EU new car sales witnessed a robust increase of 12% year-on-year in January, showing a strong start to the year for the European auto market. The data, released by the European Automobile Manufacturers’ Association (ACEA), highlights the growing consumer confidence and pent-up demand post-pandemic.
The surge was driven by double-digit growth in key markets including Germany and Italy. The sales in these countries, along with other significant markets, has helped bolster the overall EU new car sales figures.
Image Source: ACEA
Image Description: A graph showing new car registrations from 2022 to 2024.
Notably, the rise in EU new vehicle sales is not limited to conventional vehicles. Hybrid-electric cars, in particular, saw registrations increase by an impressive 23.5%. This growth was propelled by Spain and France, both witnessing marked increases in hybrid-electric car registrations.
However, it was not all good news for the electric vehicle (EV) sector. Sales of new battery electric vehicles (BEVs) dropped significantly by 42.3% from December 2023 to 92,741 units in January 2024. Despite this drop, BEV sales still reflect a 29%increase from the previous year.
The Italian passenger vehicle (PV) market registered a 10.6% YoY increase with 142,000 vehicles sold in January 2024, maintaining a steady selling rate of 1.6 million units per year.
The EU new car sales figures for January 2024 provide a positive outlook for the European auto market. Despite some setbacks in the electric vehicle sector, the overall surge in sales points to a strong recovery and an encouraging future for the industry.
Image Source: Drive Tesla
