European Electric Vehicle Market in 2024: Battery Electric Vehicles (BEVs) Rank Third, Plug-In Hybrid Electric Vehicles (PHEVs) Experience a 33% Increase
In 2024, the European Electric Vehicle (EV) market experienced a period of stabilisation after years of rapid growth. This was evident in the registration figures, which showed a mixed picture of growth and decline across different vehicle types and countries.
Plug-in Hybrid Electric Vehicles (PHEVs) saw a 4.9% increase in registrations in December, indicating a growing interest in these vehicles. However, the overall picture for PHEVs in 2024 was not as positive, with total registrations for the year down by 6.8% compared to 2023. Notable increases in PHEV registrations were seen in France (+44.9%) and Germany (+6.8%).
On the other hand, Battery Electric Vehicles (BEVs) faced a registration decrease of 5.9% in 2024 compared to 2023. Despite this decrease, BEVs outperformed diesel cars, whose share fell to 11.9%. The UK and Belgium showed significant growth in BEV registrations, with the UK surpassing Germany to become the top European market for BEVs. The UK had over 382,000 new BEV registrations in 2024, a growth of more than 20% compared to 2023. Belgium registered nearly 128,000 BEV units, a 37% increase in 2024. Norway maintained its global leadership with nearly 115,000 new BEV registrations in 2024.
However, not all countries fared well. Germany and Sweden faced challenges in BEV registrations in 2024, potentially influencing market dynamics in 2025. Germany's BEV registrations declined by 27,4% in 2024 to approximately 381,000 units. Sweden experienced a 16% decrease in BEV registrations, falling to 95,000 units in 2024.
The Netherlands saw the largest increase in BEV sales in 2024 compared to 2023 in the first half of the year, especially in spring and early summer, following broader European trends of EV adoption growth. Specific monthly data points indicate most significant growth occurred around Q2 2024.
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In conclusion, the European EV market in 2024 reflected a diversified and evolving landscape, with some countries experiencing growth while others faced challenges. As the market continues to evolve, it will be interesting to see how these trends develop in the coming years.
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