European Car Sales Decline in March 2024

Overview

In March 2024, car sales in Europe experienced a 5.2 percent decline compared to the same period in 2023. This decrease was primarily driven by a drop in electric vehicle (EV) sales, while hybrid registrations saw an increase of 12.3 percent. The shift in consumer preferences has significant implications for automakers who have heavily invested in electric technology.

EV Sales Decline

Despite the availability of a wider range of electric vehicles than ever before, EV sales plummeted by 11.3 percent in March 2024, totaling 134,397 units. This decline resulted in the market share of battery electric cars decreasing from 13.9 percent to 13 percent compared to March of the previous year.

Hybrid Vehicles Gain Traction

On the other hand, hybrid registrations surged by 12.6 percent, increasing their market share from 24.4 percent in March 2023 to 29 percent in March 2024. However, not all hybrids experienced growth, as plug-in hybrid electric vehicle (PHEV) sales fell by 6.5 percent, reducing their market share to 7.1 percent.

Market Share Comparison

Impact on Petrol and Diesel Cars

While hybrid vehicles gained popularity, traditional petrol and diesel cars faced a decline in sales. Petrol registrations dropped by 10.2 percent, and diesel sales slumped by 18.5 percent in March 2024. Despite these decreases, petrol cars still hold a market share of 35.4 percent, while diesel cars account for 12.4 percent of overall registrations.

These shifting trends in European car sales highlight the evolving preferences of consumers towards more environmentally friendly and technologically advanced vehicles.