The European automotive market enjoyed a 14.6% year-on-year growth in vehicle registrations to 855,484 units in October 2023, signifying fifteen months of subsequent growth.
Likewise, electric vehicles also reported a notable increase in registrations last month, officially surpassing diesel-powered cars for the first time.
EV registrations – October 2023 and YTD
According to ACEA, all-electric vehicle (BEV) registrations surged 36.3% YoY to 121,808 units in October. Year to date, the region has already registered 1.2 million units. It indicates a 53.1% YoY increase and a market share of 14% in the first ten months of the year.
Hybrid electric vehicles (HEVs) also enjoyed a 38.6% growth in October, raising the YTD figure to 2.2 million units.
On the other hand, plug-in hybrids (PHEVs) declined 5% YoY to 72,002 units in October. At the same time, its market share also dropped to 8.4% from 10.2%.
EVs beat diesel-powered cars for the first time
The report noted that BEVs have successfully exceeded the diesel vehicle registration record so far this year in October.
BEVs now hold a 14.2% market share, while diesel only had 12% of the market. However, petrol cars continue to dominate with a market share of 33.4%, followed by HEVs’ 28.6% share.
PHEV claimed 8.4% of the market, while others took the remaining 3.4%.
“In October, the market share of battery-electric cars rose to 14.2%, up from 12% in the same month last year. The year-to-date share now stands at 14%, surpassing diesel’s cumulative share for the first time.”
ACEA
Top markets in EV uptake
Europe’s key markets apparently facilitated the notable growth in BEV registrations last month, including Belgium (+147.3%) and Denmark (+100.7%).
Europe’s largest BEV market, Germany, only reported a slight increase of 4.3% YoY due to a slowdown in September.
Meanwhile, Germany (+57.9%), France (+40.1%), and Italy (+28%) boosted the significant increase in HEV registrations.
Despite the notable advancement of plug-in hybrids in Belgium (+70.2%) and France (+34.2%), PHEVs still suffered from a 5% YoY drop due to Germany’s 49% downfall.
The notable growth of BEV registrations and market share demonstrates the EU’s unstoppable shift to sustainable and clean mobility. It will be exciting to see zero-emission vehicles beat traditional powertrains in the near future.
