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European Alternative Fuels Observatory
News article6 December 2024

October 2024: Europe’s Electric Vehicle Market Sees Growth Amid Shifting Dynamics

2024 october

The European electric vehicle (EV) market showcased a mix of growth and stagnation in October 2024, marked by a 2% year-over-year (YoY) increase in plug-in vehicle registrations, totaling 252,000 units. This includes a robust 7% growth in battery-electric vehicles (BEVs), which reached 170,000 units, while plug-in hybrids (PHEVs) continued to decline, falling 7% to 83,000 units. With a 24% share of total auto sales (16% BEVs), the EV market remains a focal point of the European automotive landscape.

A Tale of Growth in Absolute Terms

While BEVs drove the market upward, PHEVs struggled, illustrating a bifurcated trend in consumer adoption of plug-in technologies. Importantly, the EV market is experiencing absolute growth despite a stagnating market share percentage. This signals a maturing market where volume growth is now driven by increasing consumer acceptance and expanding infrastructure.

Key Model Highlights: Skoda Enyaq Leads the Charge

TOP oct 2024

The Skoda Enyaq claimed the top spot for the first time in two years, with a record 10,087 registrations, up 44% YoY. This success challenges the long-standing dominance of the Tesla Model Y, which secured the second position with 8,875 units, reflecting an 18% decline YoY. Meanwhile, the Volkswagen ID.4 took third place with 6,824 units, growing 24% YoY.

The Volvo EX30, hampered by new tariffs on Chinese imports, saw a dip to 5,420 units. Conversely, the Volvo XC60 PHEV set a new record with 5,821 units, reflecting a 57% growth and demonstrating strong consumer interest in premium plug-in hybrids.

Volkswagen Group’s Stellar Performance

Volkswagen Group had a standout month, placing eight models in the top 20 and securing two podium finishes. From the record-breaking Skoda Enyaq to the resurgence of the VW ID.7 and ID.4, the group demonstrated its ability to capture market share across segments.

OEM groups

A Market in Transition

October 2024 underscores a critical phase in Europe’s EV market evolution:

  • BEV Growth: BEVs continue to dominate, representing 67% of plug-in sales in October, in line with YTD figures.
  • PHEV Decline: PHEVs are losing consumer interest, with declines in both October and YTD performance.
  • New Entrants: Five models in the top 20 were not present a year ago, reflecting ongoing innovation and market dynamism.

TOP oct 2024 2

Looking Ahead: Challenges and Opportunities

As new models and technologies emerge, the market is poised for further growth. However, challenges remain:

  • Affordability Gap: Despite increasing BEV adoption, the market remains skewed toward higher-priced models, underscoring the need for more affordable options.
  • Competition: Tesla faces growing competition, with brands like Volkswagen and Volvo making significant gains.
  • Policy Influence: Tariffs on Chinese imports and new CO2 regulations are reshaping market dynamics, influencing consumer preferences and manufacturer strategies.

Conclusion

Europe’s EV market is growing in volume but faces complex dynamics. October 2024 highlighted the shifting balance between established leaders like Tesla and rising challengers such as Skoda and Volkswagen Group. With the market in transition and new challenges on the horizon, the stage is set for continued evolution in 2025 and beyond.

For a deeper dive into how incentives and policies influence the European BEV market, visit EAFO’s latest analysis: A Tale of Two Markets.

Author: José Pontes

Views and opinions expressed are those of the author(s) and do not reflect those of the European Commission.

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