Registrations for low emissions cars hit record market share in Europe
New car registrations in Europe fell in July after four months of growth but BEVs and PHEVs hit record market share.
According to data from 26 European markets, new car registrations slowed in July, recording a year-on-year decline of 24% as total volume decreased from 1.27 million units to 967,830. Similar results were recorded in July 2012, when the market registered 966,090 units. The year-to-date results remain positive, up by 17% compared to 2020 with 7,381,735 units registered, but down by 24% when compared with January to July 2019.
Felipe Munoz, Global Analyst at JATO Dynamics, commented: “Despite the efforts of national governments to boost consumer confidence, the impact of the pandemic is still being felt by the industry.” While volume increased in Norway, Croatia, Greece, Latvia, Romania, Estonia, Ireland and Lithuania, this combined accounted for only 8% of total registrations during the month.
Appetite for EVs continues to grow, but is not enough to drive market growth
In contrast to the overall trend, consumers in Europe continued to buy more low emissions vehicles. In July, a total of 160,646 BEV and PHEV vehicles were registered, accounting for almost 17% of total registrations. This is the second highest monthly market share after June 2021, and the third highest ever in Europe – BEVs accounted for 47% of that total.