Summary
- The overall automotive market had a positive year in 2024, with December showing promising signs.
- The European plugin market saw growth in December but a drop in full-year performance.
- The BEV market in Europe, excluding Germany, saw significant growth in 2024.
- Tesla dominated the EV market in Europe in 2024, with the Model Y and Model 3 leading the sales.
- EV adoption varied across European countries, with Norway leading in BEV share and a mixed performance in other countries.
Article
The European automotive market in 2024 saw a positive year overall, with December showing a promising 4% increase compared to the previous year. However, the full year performance was not as strong, with plugin vehicles dropping by 1% and plugin share slipping in the overall market. Excluding the German market, Europe’s BEV market saw a significant 8% increase, influencing market share numbers for the year.
The European PEV share in 2024 ended at 23%, with BEVs accounting for 16% of that share. This was similar to the previous year’s results, indicating a steady growth in the market over the past few years. With a new step in the EU’s CO2 mandate in 2025, it is expected that BEVs will continue to grow, crossing the 20% market share mark while PHEVs also see marginal growth.
Countries that experienced the fastest growth in EV sales in 2024 included Malta and Czechia, while Iceland and Romania saw a decline due to policy decisions affecting EV adoption. Norway led the way in BEV adoption in Europe, followed by Denmark, Sweden, and the Netherlands. The breakdown between BEVs and PHEVs saw PHEVs’ share fall in 2024, with HEVs and diesel also experiencing shifts in market share.
The top-selling models in 2024 included the Dacia Sandero, the Tesla Model Y, the Tesla Model 3, the Skoda Enyaq, and the Volvo XC60 PHEV. Despite the dominance of Tesla in the market, other brands such as Renault, Volkswagen, and BYD made significant strides in sales. The continued growth of EV sales in Europe showcased the market’s transition towards electrification.
Looking ahead to 2025, the competition in the EV market is expected to intensify, with new models and brands entering the scene. Brands like BMW, Mercedes, Volvo, Volkswagen, and Renault are all vying for a larger market share. The shift towards more affordable and competitive EVs is crucial for the mainstream adoption of electric vehicles in Europe, with smaller models expected to play a significant role.
Overall, the EV market in Europe in 2024 saw steady growth, with promising signs for the future. As new regulations and incentives push for increased electrification, the market is expected to continue its upward trajectory. Brands that can offer a diverse range of EV models at competitive prices are likely to succeed in the evolving market landscape. With consumer demand for cleaner and more sustainable transportation options increasing, the shift towards electric vehicles is set to accelerate in the coming years.
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