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Dacia SanderoI CE.jpg
Dacia's value-for-money Sandero hatchback is Europe's top-seller in January.

BEVs Lose Market Share in Europe

Growth in car sales driven by SUVs but expensive BEVs lose out to budget ICE products.

While European car sales saw healthy growth to kick off the year, battery-electric vehicles lost market share against internal-combustion and electrified powertrain vehicles.

Jato Dynamics data from 28 European markets shows that while BEVs accounted for 20% of the overall market share in December 2023, January 2024 saw this slump to 12%, just 2% better than the share in January 2023, despite an increase in volume sales of 29% on the previous month.

The study reveals that 120,536 BEVs were registered in January, marking the lowest levels recorded for new registrations since the beginning of 2023.

The Tesla Y becomes Europe’s top-selling BEV with 11,441 vehicles sold in January, putting it 20 places below the overall best-seller, the budget Dacia Sandero B-segment hatchback ICE model (pictured) at 25,038. Top-selling brand went to Volkswagen with 96,235 sales ahead of an advancing Toyota recording an 8% rise to 77,737 deliveries.

SUVs, sports cars and compact cars saw increased popularity in January. In particular, 543,000 SUVs were registered, accounting for 52.8% of total European registrations and marking a rise of 1.2 percentage points from the same period last year.

Felipe Munoz, global analyst at JATO Dynamics, says: “While interest in electric vehicles remains strong among consumers and fleets, these vehicles are no longer enjoying the same growth rate seen over the last year and a half. It is clear that a lack of affordable models, alongside regulatory uncertainty, continues to have an impact on mass adoption across Europe.”

On the continued attractiveness of SUVs, Munoz adds: “It’s clear that SUVs are not losing their shine to European consumers, despite these vehicles being subject to new campaigns and regulations in certain countries."

TAGS: Powertrain
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