European vehicle registrations hit highest level since pandemic
Chinese car brands grew market share to 2.6 per cent, too.
New vehicle registrations in Europe hit their highest point since the Covid-19 pandemic as strong demand for electric cars helped push figures higher, new data show.
Figures from data specialists JATO Dynamics show that vehicle registrations swelled to 12,792,151 units within Europe in 2023, representing a 14 per cent increase on the previous year. JATO says that growth was largely driven by ‘strong demand’ in markets such as the UK, France, Italy, Spain and Belgium, while Germany remained the largest market for new vehicles in Europe.
However, the impact of higher interest rates could be seen in Germany, with Felipe Munoz, global analyst at JATO Dynamics, saying that the country experienced ‘lower growth rates’ due to ‘declining exports and concerns about the overall health of the economy’.
“Europe’s automotive market appears to be normalising. Supply chain issues are now largely under control, and consumers have become accustomed to waiting longer to receive new vehicles.
“Despite this, it is unlikely we will see volumes surpass the 15 million units recorded in 2019. Purchasing a vehicle has become more expensive, and attitudes to ownership continue to change.”
JATO says that ‘much of the growth’ experienced in Europe’s new car market was driven by electric vehicles, which accounted for 15.7 per cent of the total market share with 2,011,209 registrations. In fact, this figure nearly equalled the number of diesel cars registered at 2,049,157 units.
The UK’s electric vehicle market ‘remained stable’ during the year, with a slight drop from 16.6 per cent in 2022 to 16.5 per cent in 2024 being experienced. The year also represented another big 12 months for Tesla, which outsold established players Nissan and Volvo to register 362,300 vehicles – an increase of 52 per cent on the previous year.
Tesla’s Model Y crossover was also the best-selling model in Europe during 2023, outselling the Dacia Sandero and Volkswagen T-Roc which came in second and third place respectively.
