In January 2024, the EU new car market recovered from the slowdown in December 2023, with registrations up 12.1 percent year-on-year to 851,690 vehicles. This is shown by the data of the European Association of Automobile Manufacturers (ACEA), published on the website of the organization.
The bloc’s biggest markets reported significant growth with single- or double-digit gains – Germany (+19.1 per cent), Italy (+10.6 per cent), France (+9.2 per cent) and Spain (+7 .3 percent).
In January, electric cars had a market share of 10.9 percent (up from 9.5 percent in January 2023), and hybrid electric cars were around 30 percent, confirming their position as the second most preferred choice among buyers in the EU. The combined market share of petrol and diesel cars totaled almost 50 per cent in January 2024, down from 54 per cent a year ago.
In January 2024, sales of new electric cars jumped by 28.9 percent to 92,741 vehicles with a total market share of 10.9 percent. The region’s four largest markets accounted for 66 percent of all electric car registrations, reporting huge double-digit gains: Belgium (+75.5 percent), the Netherlands (+72.2 percent), France (+36.8 per cent) and Germany (+23.9 per cent).
In January, new registrations of hybrid electric cars jumped by 23.5 percent, with significant growth in the four main markets: Spain (+26.5 percent), France (+29.9 percent), Germany (+24, 3 percent) and Italy (+14.2 percent). This resulted in the sale of 245,068 cars in the first month of 2024 or 28.8 percent of the market share in the EU.
Sales of plug-in hybrid electric vehicles rose 23.8 percent to 66,660 vehicles in January 2024 after a decline in December 2023. This growth was mainly driven by significant sales increases in key markets such as Belgium (+65.2 percent) and Germany (+62.6 percent). As a result, plug-in hybrid electric cars are 7.8 percent of total car sales in the EU.
In January 2024, the gasoline car market in the EU grew by 4 percent due to the jump in sales in key markets such as Italy (+26.7 percent) and Germany (+16.9 percent). Although it maintained its leading position with 35.2 percent, the share of gasoline cars decreased from 37.9 percent in the same month last year.
On the other hand, the diesel car market shrank by 4.9 percent in January. This decline was evident in several markets, including three of the largest: France (-23.4 percent), Spain (-10.2 percent) and Italy (-8.7 percent). Germany is not part of this trend with a growth rate of 4.3 percent. In January 2024, diesel car sales reached 114,415 vehicles or a market share of 13.4 percent, down from 15.8 percent in 2023.
Bulgaria ranks second in the EU for car sales in January 2024 with an increase in market share of 24.4 percent compared to the same month last year, second only to Croatia (+30.7 percent). However, sales of electric cars decreased by 15.1 percent in January 2024 compared to January 2023, plug-in hybrid cars saw growth of 135.7 percent, and hybrid electric cars – by 25.5 percent.
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