Car Market: +14% in 2023 in Europe, Electric Vehicles Growing

The car market in Europe is growing, and sales of electric vehicles are consolidating, approaching 15% of market share.

This has been stated by the European Automobile Manufacturers’ Association (ACEA), which records EU car sales growth of almost 14% in 2023 with 10.5 million new registrations.

In the last month of 2023, the results were contradictory, with significant growth in France and Spain that recorded +14.5% and +10.6% respectively, while the crisis affecting Germany also had repercussions in the sector, dropping 23% in December 2023. Overall, it was the first month of decline after 16 months of growth, with 867,052 units sold, down 3.3%.

Overall, the 2023 result showed +13.9% compared to 2022, with an improvement in all European Union markets, except Hungary (–3.4%). “Double-digit” growth was recorded in Italy (+18.9%), Spain (+16.7%), and France (+16.1%), while Germany’s performance was more modest at +7,3%.

Despite various critical issues, battery electric vehicles have shown significant growth (+37%), surpassing the number of registered diesel vehicles in 2023 and approaching a market share of 15%. Gasoline-powered vehicles (35.3%) continue to lead the market, followed by hybrid vehicles (25.8%), electric (14.6%), and diesel (13.6%).

ACEA forecasts the market to grow at 2.5% for 2024 with 10.7 million units registered, an estimated 20% of which will be electric vehicles.