In the European electric vehicle (EV) sector, 2023 has been marked by continued growth and significant market shifts, with Tesla maintaining its position as the continent’s most popular EV brand, closely followed by a competitive field led by the Volkswagen Group as the top OEM. We can observe a 10% year-over-year increase in plug-in vehicle registrations across Europe in February 2024.
February’s data reveals a plugin vehicle share of 20% of the overall auto market, maintaining the momentum necessary for long-term transition towards clean mobility. Full electric vehicles (BEVs) account for 13% of this figure, showcasing steady consumer adoption despite the phased removal of incentives in some countries, particularly Germany.
In a market that's rapidly embracing electrification, hybrid vehicles have emerged as the fastest-growing segment, now representing 29% of total sales. This, coupled with the declining share of diesel, now at a mere 12%, sets a clear trajectory away from traditional combustion engines and towards a diverse electric future.
The Peugeot e-208's climb to third place in EV registrations is a significant highlight, indicating strong performance and market receptivity. February saw the Model Y leading the charge with nearly 20,000 registrations, signaling what could be termed "Peak Model Y" as it reaches a market saturation point in Europe. Tesla's Model 3 also maintained a strong presence, leveraging the refreshed interest to secure the second spot in the standings.
Other models showing remarkable performance include the Volvo XC40, known for its balanced offer as a compact SUV, and the MG4, which is swiftly carving out a niche for itself in the competitive hatchback segment. These models reflect the growing variety and sophistication of the EV offerings available to European consumers.
Looking at the larger picture, the top 5 brands in the plugin market are premium automakers, with mainstream brand Volkswagen in the sixth position, indicating a shift in consumer trends towards higher-end electric vehicles. Automotive group standings show the Volkswagen Group leading, with Stellantis and Tesla closely vying for market share.
The landscape of the European EV market is one of dynamism and progress. With the gradual advancement of EVs and a clear decrease in diesel vehicle sales, the shift towards electrified transport is evident. The industry is at a turning point, with new models set to enter the market, potentially reshaping the competitive landscape and fueling the next wave of growth.
Original article: Link
@José Pontes, @CleanTechnica
