In February 2024, the EU car market experienced a notable surge of 10.1% compared to the same month in the previous year, totaling 883,608 units. Leading the growth were France (+13%) and Italy (+12.8%), both achieving double-digit increases, while Spain (+9.9%) and Germany (+5.4%) also saw substantial growth.
During the first two months of the year, car registrations increased by 11.2% to reach 1.7 million units. Major EU markets such as Germany (+11.8%), Italy (+11.7%), France (+11.2%), and Spain (+8.7%) recorded significant single-digit or double-digit gains.
Regarding power sources, battery-electric cars maintained a steady market share of 12% in February, while hybrid-electric cars accounted for nearly 29% of registrations. The combined market share of petrol and diesel cars decreased to 48.4% in February 2024, down from 51.9% the previous year.
Tesla experienced a year-to-date registration growth of +33.1% year-over-year in Europe. In February, the company’s growth stood at +15.2% compared to the previous year. Tesla’s market share in Europe, inclusive of electric, internal combustion engine, hybrids, etc., expanded to 2.5%.
In contrast, Ford’s market share dipped to 3% from its 2023 level of 3.9%.
Meanwhile, Volvo Cars is thriving in Europe, with its market share rapidly increasing to 2.7%. Year-to-date new registrations surged by +37.5% to reach 32,440 units.
