New car registrations in the European Union saw a slight decrease in May 2024, down by 3% compared to the same month last year. The decline was mainly driven by Italy, Germany, and France, while Spain was the only country to show a modest increase of 3.4%.
Despite this slight setback, the overall year-to-date registrations for the first five months of 2024 are up by 4.6% compared to the same period in 2023, reaching a total of 4.6 million units. Spain led the way with a 6.8% increase, followed by Germany, France, and Italy.
When it comes to electric vehicles, battery-electric car registrations decreased in May, accounting for 12.5% of the market share, down from 13.8% the previous year. While Belgium and France saw growth in BEV registrations, Germany and the Netherlands experienced declines. However, year-to-date registrations for BEVs remain positive with a 2% increase compared to 2023.
Plug-in hybrids also saw a decrease in registrations in May, with a 14.7% drop. This decline was particularly notable in Belgium and France, while Germany managed a small increase. Despite the overall decline, plug-in hybrids still hold a 6.5% market share.
On the other hand, hybrid-electric vehicles saw a surge in registrations in May, with a 16.2% increase. France, Spain, and Italy all experienced strong growth in this segment, pushing the hybrid-electric market share to nearly 30%, up from 25% in May 2023. Germany was the only major market to see a slight decrease for hybrids.
Overall, the EU car market is showing mixed results for electric vehicles, with some countries experiencing growth while others are seeing declines. It will be interesting to see how these trends continue in the coming months as more consumers consider switching to electrified vehicles for a more sustainable future.
