European car market experience 13.7 percent expansion last month
Date
5/22/2024 5:51:24 AM
(MENAFN) The European car market experienced significant expansion in April, with new registrations totaling 913,995 units, marking a robust year-on-year increase of 13.7 percent, according to data released by the European Automobile Manufacturers Association (ACEA) on Wednesday. Major markets such as Spain, Germany, France, and Italy exhibited notable growth rates, with Spain leading the pack with a 23.1 percent surge, followed by Germany at 19.8 percent, France at 10.9 percent, and Italy at 7.7 percent.
ACEA noted that this growth can be partially attributed to the presence of two additional sales days compared to the same period last year, as Easter holidays fell in April last year. The extension of sales days likely contributed to the heightened activity in the car market during the month.
Looking at the cumulative performance for the first four months of the year, new car registrations across the 27-member bloc rose by 6.6 percent, reaching nearly 3.7 million units. The largest markets in the region, including Germany, Spain, France, and Italy, all recorded solid growth rates during this period, further underscoring the overall positive trend in the European car market.
In April, there was a notable shift in the types of vehicles being registered, with battery-electric cars maintaining a significant portion of the market at nearly 12 percent, while hybrid-electrics experienced a substantial increase, rising to 29.1 percent from 24.9 percent. Concurrently, the combined market share of petrol and diesel vehicles declined to less than half, standing at 48.9 percent, down from 52.8 percent.
These statistics reflect a broader trend toward the adoption of electric and hybrid vehicles, as well as a gradual transition away from traditional internal combustion engine vehicles. The evolving consumer preferences and regulatory pressures are driving this transformation in the European automotive landscape, reshaping the composition of the market and influencing industry dynamics.
MENAFN22052024000045015839ID1108243821
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.