Tuesday, 02 January 2024 12:17 GMT

EU Car Market Sees Strong Growth


(MENAFN) The European Union passenger car market experienced a 10% increase in September compared to the same month last year, reaching 888,672 new vehicle registrations, according to figures released Tuesday by the European Automobile Manufacturers’ Association.

Across Europe—including the EU, the European Free Trade Association, and the UK—new car sales also rose 10.7% year-on-year, totaling 1.23 million units during the same period.

Among the largest EU automotive markets, Spain recorded the highest growth with a 16.4% rise, followed by Germany at 12.8%, and Italy with a more modest increase of 4.2%.

Electric vehicles remained the key driver of expansion in the EU car market.

Sales of battery-electric vehicles (BEVs) jumped 20% year-on-year in September, reaching 167,586 units and representing 18.9% of total new car registrations.

Spain saw a particularly strong surge of 59.7% in BEV sales, while Germany and France posted increases of 31.9% and 11.2%, respectively.

Hybrid-electric vehicles (HEVs) continued to strengthen their presence, making up 34.7% of the EU market in September. Registrations for HEVs climbed 15.9% to 308,037 units.

Plug-in hybrid electric vehicles (PHEVs) also recorded impressive growth, with sales rising 65.4% to 91,148 units.

In contrast, conventional internal combustion engine (ICE) vehicles experienced significant declines. Petrol car registrations dropped 7.8%, with their market share decreasing to 24.9%.

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