202311.24
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The EU Passenger Car Market Grows by 14.6%

by in Business, Economy

Passenger Cars Slump 31% In July

The EU passenger car market grew by 14.6% in October compared to the same period of the previous year. Growth continues for the 15th month in a row. That’s according to an industry group’s Tuesday report.

In October, the number of new registrations of light vehicles in the European Union amounted to 855,484 units, according to the statement of the European Automobile Manufacturers Association (ACEA).

Passenger Car Market Updates in Europe:

The three largest markets saw double-digit percentage growth in France (21.9%), Italy (20%), and Spain (18.1%), while the German car market saw a more modest year-on-year increase of 4.9% in October.

In October, the EU EV battery market share rose to 14.2%, up from 12% last year.

In the European Union, the registration of battery electric vehicles increased by 36.3% in October compared to the same period of the previous year and amounted to 121,808 units. Hybrid cars make up 29% of the market. While gasoline-powered cars are still the most popular choice, their market share fell to 33.4% in October.

In January-October, new passenger car registrations in the 27 member states increased by 16.7% compared to the previous year and amounted to almost 9 million units.

According to ACEA, during these 10 months, all markets except Hungary expanded.