The European Union enjoyed a thirteen-month straight growth in its new vehicle registrations, with 787,626 units in August (up 21%).
ACEA emphasized that this two-digit growth shows how the domestic automotive industry is recovering from the part supply shortages in 2022.
More importantly, the region’s electric vehicles continue to enjoy registrations growth along with their market share.
Market status per powertrain
ACEA’s data revealed that battery-electric vehicles (BEVs) accounted for a notable 21% of the overall auto market in August. It represents a year-on-year growth of just 11.6% in the same period last year.
This strong performance enabled BEVs to surpass diesel vehicles’ sales for the second time in 2023 and advance as the third top-selling choice among new customers.
Hybrid electric vehicles (HEVs) were the second most popular vehicle type in August, with a 23.9% market share.
Petrol-powered vehicles remain the leading choice, with a share of 32.7%. However, it suffered a notable decline from 38.7% in the same period in 2022.
Electric car registrations
New BEV registrations enjoyed a 118.1% increase to an astounding 165,165 units in August. Notably, the Belgium market reported the highest growth rate in the region of 224.5%. Year to date, BEV registrations surged 62.7% to almost 1 million units.
HEV models had a 29% increase in registrations in the eighth month of the year, largely due to the remarkable growth rate in the following key markets:
Overall, HEV registrations reached almost 1.8 million units from January to August.
On the other hand, plug-in hybrid vehicles noted a 5.5% increase to 58,557 units in the same month, owing to the notable growth in the following markets:
- Netherlands (+44.7%)
- France (+40.5%)
- Sweden (+24.9%)
Petrol-based vehicle registrations had a minimal growth of 2.1%. However, it suffered a YoY market share drop of 6 percentage points from 38.7% to 32.7%.
In contrast, diesel-powered vehicles continue to record a declining market share in August (-6%) to 12.5%.
See Also:
- German EV sales grew by more than two-fold in August 2023
- Affordable EVs to boost two-thirds of global vehicle sales by 2030, report says
- Electric vehicle sales in US crossed critical mark in June
- Tata.ev to have its own sales network, company executive reveals
- LGES to triple global sales with US expansion strategy
The growth of the European electric vehicle industry is unsurprising, considering the government’s efforts to promote the technology. The automakers in the region have also launched multiple EV models to take advantage of the flourishing market, offering a wider range of options for new buyers.
