EU new-car market remains on solid growth track

Brussels – The EU new car market grew 6.7% year-on-year in November 2023, to 885,581 units, the latest data from the European Automobile Manufacturers Association (ACEA) shows.

Despite a relatively low base of comparison, solid “growth persisted” during the month, marking the sixteenth consecutive month of expansion, ACEA reported 20 Dec.

There were substantial double-digit gains in some markets, including two of the largest: Italy (16.2%) and France (14%).

The German car market, however, retracted, recording a 5.7% decline compared to November 2022.

Eleven months into 2023, new car registrations increased by a significant 15.7% year-on-year, reaching nearly 10 million units, according to the ACEA data.

With the exception of Hungary, all EU markets grew during the eleven-month period, with the four largest markets of Italy, Spain, France and Germany posting gains of 20%,17.3%,16.2% and 11.4% respectively.

In terms of power-source, the battery-electric car market-share increased to 16.3% in November, up 15% on last year.

The year-to-date share holds steady at 14.2%, ahead of diesel, which has a 13.7% market share, noted ACEA.

Hybrid-electric cars, it added, ranked second with a 27.4% market share, while petrol cars maintained their lead at 32.7%.