Record-breaking drop for European EV market in December

December 2023 marked a surprising downturn for the electric vehicle (EV) market in Europe, deviating from the positive trajectory witnessed throughout the year. As reported by José Pontes, data director at EV-volumes.com, the month witnessed a record-breaking drop in EV registrations, raising concerns amidst an otherwise promising landscape.
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The European EV market, comprising both battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs), experienced a substantial decline, with registrations plummeting to 294,166 units, down 29% year-on-year. This downturn represented the most significant drop in plug-in sales in the past decade, signifying a notable departure from the previously observed growth trends.

Both BEVs and PHEVs faced sharp declines in deliveries during December. BEVs saw a 25% decrease, with 205,922 units registered, marking the first decline since December 2016, excluding the pandemic-affected period of April 2020. PHEVs, on the other hand, experienced a staggering 36% fall, with only 88,244 deliveries, marking its worst performance since June 2019.

Contributing to this downturn was a notable reduction in market share, with the December EV share dipping to 28%, a 10-percentage-point decrease from the previous year. BEVs, in particular, witnessed a decline in market share, capturing only 20% of total registrations, down from 25% in December 2022.

Despite this disappointing end to the year, EVs continued to assert their presence in the overall new-car market, accounting for nearly a quarter of all new registrations in the region in 2023. Plug-ins secured a 24% market share, with BEVs contributing 16% individually.

In terms of market shares, Tesla retained its position as Europe’s best-selling EV brand in 2023, accounting for 12.1% of all plug-in registrations. BMW followed closely in second place with an 8.8% market share, while Volkswagen (VW) maintained third place with an 8.2% share.

Looking ahead, prospects for 2024 suggest another year of subdued growth, with the German EV market expected to continue its recovery from the conclusion of incentives. However, a significant surge is anticipated in 2025, with EV’s projected to command over a third of total deliveries.

Despite the setback witnessed in December, the EV market in Europe remains dynamic and poised for future growth, driven by technological advancements, evolving consumer preferences, and supportive regulatory frameworks. As automakers navigate through these challenges, sustained efforts will be crucial in realising the full potential of electric mobility in the region.

Source: Autovista24

Data source: EV-volumes.com

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