Home Latest News & Insights EU CAR MARKET GROWS 11.5%

EU CAR MARKET GROWS 11.5%

March 22, 2023

EU car market grows for the seventh consecutive month, according to the latest figures by the European Automobile Manufacturers’ Association (ACEA).

The EU passenger car market reported an 11.5% growth in February 2023, with 802,763 units sold.

This growth, however, reflects a rebound against the low base established due to the semiconductor shortage crisis at the beginning of 2022. As such volumes remain relatively low.

Spain and Italy witnessed the largest increases, with 19.2% and 17.4% respectively.

The first two months of the year saw the EU market reaching nearly 1.6 million new cars registered, an 11.4% increase from the previous year.

Battery electric vehicles (BEVs) accounted for 12.1% of the market share in February, with 97,300 new BEV registrations, a 39.7% increase compared to February 2022.

Hybrid electric vehicles (HEVs) saw a 22.3% increase in sales, reaching a 25.5% market share. However, petrol vehicles remained the most popular choice for new car registrations, holding a 36.9% market share.

In contrast, diesel car registrations in the EU continued to decline, dropping by 8.4% and resulting in a 15.0% market share, down 3.2 percentage points from February 2022.