Towards a recovery of the European BEV market?
- Is the European BEV automotive market recovering? While the European market (31 countries) for battery electric vehicles (BEV) grew by 3.5% in the first quarter of 2024 compared to the first quarter of 2023, then by 1.6% in the first half of 2024 compared to first half of 2023, it fell by 2.6% over the entire first 9 months of 2024 compared to the first 9 months of 2023. But in September 2024, it increases by 13.9%.
- This means that the evolution of BEV sales over the first 9 months of 2024 is generally negative compared to 2023, the BEV market share having fallen to 14.7% in Europe at the end of September 2024 compared to 15.2 % at the end of September 2023. But the increase observed in September suggests a recovery over the next three months of the year.
- We are therefore not witnessing a collapse in BEV sales in Europe, but a stagnation or even a decline in sales in certain countries such as Germany (-28.6%), Sweden (-18.9%), Finland (-31.4%) or Switzerland (-9.5%). The new battery electric models at a lower prices than today may help to support the European electric market.
- As for other engines, gasoline continues to lose ground in Europe (34% of the market against 37% in 2023 and 38% in 2022), like diesel (11% of the market against 12% in 2023 and 15 % in 2022). The plug-in hybrid remains stable at 7% of the market. The full- hybrid (or FHEV) continues its spectacular growth (14% of the market compared to 10% in 2023 and 8% in 2022). The micro-hybrid (MHEV) is growing at 17% of the market and remains the second technology in terms of engine behind gasoline engines which are twice as large in terms of market share.