European Electrified Vehicle Sector Erupts in 2023, Experiencing a Setback in December
The European car market saw significant changes in 2023, with a notable shift towards electric and hybrid vehicles. The overall market expanded by 13.9%, reaching a volume of 10.5 million units, according to recent reports.
Petrol cars retained the lead with a 35.3% market share, but their dominance was slightly diminished as compared to 2022, when they held a 36.4% share. The total volume of new petrol car sales for the year reached 3.7 million units, marking a 5.1% growth.
However, the plug-in hybrid electric car segment experienced a 40.2% decline in December 2023, and a 7.7% market share for the year. This decline was particularly pronounced in Germany, where the plug-in hybrid electric car market saw a 7% decrease, contributing to an overall 1% decline in the EU market.
In contrast, the battery-electric car segment enjoyed a 37% increase in 2023, with over 1.5 million units sold. December 2023 marked the first decline in new battery-electric car sales since April 2020, dropping by 16.9% to 160,700 units. Nevertheless, battery-electric cars became the third-most-popular choice among buyers in 2023.
Hybrid-electric vehicles claimed the second spot with a 25.8% market share in 2023. These vehicles experienced a 26% increase in December 2023, driven by significant gains in Germany, France, and Spain. The growth contributed to a 29.5% increase for the year, with over 2.7 million units sold in 2023.
Diesel cars, on the other hand, contracted by 9.1% in December and had a 13.6% market share for the year, representing a decrease from 16.4% in diesel car market share in 2022. Overall, diesel car sales in 2023 reached 1.4 million units.
Interestingly, Italy and Germany led the growth in the petrol car market in December. All EU markets grew in 2023, with the exception of Hungary.
In Germany, the automotive brand with the largest market share for electric cars was Volkswagen, which sold over 100,000 electric cars in the first eight months of the year, far ahead of other brands like BMW, Mercedes-Benz, Opel, and Tesla.
These trends suggest a continued shift towards electric and hybrid vehicles in the EU, with petrol cars still holding a significant share of the market. The declining market share of diesel cars indicates a clear move away from traditional fossil fuel-powered vehicles. As the industry continues to evolve, it will be interesting to see how these trends develop in the coming years.
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