In March 2024, plug-in electric car sales in Europe saw an 8% decrease compared to the previous year. However, the overall Q1 results showed a 5% improvement from the previous year, indicating a positive trend for 2024. Over 295,980 new plug-in electric cars were registered in Europe during March, representing a market share of around 21%. All-electric car registrations accounted for approximately 14% of the market, while plug-in hybrids made up about 7%.
What?
The total volume of plug-in electric car sales in Q1 of 2024 increased by about 5% year-over-year, suggesting a promising year ahead. Notably, non-rechargeable hybrids experienced a 20% surge in sales, expanding their market share to 30%. Electrified cars, including EVs, PHEVs, and HEVs, collectively held a 51% share in Europe in March.
Why does it matter?
Top models in Europe included the Tesla Model Y, with over 26,000 new registrations in March, followed by the Tesla Model 3 and the Volvo EX30. The overall market share for plug-in cars in Europe during the first three months of 2024 was about 21% of the total market. Tesla maintained its position as the most popular brand in the plug-in car segment, closely followed by BMW and Mercedes-Benz. The Volkswagen Group led in automotive groups with a 19.1% share.
How is it going to shape the future?
Despite facing a sales decline, the Tesla Model Y remained the best-selling plug-in model in Europe. The market share for plug-in cars continues to grow, indicating a shift towards electric vehicles in the automotive industry. With increasing awareness of environmental issues and government incentives, the future of plug-in electric cars in Europe appears to be headed in a sustainable direction.
Source: https://insideevs.com/news/718916/europe-plugin-car-sales-march2024/