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US-Iran War Fuels Oil Price Hikes, Accelerating EV Market Recovery
High Oil Prices Expected to Accelerate EV Market Recovery
With the prolonged high oil prices resulting from the US-Iran war, the electric vehicle (EV) market is anticipated to enter a recovery phase. This shift is also expected to benefit domestic battery companies. SNE Research, an energy market research firm, stated in a recent report that "due to the impact of rising oil prices from the US-Iran war, global EV market demand, which has been stagnant for the past three years, will be brought forward by 0.5 years compared to previous forecasts this year."
Significant Increase in EV Penetration and Demand Forecasts
SNE Research further projects that EV demand will accelerate by one year in 2027 and by over two years in 2028. Notably, the global EV penetration rate is now expected to increase sharply from an initial 27% to 29% this year, and from 30% to 35% in 2027. Oh Yik-hwan, Vice President at SNE Research, explained that "consumers' experience with rapid oil price increases will lead to an earlier adoption of EVs due to concerns over future uncertainty."
*Source: v.daum.net (2026-04-07)*
