Electric vehicles buoy EU passenger car market

Brussels – EU new-car registrations raced ahead in March helped by strong demand for electric vehicles, the European Automobile Manufacturers’ Association (ACEA) has reported.

During the month, the EU car market recorded a 28.8% year-on-year increase in registrations, surpassing the one-million-mark with 1,087,939 units.

All major markets in the region reported double-digit increases compared to the year before, led by Spain with a 66% jump, followed by Italy up 40%.

Over the first quarter of 2023, the EU market saw a substantial year-on-year increase with almost 2.7 million units sold, ACEA data issued 19 April also shows.

The figure, it said, represented an 18% increase compared to 2022, reflecting “solid results” during the period.

Among the four largest EU markets, Spain recorded the highest gains at 44.5%, followed by Italy at 26%, France at 15%, and Germany at 6.5%.

In particular, March saw significant increases in the market share of hybrid and battery electric vehicles, reported ACEA.

 New registrations of battery electric vehicles surged by a massive 58% to reach 151,573 units.

 This, noted ACEA, equated to a market share of 13.9%, representing a 2.5% increase from March 2022.

 Sales of hybrid electric vehicles increased by 38.1% to 264,694 units, taking the market-share to 24.3% - up 1.6% from March 2022.

 Despite the shift to more sustainable models, petrol cars still retained the largest market-share at 37.5% last month.

Diesel 14.5%; plug-in hybrids, 7.2%; and others, 2.7%; made up the remainder of March new-car registrations by fuel type in the EU.

ACEA: New-car registrations by fuel type in the EU, March 2023