Friday, July 12, 2024

Electric Vehicle Market Share in EU Dips to 12.5% in May 2024 Amidst Mixed Performance

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New car registrations in the European Union declined by 3% in May 2024 compared to the same month last year, impacted primarily by decreases in major markets like Italy (-6.6%), Germany (-4.3%), and France (-2.9%). Spain, however, saw a modest increase of 3.4%.

Despite this monthly decline, the year-to-date figures show a positive trend for the EU car market. Registrations for the first five months of 2024 increased by 4.6% compared to the same period in 2023, totaling 4.6 million units. Spain led this growth with a robust 6.8% rise, followed closely by Germany (+5.2%), France (+4.9%), and Italy (+3.4%).

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Credit: Fiat

Electric vehicles (EVs) showed mixed results in May. Battery-electric vehicle (BEV) registrations declined slightly, comprising 12.5% of the market share compared to 13.8% the previous year. Belgium and France saw notable BEV growth (44.8% and 5.4% respectively), while Germany and the Netherlands reported declines (-30.6% and -11.7%). Year-to-date BEV registrations, however, increased by 2% compared to 2023.

Plug-in hybrid electric vehicles (PHEVs) also experienced a downturn in May, with registrations dropping by 14.7%. This decline was particularly evident in Belgium (-36.6%) and France (-19.4%), although Germany managed a slight increase of 1.7%. Despite the decrease, PHEVs maintained a 6.5% market share.

See also: Survey Shows EU Anti-Subsidy Probe Dampening Chinese EV Firms’ Confidence in Europe

Credit: BMW

In contrast, hybrid-electric vehicles showed strong growth, with registrations jumping by 16.2% in May. France (+38.3%), Spain (+25.4%), and Italy (+7.4%) led this surge, pushing the hybrid-electric market share close to 30%, up from 25% in May 2023. Germany was the only major market to see a slight decrease (-0.7%) in hybrid registrations.

Overall, while May marked a dip in new car registrations, the year-to-date performance indicates resilience and growth in the European car market. Consumer preferences and regulatory dynamics continue to shape the trajectory of EV adoption and market trends across the continent.

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