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The European car market’s best post-pandemic year, driven by two million EVs

Tesla eclipsed Nissan and Volvo in 2023, when battery-electric vehicles (EVs) began to rival diesel car sales. For the first time in Europe, EV sales surpassed two million units, totaling 12.79 million vehicles sold in the calendar year.

AutoEV Times by AutoEV Times
February 19, 2024
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The European car market’s best post-pandemic year, driven by two million EVs
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According to industry analyst Jato Dynamics, Europe’s new car market had its best performance since the Covid epidemic, thanks to a 28% increase in electric car sales. In 2023, a total of 12,792,151 automobiles were sold in Europe, up 14% from 2022 and 7% from 2020.

According to Jato Dynamics researcher Felipe Munoz, the increase represents market normality, with supply chain problems caused by the pandemic substantially overcome. However, Munoz added that sales volumes are unlikely to exceed the 15 million units reported in 2019, citing shifting attitudes around automobile ownership and the rising cost of owning a new car. He stated that acquiring a vehicle has become more expensive, and views around ownership are shifting.

Battery Electric Vehicles (BEVs) Boost Growth

BEVs were a major driver of growth in Europe’s new car market in 2023, accounting for 15.7% of total market share (2,011,209 units registered). This set a new high for the category, nearly matching the 2,049,157 registrations of diesel vehicles. Europe remains the world’s second-largest market for BEVs, trailing only China (~5 million units) and ahead of the US (1.07 million units).

BEV fleet and company registrations increased by 51%, while private buyers increased by only 4%. Notably, just 39% of all BEV registrations were made by private customers, a nine-point decline from 2022. Munoz underlined the need of finding private purchasers, adding that the absence of interest from private buyers is a significant.

BEVs grew the fastest in Finland, Denmark, Belgium, the Netherlands, and Luxembourg, building on an already solid base. Strong increase was also observed in markets where BEVs have a limited market share, including Slovenia (5.0% in 2022 to 9.0% in 2023), Estonia (3.4% to 6.8%), and Latvia (6.6% to 9.0%). However, BEVs’ market share in Croatia fell from 3.2% in 2022 to 2.9% last year. The UK market stayed constant, with a tiny decline from 16.6% in 2022 to 16.5% in 2023, while Italy experienced a minor 0.5-point increase. Regionally, Scandinavia leads Europe by a wide margin, with BEVs constituting 46% of the entire market. Northern and Central Europe (19% market share) and Southern.

Chinese brands and Tesla are the big disruptors

Another notable development in the European automotive landscape in 2023 was the sustained dominance of Chinese automakers. Seven new brands hit the market last year, adding to the 23 brands currently available in 2022. Overall, Chinese brands sold 321,918 units in 2023, up 79% year on year. Munoz noted that while Chinese companies had a record market share of 2.6% in 2023, up from 1.7% in 2022, reports of a ‘invasion’ were exaggerated.

Only eight of the 30 Chinese brands available in Europe sold more than 1,000 units, with MG accounting for 72% of that total. The brand, currently owned by China’s SAIC Motor, saw volumes more than double from 113,182 units to 231,818 units last year, reaching a market share of 1.81 percent.

Meanwhile, Tesla continued its meteoric rise up the brand ranks. In 2022, it was the 18th most-registered brand, but it has already surpassed Nissan and Volvo to reach the 16th position.

Tags: automakerselectric vehiclesEuropeanEV newsEVssupply chain
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