European Automobile Market in 2023: Strong Growth of 13.9% with 10.5 Million Registrations
The European automobile market exhibited impressive growth in 2023, with a 13.9% increase in registrations compared to the previous year, totaling 10.5 million vehicles. This growth was observed across all EU markets, except Hungary, which saw a slight decline of 3.4%. Double-digit gains were notable in most markets, with standout performances in Italy (+18.9%), Spain (+16.7%), and France (+16.1%). Germany, however, recorded a more moderate growth of only 7.3%.
VW Group Leads the European Automobile Market in 2023, Beating Stellantis and Renault Group
In a competitive landscape, the VW Group managed to maintain its position as the market leader throughout 2023, with impressive performances that surpassed Stellantis and Renault Group. Their consistent efforts and strategies helped them stay at the top in a dynamic market environment.
Rise of BEVs (Battery Electric Vehicles) in the European Automobile Market
A notable trend in the European automobile market is the steady growth of electric vehicles. With a market share of 14.6% in registrations, battery electric vehicles have established themselves as the third most popular propulsion technology, after gasoline (35.3%) and full hybrids (25.8%). It is also noteworthy that the number of diesel vehicle registrations (13.6%) was lower than electric cars for the first time, indicating a shift towards more environmentally friendly alternatives in the European market.
