilient, despite the rollback of tax incentives last year.
“The demand dropped off at that time, but since then it hasn’t slowed down,” he said.
“It’s like the solar incentives for households – people are still installing solar now. The material gains of those cars still outweigh.”
Mixed readings from business borrowers
Businesses are also showing increased interest in EVs as they look to manage operating costs.
NAB reported that EV business finance inquiries rose 88 per cent across March.
However, director of OurCar Finance Brokers, Will Frazer, said he had not seen a comparable rise in completed deals.
“I’m not seeing a huge influx of EVs whatsoever,” Frazer said, noting that around 90 per cent of his client base are businesses.
Frazer added that ongoing economic uncertainty meant many businesses remained hesitant to commit capital to new EV purchases.
“For a lot of businesses, they’re just not turning over or holding as much money. Credit profiles aren’t as strong and, for industries such as construction, overheads have really gone up,” Frazer said.
“I think if people are not worried about the cost of petrol, they’re just not going to buy a car at all.”
[Related: Savvy-backed finance platform Drivemore launches]
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