Europe's Electric Vehicle Landscape in 2024: Battery Electric Vehicles (BEVs) Rank Third, Plug-in Hybrid Electric Vehicles (PHEVs) Show a 33% Increase
The European electric vehicle (EV) market displayed a period of stabilization in December 2024, following years of rapid growth. This trend was evident in the registration figures for Plug-in Hybrid Electric Vehicles (PHEVs) and Battery Electric Vehicles (BEVs).
Registrations of PHEVs saw a 4.9% increase in December 2024, with notable increases in France (+44.9%) and Germany (+6.8%). Despite the overall growth, total PHEV registrations for the year were down by 6.8% compared to 2023.
The story was somewhat different for BEVs. Registrations for BEVs in 2024 saw a 5.9% decrease compared to the previous year. However, even with this decrease, BEVs outperformed diesel cars, whose share fell to 11.9%.
Germany and the United Kingdom showed a particularly strong growth rate in newly registered BEVs. Germany led in volume with a BEV share of about 17.7% of new car registrations, while the UK had a similar trend with a BEV share of 67.8% among plug-in vehicles. France, on the other hand, experienced a decline in BEV registrations.
The United Kingdom overtook Germany as Europe's largest BEV market in 2024, with more than 382,000 new BEV registrations, a growth of over 20% compared to 2023. Norway maintained its global leadership in EV penetration, registering nearly 115,000 new BEVs in 2024. Sweden, however, experienced a 16% decline in BEV registrations, falling to 95,000 units.
Belgium, on the other hand, bucked the trend, with a 37% increase in BEV registrations, totalling nearly 128,000 units. This growth placed Belgium just above the European average for BEV new registration rates, at 17.6%.
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In December 2024, BEV registrations dropped by 10.2%. Despite this dip, the European EV market continues to show signs of a diversified and evolving market, with PHEVs gaining traction. As the market continues to grow and evolve, it will be interesting to see how these trends develop in the coming years.
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