EU New Car Market: October 2024
The European Automobile Manufacturers' Association (ACEA) has released data on newly registered cars in the EU for October. These results were also shared with the Serbian Association of Vehicle Importers and Parts.
Overall Market Performance
The data highlights a halt in the decline of new car sales, showing a positive trend. ACEA described the 1.1% growth in the EU market as "modest but encouraging."
- Spain leads with robust growth of 7.2%.
- Germany, the largest EU car market, saw a 6.0% increase, breaking a three-month sales decline.
- France experienced a sharp decline of 11.1%, while Italy dropped by 9.1%.
In total, 866,397 new passenger cars were sold in October 2024, compared to 856,762 in October 2023.
Year-to-Date (YTD) Analysis
In the first ten months of 2024, new car sales remained stable, with 8.9 million units delivered, a slight increase from 8.8 million during the same period in 2023.
- Spain recorded a YTD growth of 4.9%.
- Italy showed a modest increase of 0.9%.
- Germany and France reported declines of 0.4% and 2.7%, respectively.
Powertrain Trends
Battery Electric Vehicles (BEVs)
- Market share in October: Steady at 14.4%, despite a 4.9% drop in sales compared to October 2023.
- YTD market share: Decreased from 14.0% in 2023 to 13.2%.
October Sales:
- 124,907 units sold, a 2.4% increase compared to 121,989 in October 2023.
Decline Drivers:
The drop is primarily attributed to Germany, where BEV sales plummeted by 26.6%, exceeding pessimistic forecasts.
- YTD Sales: 1,172,737 units sold (down from 1,232,937 in 2023).
Plug-in Hybrids (PHEVs)
- October market share: 7.7%, down by 0.7% from October 2023.
- Sales declined by 7.2%, with 66,964 units sold compared to 72,154 last October.
Regional Declines:
Hybrid Electric Vehicles (HEVs)
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October Sales: 288,160 units sold (+17.5%), with market share rising to 33.3% (from 28.6% in October 2023).
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YTD Sales: 2,692,726 units, up from 2,247,298 in 2023.
For the second consecutive month, hybrid vehicles outsold gasoline-powered cars.
Gasoline Vehicles
- October sales dropped by 6.8%, with 266,498 units sold (down from 285,845 in October 2023).
- Market share: Declined to 30.8% (from 33.4%).
YTD Sales: 3,011,926 units, compared to 3,159,823 in 2023.
Diesel Vehicles
- Sales fell by 7.6% in October, accounting for a modest 10.9% market share.
YTD Sales: 1,087,459 units, down from 1,219,014 in 2023.
Manufacturer Performance
Volkswagen Group
- October sales: 248,535 units (+16.7%).
- Market share increased from 24.9% to 28.7%.
Top Performers:
- Škoda: +25.5%
- Seat: +47.4%
- Volkswagen: +17.4%
Stellantis
- October sales: 130,986 units (-16.9%).
- Market share fell from 18.4% to 15.1%.
Brands in Decline:
- Citroën: -35.4%
- Fiat: -46.2%
Toyota Group
- October sales: 78,553 units (+15.3%).
- Market share increased to 8.5%.
Hyundai-Kia
- Hyundai: 41,594 units (-3.9%).
- Kia: 41,246 units (-11.0%).
Luxury Brands
- BMW: October sales of 64,416 units (+5.3%).
- Mercedes-Benz: 57,781 units (+7.3%).
- Volvo: 30,451 units (+22.5%).
Source: ACEA
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