EU car sales up in 2023 boosted by increase in electric vehicles

Companies & MarketsNews
February 6, 2024

February 6, 2024

New car registrations in Europe 2022-2023 (Courtesy ACEA)
New car registrations in Europe 2022-2023 (Courtesy ACEA)

The European Automobile Manufacturers’ Association (ACEA) has reported that, despite a slight fall in December, the European Union’s car market grew 13.9% in 2023, reaching a full-year volume of 10.5 million units.

All EU markets were reported to have grown in 2023 except for Hungary (-3.4%). Most markets achieved double-digit gains, with three of the largest being Italy (+18.9%), Spain (+16.7%), and France (+16.1%). However, Germany recorded a more modest 7.3% year-on-year increase, which was influenced by its weaker performance in December.

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Battery-electric vehicles became the third most popular choice among buyers in 2023, with a 14.6% share. ACEA reported that the overall volume of electric vehicle sales in the EU in 2023 surpassed 1.5 million units, reflecting a substantial 37% increase compared to 2022.

The sales of battery electric vehicles surpassed diesel, which remained steady with a 13.6% market share in 2023. Diesel car sales were reported to reach 1.4 million units, accounting for a market share of 13.6%, down from 16.4% in the previous year.

2023 car registrations in Europe by power source (Courtesy ACEA)
2023 car registrations in Europe by power source (Courtesy ACEA)

New registrations of hybrid-electric cars in the European Union increased by 29.5% in 2023, with over 2.7 million units sold. Hybrid-electric car sales now account for 25.8% of the total market ACEA stated.

In contrast, sales of plug-in hybrid electric cars ended the year on a downward trend, with sales decreasing by 7% compared to 2022. This segment now represents 7.7% of the market share.

Petrol cars still account for the largest share of car registrations in the EU, with some 3.7 million sales in 2023. However, despite maintaining the lead with a 35.3% market share throughout 2023, petrol cars experienced a slight decline from its 36.4% share in 2022.

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Companies & MarketsNews
February 6, 2024

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