Electric cars dominated nearly 47.6 percent of all new passenger car registrations in the European Union between January and November 2023. This impressive surge marks a substantial leap from the 43 percent recorded during the same period in the preceding year.
In November alone, electric vehicles soared past the halfway mark, becoming the preference among consumers. The overall new-car registrations in the EU exhibited a 6.7 percent increase in November, signifying the 16th consecutive month of growth. Notably, electric vehicle registrations witnessed rise of 13.3 percent, the European Automobile Manufacturers Association (ACEA) said in a report .
The data disclosed a shift in consumer preferences. While petrol car registrations witnessed a growth of 4.2 percent, diesel vehicles experienced a sharp decline of 10.3 percent, further underlining the prominence of electric cars in the market.
Fully electric car registrations saw a notable surge of 16.4 percent compared to the previous year, reaching 144,378 vehicles. Interestingly, while Germany, the leading EV market in Europe, faced a decline of 22.5 percent in EV registrations, the electrified vehicle market continued to flourish elsewhere.
Hybrid-electric vehicles emerged as the top choice among consumers in the electrified market, witnessing a substantial year-on-year surge of 28.7 percent. However, demand for plug-in hybrids experienced a decline of 22.1 percent.
Germany, France, and Italy collectively accounted for over 1.5 million hybrid-electric vehicle registrations out of the nearly 2.5 million total vehicles registered in the EU year-to-date.
Despite this surge in electric vehicle adoption, the ACEA cautioned about potential setbacks for the EU’s EV sector without a robust industrial strategy. Concerns loomed regarding China’s dominance in the supply chain and the competitive advantage offered to U.S. automakers through incentives.
Some key players in the automotive industry noted a plateau in the demand for electric vehicles over recent months. Volkswagen expressed concerns in October about the unexpected development of EV demand, while Mercedes-Benz warned of a challenging EV market characterized by significant price reductions and supply chain disruptions, Reuters news report said.
In the realm of registrations, while Volkswagen and Renault observed an increase of 11.4 percent and 6.1 percent, respectively, Stellantis faced a decline of 7.3 percent, as reported by the ACEA.
Elon Musk’s Tesla showcased an impressive surge of nearly 45 percent in November alone, constituting nearly 22 percent of fully electric car registrations in the EU, consolidating its position as a major player in the market.
The ACEA also reported a substantial 6 percent increase in new vehicle registrations in November across the EU, Britain, and the European Free Trade Association (EFTA), totaling 1.08 million vehicles.
November showcased a rise in the market share of battery-electric cars, reaching 16.3 percent from the prior year’s 15 percent. The year-to-date figures held steady at 14.2 percent, surpassing diesel’s stagnant share of 13.7 percent. Hybrid-electric cars stood at a 27.4 percent market share, while petrol cars maintained their dominance at 32.7 percent.
Battery-electric cars experienced a surge in registrations, peaking at 16.4 percent in November, hitting 144,378 units. Although Germany faced a setback with a 22.5 percent decline, Belgium emerged as a significant player with a staggering 150.2 percent increase, securing its spot as the fifth-largest market. However, the year-to-date volume reached nearly 1.4 million units, signifying a substantial 48.2 percent increase over the previous year, capturing a 14.2 percent share of the EU car market.
Meanwhile, registrations of hybrid-electric cars soared by 28.7 percent in November, driven by robust growth in Germany (+38.4 percent), France (+35.8 percent), and Italy (+30.2 percent). This contributed to a cumulative 29.9 percent increase, with sales reaching nearly 2.5 million units as of November, constituting over a quarter of the EU market share.
However, plug-in hybrid electric car sales experienced a 22.1 percent decline to 72,002 units in November. Despite notable increases in some regions, Germany’s substantial drop (-59.3 percent) impacted the overall market share, falling to 8.1 percent compared to last year’s 11.1 percent.