Home Latest News & InsightsABS EU CAR SALES JUMP 12.1% IN JANUARY 2024

EU CAR SALES JUMP 12.1% IN JANUARY 2024

February 20, 2024
car industry

EU car sales jump 12.1% in January 2024, according to the latest data from The European Automobile Manufacturers’ Association (ACEA).

A total of 851,690 vehicles were registered. This marked a significant rebound from the slow pace observed in the previous month.

Key European markets, including Germany, Italy, France, and Spain, all reported substantial increases in car registrations. These figures illustrate a broad-based revival in auto demand throughout the region.

Electric vehicle (EV) market share climbed to 10.9%, up from the previous year, indicating a growing consumer shift towards electric mobility.

Hybrid vehicles also saw a rise in popularity, accounting for nearly 30% of new car registrations, while traditional petrol and diesel vehicles experienced a decline in market share.

Electric car sales experienced a robust increase of 28.9%, with 92,741 units sold. This surge was led by significant growth in major markets such as Belgium, the Netherlands, France, and Germany, highlighting the increasing appeal of EVs among European consumers.

The surge in hybrid vehicle registrations by 23.5%, along with a 23.8% increase in plug-in hybrid sales, reflects a continuing trend towards electrification in the EU automotive market.

However, while the automotive sector shows promising growth, the polymer industry reports stable but unenthusiastic demand.

Specifically, polymers like PA6, PA66, and polycarbonate (PC) are facing challenges related to good availability within the value chain, as overall demand in Europe remains tepid.