Surge in New Car Registrations and Electric Vehicle Market Share in the EU
In October 2023, the European Union witnessed a significant increase in new car registrations, with a notable rise in the market share of battery-electric vehicles, marking a shift in consumer preferences towards more sustainable options.
Robust Growth in New Car Registrations
October 2023 saw a substantial increase in new car registrations in the EU, rising by 14.6% to 855,484 units. This boost represents the fifteenth consecutive month of growth. Major contributions came from France, Italy, and Spain, each recording double-digit growth rates. Germany, while still growing, reported a more modest increase compared to its counterparts.
Looking at the first ten months of 2023, new car registrations increased by 16.7%, totaling almost nine million units. All EU markets experienced growth, with the notable exception of Hungary. The four largest markets - Italy, Spain, France, and Germany - were significant contributors to this upward trend."
Electric Vehicles Gain Ground
In the realm of electric vehicles, battery-electric cars experienced a surge in popularity. In October, their market share rose to 14.2%, up from 12% in the previous year. This growth is reflected in the year-to-date figures, where battery-electric vehicles hold a 14% market share, surpassing diesel for the first time. Hybrid-electric cars also saw an increase, securing nearly 29% of the market, while petrol cars, despite maintaining the lead, dropped to 33.4% market share.
Specifically, EU registrations of battery-electric cars in October 2023 skyrocketed by 36.3%, reaching 121,808 units. This growth was fueled by substantial increases in Belgium and Denmark. Germany, the largest market for battery-electric cars, showed a modest growth after a previous slowdown. The total year-to-date volume for battery-electric cars reached 1.2 million units, a significant 53.1% increase from the previous year.
Changing Dynamics in Fuel Types
October 2023 also marked shifts in the popularity of different fuel types. While petrol cars saw an 8.1% growth in the EU, their market share shrank from 35.4% to 33.4%. In contrast, the diesel car market continued its decline, dropping by 13.2% and reducing its market share to 12%. This trend was consistent across the bloc's major markets, with a noticeable decrease in France, Spain, Germany, and Italy.
Plug-in hybrid electric cars experienced a 5% decrease in sales year on year, with their market share declining from 10.2% to 8.4% in October. Despite increases in countries like Belgium and France, the overall decline in Germany, the largest market for this type, significantly impacted these figures.
