FYI: The European automotive market saw a shift in November, with hybrid vehicles gaining traction as electric and traditional fuel-powered cars faced declines.
European Car Market Faces Shifts Amid Declining EV Registrations
As 2024 draws to a close, the European automobile landscape tells a tale of fluctuating dynamics. Notably, the electric vehicle (EV) sector presents an ambiguous picture, as it delivers a mixed bag of results across various regions.
Diverse Trends Across Nations
The data depicting the success of EVs across Europe appears contradictory when examined on a country-by-country basis. For example, while Greece, Cyprus, Ireland, and Czechia reported significant spikes in EV registrations—some even triple-digit—other major players such as Croatia, France, Germany, and Romania experienced significant dips in November compared to the previous year.
Considering the broader European market, the European Free Trade Association (EFTA), comprising Iceland, Norway, and Switzerland, along with the UK, also contribute to the overall statistics. According to the European Automobile Manufacturers’ Association (ACEA), the EU saw a 9.5% fall in EV registrations in November year-on-year. Contrastingly, when EFTA and the UK figures are considered, there was a slight increase of 0.9%.
Year-To-Date Overview and Market Dynamics
The year-to-date numbers illustrate a 5.4% decline in EV registrations within the EU compared to last year. In contrast, including EFTA and the UK, this drop slightly adjusts to 1.4%. So far, about 1,787,600 EVs have been registered across Europe, falling from last year’s 1,812,987. Several countries, notably Germany, France, and Romania, have cut back or removed incentives for all-electric vehicles, which reflects in their reduced registration numbers.
Hybrid Vehicles: The Rising Stars
In the otherwise tumultuous automotive landscape, hybrid vehicles stand out as consistent achievers. November saw a 16.4% surge in hybrid vehicle registrations compared to last year. Altogether, 3,704,732 hybrids were registered in the EU, EFTA, and UK this year—a promising 18.7% growth from 2023.
Conversely, plug-in hybrids (PHEVs) recorded an 8.6% decline during November, with 83,400 registrations tallied. Throughout the year, the drop amounted to 4.6%, with a total of 860,739 units registered. Gasoline and diesel vehicles have also diminished, with gasoline seeing a 12.4% and diesel a 15.4% reduction in November.
Market Overview: Key Takeaways
The overarching European automobile market, encapsulating the EU, EFTA, and UK, witnessed a 2% downturn in November. However, thanks to the impressive growth in hybrid registrations, the year-to-date market saw a slight overall increase of 0.6%.
A notable trend is the dwindling market share for gasoline and diesel cars. As of November 2024, gasoline vehicles have slipped to a 33.4% market share, down from 36% last year. Diesel cars now hold 10.6%, dropping from 12% in 2023. All-electric vehicles have descended from a 15.4% to a 15.1% market share, while plug-in hybrids reduced their share from 7.6% to 7.2%. In contrast, hybrids have jumped from a 26.5% to a 31.2% share, underscoring their rising appeal in a transitioning market.
Conclusion
As we navigate these shifting tides in the automotive industry, hybrid vehicles emerge as a beacon of growth amidst an otherwise overcast sky dominated by declining electric and traditional fuel-powered vehicles. With ongoing market changes and policy adaptations, it remains crucial to monitor how these trends evolve.
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William Kouch, Editor of Automotive.fyi
