Europe: EV sales grow 29 per cent in January

While petrol and diesel-powered cars still make up the majority of new registrations in the European Union, the number of electric cars is on the rise. They accounted for 10.9 per cent of the market share in January - up from 9.5 per cent last year.

A total of 92,741 battery electric cars were sold in the EU in January 2024. That is an increase of 28.9 per cent YoY, according to figures from the European Automobile Manufacturers’ Association (ACEA). The four largest markets were Belgium (+75.5%), the Netherlands (+72.2%), France (+36.8%), and Germany (+23.9%). Together, they accounted for 66 per cent of EV sales in the EU.

Adding to that, the number of BEVs sold in the EFTA nations (Iceland, Norway, Switzerland) and the UK, the number of battery electric cars sold in January totals 102,926 units. With a plus of 29.3 per cent, the increase YoY is similar to that in the EU. However, just looking at EFTA nations, sales increased 69.7 per cent, reaching 7,250 units, compared to 4,273 units in January 2023.

acea passenger car registrations jan 2024 — Image: ACEA

acea market share drives jan 2024 — Image: ACEA

Hybrids and plug-in hybrids also remain popular. In fact, hybrids are the second most preferred choice among EU car buyers, according to ACEA figures. In the first month of 2024, a total of 245,068 hybrids were sold in the EU. That means registrations of hybrid-electric cars increased by 23.5 per cent YoY, mainly driven by the EU markets Spain (+26.5%), France (+29.9%), Germany (+24.3%), and Italy (+14.2%). The number of plug-in hybrids sold in January reached 66,600 units, representing an increase of 23.8 per cent.

Here, too, the ACEA provides separate figures for EFTA and UK. The bottom line remains similar to the EU level: 21.4 per cent more hybrids were sold in January 2024 than in January 2023, and 24.4 per cent more plug-in vehicles. However, it is interesting to note that the number of hybrids sold in EFTA nations shrunk by 4.4 per cent compared to last year. The UK, on the other hand, say 14.7 per cent growth.

In terms of market share, diesel and petrol-powered cars still account for almost half of sales – petrol accounts for 35.2 per cent and diesel for 13.4 per cent. Hybrids account for 28.8 and battery-electric vehicles for 10.9 per cent. PHEVs take the fourth spot with a market share of 7.8 per cent. That means 18.7 per cent of all cars sold in the EU in January had a plug.

The ACEA also publishes a manufacturer ranking, but does not differentiate between different drive types in terms of sales. The Volkswagen Group sold 221,011 units across all drive systems in the EU in January 2024, an increase of 11.5 per cent compared to January 2023. That translates to a market share of 25.9 per cent, on par with the 26.1 per cent market share in January 2023.

In general, the EU new car market “rebounded from the slowdown experienced in December 2023,” growing 12.1 per cent YoY to 851,690 units.

acea.auto, acea.auto (figures, PDF)