European car market extends growth streak for 15th month by 14.6 percent
Date
11/21/2023 7:48:45 AM
(MENAFN) In October, the European passenger car market extended its growth streak for the 15th consecutive month, experiencing a 14.6 percent year-on-year increase, as reported by an industry group on Tuesday.
According to the European Automobile Manufacturers’ Association (ACEA), new passenger car registrations in the EU reached 855,484 units in October.
The growth was particularly notable in three major markets, with France seeing a 21.9 percent increase, Italy at 20 percent, and Spain with an 18.1 percent rise. The German car market, while still showing growth, had a more moderate annual increase of 4.9 percent in October.
Furthermore, the market shares of battery-electric cars in the EU rose to 14.2 percent in October, up from 12 percent the previous year.
"The year-to-date share now stands at 14 percent, surpassing diesel’s cumulative share for the first time," the report mentioned.
In October, EU registrations for battery-electric cars surged by 36.3 percent from the previous year, totaling 121,808 units. Hybrid-electric cars maintained their status as the second preferred choice among buyers, capturing a 29 percent market share.
Despite gas-powered cars remaining the most favored option, their market share dipped to 33.4 percent in October.
Over the period of January to October, new car registrations in the 27-member EU bloc witnessed a robust year-on-year growth of 16.7 percent, totaling nearly 9 million units.
Notably, all markets within this ten-month period experienced expansion, with the exception of Hungary, as reported by the ACEA.
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