In January 2024, the EU new car market rallied from the slowdown experienced in December 2023, with year-on-year car registrations increasing by 12.1% to 851,690 units. The trade bloc’s major markets all saw significant growth, with Germany (+19.1%), Italy(+10.6%), France (+9.2%), and Spain (+7.3%) posting either high single-digit or double-digit gains, according to ACEA.*
The EU diesel car market contracted by 4.9% in January. However new battery-electric car sales surged by 28.9% to 92,741 units, representing a total market share of 10.9%. The four largest markets in the region, together covering 66% of all battery electric car registrations, recorded double-digit gains: Belgium (+75.5%), the Netherlands (+72.2%), France (+36.8%), and Germany (+23.9%).
Improvement.
Observations and Trends
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- In January, new EU registrations of hybrid-electric cars increased by 23.5%, impelled by significant growth in the four biggest markets: Spain (+26.5%), France (+29.9%), Germany (+24.3%), and Italy (+14.2%). This led to the sale of 245,068 units in the first month of 2024, representing 28.8% of the EU market share.
- Sales of plug-in hybrid electric cars rebounded after a decline in December 2023, rising by23.8% to 66,660 units in January 2024. This was primarily largely from significant increases in key markets such as Belgium (+65.2%) and Germany (+62.6%). As a result, plug-in hybrid electric cars now represent 7.8% of total car sales in the EU.
- In January 2024, the EU petrol (gasoline Yank) car market expanded by 4%, propelled by notable increases in key markets such as Italy (+26.7%) and Germany (+16.9%). Despite maintaining its lead with 35.2% of the market in January, the share of petrol cars decreased from 37.9% in the same month in 2023.
- Conversely, the EU diesel car market contracted by 4.9% in January. This decline was evident in several markets, including three of the largest: France (-23.4%), Spain (-10.2%) and Italy (-8.7%). Germany Diverged from this trend with a 4.3% growth rate. In January 2024, diesel car sales reached 114,415 units, accounting for a market share of 13.4%, down from 15.8% in 2023. (See AutoInformed on Germany Bucks Death of the Diesel Trend)
*ACEA: The European Automobile Manufacturers’ Association (ACEA) represents the 14 major Europe-based car, van, truck and bus makers: BMW Group, DAF Trucks, Daimler Truck, Ferrari, Ford of Europe, Honda Motor Europe, Hyundai Motor Europe, Iveco Group, JLR, Mercedes-Benz, Renault Group, Toyota Motor Europe, Volkswagen Group, and Volvo Group. Data source is ACEA, based on aggregated data provided by national automobile associations, ACEA members and S&P Global Mobility. Some of the interpretations are AutoInformed’s.
January 2024 EU New Car Registrations Up 12%
In January 2024, the EU new car market rallied from the slowdown experienced in December 2023, with year-on-year car registrations increasing by 12.1% to 851,690 units. The trade bloc’s major markets all saw significant growth, with Germany (+19.1%), Italy(+10.6%), France (+9.2%), and Spain (+7.3%) posting either high single-digit or double-digit gains, according to ACEA.*
The EU diesel car market contracted by 4.9% in January. However new battery-electric car sales surged by 28.9% to 92,741 units, representing a total market share of 10.9%. The four largest markets in the region, together covering 66% of all battery electric car registrations, recorded double-digit gains: Belgium (+75.5%), the Netherlands (+72.2%), France (+36.8%), and Germany (+23.9%).
Improvement.
Observations and Trends
*ACEA: The European Automobile Manufacturers’ Association (ACEA) represents the 14 major Europe-based car, van, truck and bus makers: BMW Group, DAF Trucks, Daimler Truck, Ferrari, Ford of Europe, Honda Motor Europe, Hyundai Motor Europe, Iveco Group, JLR, Mercedes-Benz, Renault Group, Toyota Motor Europe, Volkswagen Group, and Volvo Group. Data source is ACEA, based on aggregated data provided by national automobile associations, ACEA members and S&P Global Mobility. Some of the interpretations are AutoInformed’s.