Slight Increase in Vehicle Registrations in the EU in October

image

Slight Increase in Vehicle Registrations in the EU in October

BRUSSELS - New vehicle registrations in the European Union showed a marginal increase of 1.1% in October 2024. While growth was experienced in Spain and Germany, declines were observed in France and Italy. The figures released by the European Automobile Manufacturers Association (ACEA) indicate a mixed performance across major markets.

Spain led the recovery with a 7.2% increase in new vehicle registrations, followed by Germany, which recorded a 6% rise after three consecutive months of decline. In contrast, France saw a drop of 11.1%, while registrations in Italy decreased by 9.1%.

Despite the modest overall growth in October, new vehicle registrations across the EU remained relatively stable year-to-date, with a total of 8.9 million units representing a 0.7% increase. Spain (4.9%) and Italy (0.9%) reported positive performances over the ten-month period, whereas France and Germany experienced declines of 2.7% and 0.4%, respectively.

Focusing on the electric vehicle market, battery electric vehicles maintained a market share of 14.4% in October, but experienced a 4.9% drop in volumes year-to-date, with the market share decreasing from last year's 14% to 13.2%. A significant 26.6% decline in battery electric vehicle registrations in Germany was a major contributing factor to this downturn.

Plug-in hybrid registrations also decreased by 7.2% in October, with market share falling to 7.7%, marking a 0.7-point decrease compared to last year. France (26.9%) and Italy (24.9%) saw significant declines in this category.

On a positive note, hybrid-electric vehicle registrations increased by 17.5% in October, lifting their market share to 33.3%, surpassing gasoline vehicle registrations for the second consecutive month.

On the other hand, gasoline vehicle sales overall fell by 6.8% in October, with France experiencing the largest drop at 32.7%. Diesel vehicle registrations also decreased, reducing their market share to 10.9%.

The ACEA report reflects the current state of the European automotive market, presenting a complex picture of growth and decline across different segments and countries.