Towards a slowdown of the European BEV market?
- Is the European BEV automotive market slowing down? While the European market (31 countries) of battery electric vehicles (BEV) had increased by 29% in January 2024 compared to January 2023 (120,594 units compared to 93,653), had increased by only 10% in February 2024 compared to as of February 2023 (131,223 units compared to 118,831), the market declined by 11% in March 2024 compared to March 2023 (196,411 units compared to 220,778). These figures should be compared with those of the European market as a whole: +11.5% in January 2024, +10.2% in February 2024 and -2.8% in March 2024.
- Over the 3 months of 2024, the European BEV market remains positive (+3.5%) but the trend has been downward since March and even since the last days of February, mainly attributable to Germany which stopped subsidies for the purchase of BEVs at the end of last year. Germany thus saw its BEV sales fall by 29% in March 2024 compared to March 2023 and by 14% over the 3 months of 2024 compared to the 3 months of 2023. Germany thus lost 13,000 sales of BEV in March 2024 out of 24,000 across Europe and 13,000 sales over the 3 months of 2024 out of 15,000 across Europe. More worryingly, several other countries follow the same trend as Germany in March 2024, such as Italy (-34%), Norway (-48%), Finland (-36%), Sweden (-34%). %), Ireland (-41%), Slovenia (-38%), Greece (-24%), etc…
- The slowdown in the growth of BEV sales in Europe in 2023 is therefore nearly flat in the first quarter of 2024 which can be explained by the end of subsidies in certain countries and by the lack of affordable products.
- A new analysis will be made in July to see if the trend increases or reverses over the 6 months of 2024.