Passenger car market up in Europe, despite EV market share slump
Year-on-year figures show that new car registrations are up, with the Dacia Sandero securing top place.
The new passenger car market in Europe grew by 11 per cent in January 2024, according to new data.
However, despite EVs increasing in demand, battery-electric vehicles hit their lowest market share since January 2023.
SUVs, sports cars and compact cars all increased in popularity in January, with SUVs taking over half of the European market share at 52.8 per cent– which is 1.8 per cent up from January 2023.
The top 10 most registered SUVs for the month were the Toyota Yaris Cross, Peugeot 2008, Volkswagen T-Roc, Kia Sportage, Ford Puma, Dacia Duster, Hyundai Tucson, Nissan Qashqai, Tesla Model Y and Volkswagen Tiguan.
Felipe Munoz, global analyst at JATO Dynamics said: “It’s clear that SUVs are not losing their shine to European consumers, despite these vehicles being subject to new campaigns and regulations in certain countries.”
However, there were only 120,536 EVs registered, which amounted to only 12 per cent of the total market share in January 2024, compared to a 29 per cent holding in January 2023.
Munoz added: “While interest in electric vehicles remains strong among consumers and fleets, these vehicles are no longer enjoying the same growth rate seen over the last year and a half.”
The petrol-engined Dacia Sandero managed to take the crown as the most popular model in Europe. A total of 25,038 units were sold, which was over 6,000 more than the car that was in second place – the Volkswagen Golf at 18,563.
