The European car market experienced a mixed bag of results in October 2024. While overall registrations inched up 1.1%, significant variations were observed across different segments and markets.
Ten months into 2024, new car registrations stabilized, reaching 8.9 million units year-to-date.
The battery-electric car market share for October 2024 remained stable at 14.4%. The year-to-date volumes dropped by 4.9%, while market share also fell to 13.2% from 14% last year.
Plug-in hybrid car registrations for October 2024 also declined by 7.2%. The market share for this type of vehicle reached 7.7% this month, a decrease of 0.7 percentage points compared to the same period last year.
Registrations of battery-electric cars rose by 2.4% to 124,907 units in October 2024. However, year-to-date market volume remained 4.9% lower than the same period last year, with the total market share at 14.4%. This decline was primarily driven by a significant decrease in registrations in Germany (-26.6%).
Plug-in hybrid car registrations fell by 7.2% last month, following significant declines in France (-26.9%) and Italy (-24.9%). In October, plug-in hybrids accounted for 7.7% of the car market, down from 8.4% last year. Year-to-date volumes were also down, decreasing by 7.9% compared to the same period last year.
Hybrid-electric registrations increased by 17.5% in October, with market share rising to 33.3%, up from 28.6% last October, exceeding for the second consecutive month petrol car registrations.
In October 2024, petrol car sales dropped by 6.8% overall. France experienced the steepest drop, with registrations plummeting by 32.7%, followed by Italy with a 10.1% decline. Spain recorded a more modest decrease of 1.6%, while Germany was the only major market to show growth, with petrol car registrations increasing by 3.7%.
Petrol cars now account for 30.8% of the market, down from 33.4% in the same month last year. The diesel car market declined by 7.6%, resulting in a 10.9% market share last October. Overall, decreases were observed in almost two-thirds of EU markets.
The European car market remains dynamic, with electric vehicles gaining traction and traditional fuel types facing challenges. The industry’s future trajectory will be shaped by factors like government policies, consumer preferences, and technological advancements.
[source: ACEA]
