BEVs Lose Market Share in Europe

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."