Electrification is gaining ground as new vehicles sold in Europe that can run on electricity currently account for half of the registrations.
In February 2024, Europe's car market increased in terms of new vehicle sales by 10.1% compared to the same month last year, reaching 883,608 units. Among the big four EU markets, France (+13%) and Italy (+12.8%) posted double-digit growth, with Spain (+9.9%) and Germany (+5.4%) they follow.
In the first two months of this year, car registrations increased by 11.2% to 1.7 million units. The bloc's major markets recorded solid growth, with Germany (+11.8%), Italy (+11.7%), France (+11.2%) and Spain (+8.7%) record high single or double digit profits.
In February, the battery electric cars (BEV – Battery Electric Vehicle) had a market share of 12%, as in the corresponding month of 2023, while the hybrid electric cars (HEV – Hybrid Electric Vehicles) occupied almost 29%. The combined market share of cars gasoline and diesel it was 48.4% in February 2024, up from 51.9% last year.
Electric cars
In February 2024, sales battery electric cars increased by 9% reaching 106,187 units, maintaining a stable market share of 12%. Among the four largest markets, Belgium (+66.9%), France (+31.8%) and the Netherlands (+20.9%) posted significant double-digit gains, while their registrations in Germany fell by 15, 4%, mainly due to the abolition of subsidies.
The sales new hybrid electric cars increased by 24.7%, due to significant growth in the four largest markets: France (+41.5%), Spain (+26.5%), Germany (+16.4%) and Italy (+ 16.1%) , collectively representing over 70% of sales in the EU. Sales totaled 255,511 units, representing 28.9% of the market.
The records of plug-in hybrid electricsn cars also increased by 11.6% to 64,351 units, due to steady growth in key markets such as Germany (+22.3%), Belgium (+21.8%) and France (+11.8%). PHEVs now account for 7.3% of car sales in the EU.
Gasoline and diesel engines
In February 2024, the market gasoline engines cars of the EU registered a rise of 6.1%, mainly due to increases in the four largest markets – notably Italy (+33.4%). The sign was positive in Spain (+3.7%), Germany (+2.3%) and France (+2.1%). Although gasoline remains the most popular energy source among buyers, the market share of gasoline-powered vehicles fell from 36.9 percent to 35.5 percent this year.
The market of diesel cars contracted by 5.1% in February. A decline was recorded in several markets, including three of the largest: France (-30.5%), Spain (-17.4%) and Italy (-11.8%). Germany bucked this trend, with diesel sales up 9.7%. Diesel car sales totaled 113,891 units, representing a market share of 12.9%, up from 15% last year.