Hybrid-Electric Car Registrations Surge By 26% In EU: ACEA Report

EU Hybrid-Electric Cars Registrations Surge By 26% In 2023: ACEA

European Automobile Manufacturers Association, (ACEA) recently shared data on the new registration of cars in the European Union (EU). In its data for 2023, it mentioned that the year concluded with a solid 13.9% expansion compared to 2022. It reached a full-year volume of 10.5 million units.

In December, new EU registrations for hybrid-electric cars surged by 26%, driven by impressive gains in three of the four largest markets: Germany (+38%), France (+32.6%), and Spain (+24.3%). This contributed to a cumulative 29.5% increase in 2023, resulting in over 2.7 million units sold in 2023 – a quarter of the EU market share.

EU Car Registration in 2023

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The association stated through its data an increase in the European Union (EU) markets grew in the past year except for Hungary (-3.4%). Double-digit gains were recorded in most markets, including three of the largest: Italy (+18.9%), Spain (+16.7%), and France (+16.1%). Conversely, Germany recorded a more modest 7.3% year-on-year increase, influenced by its weaker December performance. The Battery Electric Vehicle (BEV) captures 14.6% of the market share. Increase In New car registrations +13.9% in 2023; battery electric 14.6% market share.

EU Car Registration – On Source

In December 2023, the EU car market experienced a 3.3% decline, recording 867,052 units in sales. This drop can be attributed to the high baseline performance in December 2022. December also marked the first month of contraction after 16 consecutive months of growth. Notable increases were observed in top markets such as France (+14.5%) and Spain (+10.6%). In contrast, the German car market declined by a significant 23% in December.

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New EU Car Registrations By Power Source

Battery-electric (BEV) cars established themselves as the third-most-popular choice for buyers in 2023. In December, market share surged to 18.5%, contributing to a 14.6% share for the full year, surpassing diesel, which remained steady at 13.6%. Petrol cars retained their lead at 35.3%, while hybrid-electric cars claimed second spot, commanding a 25.8% market share.

Electric Cars Registration

In December 2023, new battery-electric car sales declined for the first time since April 2020 (during the COVID-19 pandemic’s peak), dropping by 16.9% to 160,700 units. This decrease can be attributed to a comparatively robust performance in December 2022 and a significant downturn in Germany (-47.6%), the largest market for this power source. Despite this, the overall volume for the full year of 2023 surpassed 1.5 million units, reflecting a substantial 37% increase compared to 2022. The battery-electric car market share reached 14.6% in 2023.

In contrast, sales of plug-in hybrid electric cars ended the year on a downward trend, declining by a significant 40.2% to 71,546 units in December 2023. Increases in key markets, Belgium (+19.7%) and France (+17.3%), were insufficient to offset the substantial downturn in Germany (-74.4%), the largest market for this power source. As a result, the EU plug-in hybrid electric car market decreased by 7% compared to 2022 and now represents a 7.7% market share.