Electric cars take up market share equal to gasoline cars in Europe

Internal combustion engine market in trouble

The January 2024 figures show that the European internal combustion engine (ICE) market is slowing down. Petrol-powered models increased by just 4% in the month, with 299,914 units sold in the EU.

Two of Europe’s major markets saw a decline in ICE engines. In Spain, ICE registrations were down 7.4% year-on-year to 1,902.

In France, ICE car sales also decreased by 1,613 units, equivalent to a decrease of 3.7%.

The market share of vehicles using internal combustion engines is shrinking.

The Dutch market saw the highest decline in ICE vehicles, with total sales down 33.6%, or 10,175 units, compared to the same period last year.

Belgium also saw a decline in ICE vehicle supply, with 21.3% fewer vehicles. However, both markets saw strong growth in battery-electric vehicles (BEVs).

Overall, ICE vehicle sales in Europe in January 2024 continued to decrease by 4.9%, bringing the market share of this type of vehicle to only 48.6%, down from 53.7% in the same period last year.

Electric cars are back

The EU battery electric vehicle (BEV) market rebounded in January 2024, with new vehicle sales up 28.9% year-on-year to 92,741 units, up 20,787 units from January 2023.

The Netherlands saw strong growth in pure electric vehicles (BEVs) of 72.2% with 8,713 deliveries. Meanwhile, BEV registrations in Belgium increased by 75.5% with 9,995 registrations.

Plug-in hybrids (PHEVs) also had an impressive month, with deliveries up 23.8% year-on-year. This equates to a 7.8% market share, up 0.7% from the previous month.

Hybrids now account for 28.8% of the market, up 2.7% from the same period last year. Hybrid powertrains are closing the gap with gasoline engines. If this trend continues, they could overtake ICE as the EU’s leading powertrain by 2024.

Electric vehicle models are growing strongly in the European market.

All four major markets saw strong growth in hybrids. France led the way with 29.9% more HEVs on the road, followed by Spain (up 26.5%), Germany (up 24.3%) and Italy (up 14.2%).

Poland recorded one of the most impressive improvements as its HEV market grew by 44.6%, with 19,943 units delivered domestically.

However, the growth of the HEV market is not enough to help electrified vehicles dominate the EU market. The total market share of electric vehicles (BEV, PHEV and HEV) in January 2024 reached 47.5%, 1.1% less than ICE.

However, this is considered a strong growth, narrowing the market share gap between traditional engines and electrified vehicles.

With preferential policies for electric vehicles, as well as tightening emission standards, vehicles equipped with traditional engines will continue to face difficulties in the European market.

Source: https://xe.baogiaothong.vn/o-to-dien-chiem-thi-phan-ngang-xe-xang-tai-chau-au-192240229115046549.htm