Consumers in Europe exhibit hesitancy towards purchasing automobiles
Is this a shifting phase? In September, the sales of electric vehicles saw an uptick once more after several months of dip. Nevertheless, their sectoral dominance dwindled in the initial months. The key markets witnessed substantial drops - except for Spain.
The European automobile market continued its descending trajectory in September. The number of newly registered vehicles dropped by 6.1% compared to the previous year, reaching 809,163, as per the manufacturers' association ACEA. France witnessed a decline of 11.1%, Italy saw a drop of 10.7%, and Germany experienced a decrease of 7.0%. Conversely, Spain recorded an increase of 6.3% in new registrations.
The overall decrease can largely be attributed to a significant decline in the registration of conventional fuel vehicles. Around 18% fewer petrol cars were sold, while almost 24% fewer diesel cars were purchased. The market share of petrol cars dropped to 29.8%, and diesel cars decreased to 10.4%.
Despite this, European new car registrations experienced a slight growth of 0.6% to around eight million cars in the first nine months. However, electric car sales declined by 5.8% from January to September, and their market share fell to 13.1% compared to 14% the previous year.
Surprisingly, electric car sales bounced back in September, following several months of decline. A staggering 139,702 electric vehicles were registered, marking a 9.8% increase compared to the same period last year. Hybrid cars also experienced an upward trend, with their new registrations climbing by 12.5%. With approximately 33%, their market share in September surpassed that of petrol engines. However, plug-in hybrids with larger batteries than hybrids proved less popular, with their new registrations dropping by more than 22% compared to the previous year.
The EU market data is heavily influenced by the trends in Germany, where electric car registrations plummeted last year due to the abrupt termination of the purchase incentive for electric vehicles. In the first three quarters of the year, the number of new electric vehicles remains 5.8% lower than the previous year. In Germany, this reduction stands at a staggering 28.6%.
Despite the overall decline in new car registrations in Europe, the Manufacture of motor vehicles continued at a relatively steady pace. In September, despite a decrease in traditional fuel vehicle sales, the number of newly registered electric vehicles increased by 9.8%, contributing to a slight growth in total vehicle sales.
