In February, the sales of plug-in electric cars in Europe saw a 10% year-over-year increase, in line with overall market growth. This growth rate is somewhat restrained due to reduced incentives in various markets.
Based on data from EV Volumes shared by researcher Jose Pontes, a total of 202,542 new plug-in electric cars were registered in Europe during February, accounting for approximately 20% of the market share (unchanged from February 2023).
Outlook for 2024: Promising Growth
In 2023, more than 3 million plug-in electric cars were sold in Europe, constituting 24% of the total market. It is anticipated that sales in 2024 will experience at least a minor uptick.
All-electric car registrations hold a 13% market share, while plug-in hybrid registrations make up 7% of the market.
In addition, non-rechargeable hybrids command a solid 29% share, marking a 24% increase year-over-year. Around 42% of new vehicles sold in Europe in February were electrified (BEVs, PHEVs, and HEVs).
Details of plug-in car registrations in February (YOY change):
- BEVs: approximately 132,000 units with a 13% market share
- PHEVs: about 71,000 units with a 7% market share
- Total: 202,542 (up 10%) and 20% market share
* Figures estimated from market share
Within the first two months of the year, over 400,000 passenger plug-in electric cars were registered in Europe, representing about 20% of the total market.
Plug-in car registrations in January-February (YOY change):
- BEVs: around 262,000 units with a 13% market share
- PHEVs: about 141,000 units with a 7% market share
- Total: 403,691 (up 18%) and 20% market share
* Figures estimated from market share
In 2023, over 3 million passenger plug-in electric cars were registered in Europe, showing a 16% increase compared to 2022. The market share stood at 24% (as opposed to 23% in 2022, 19% in 2021, and 11% in 2020).
The Tesla Model Y retained its position as the top-selling plug-in model in Europe, with nearly 20,000 new registrations in February. The Tesla Model 3 followed closely with over 8,000 units sold.
While several other models achieved around 5,000 units, notable absence from the top 10 list were the Volkswagen ID.3 and ID.4 models (ranked 19th and 20th, respectively).
Key outcomes for the month:
- Tesla Model Y – 19,946
- Tesla Model 3 – 8,120
- Peugeot e-208 – 5,319
- Volvo XC40 – 5,034 (4,808 BEVs + 226 PHEVs)
- MG 4 – 4,990
- Skoda Enyaq iV – 4,270
- Volvo XC60 PHEV – 4,251
- Audi Q4 e-tron – 3,914
- Volvo EX30 – 3,675
- BMW i4 – 3,638
At the end of the first two months of the year, the two Tesla models maintained a substantial lead over other plug-in car models.
Results for January-February 2024:
- Tesla Model Y – 31,410
- Tesla Model 3 – 14,815
- Volvo XC40 – 9,585 (9,169 BEVs + 416 PHEVs)
- Skoda Enyaq iV – 9,124
- Audi Q4 e-tron – 8,895
- Peugeot e-208 – 8,594
- MG 4 – 8,391
- Volvo XC60 PHEV – 8,328
- BMW i4 – 7,127
- Ford Kuga PHEV – 6,565
Tesla also stands out as the most popular brand in the plug-in car segment, slightly edging out BMW and Mercedes-Benz.
Regarding automotive groups, the Volkswagen Group leads with a 19.5% market share, followed by Stellantis (12.2%) and Tesla (11.6%).
Top brands by share in the plug-in segment for January-February:
- Tesla – 11.6%
- BMW – 10.2%
- Mercedes-Benz – 8.7%
- Volvo – 8.1%
- Audi – 7.2%
- Volkswagen – 5.1%
Top automotive groups by share in the plug-in segment for January-February:
- Volkswagen Group – 19.5%
- Stellantis – 12.2%
- Tesla – 11.6%
- BMW Group – 10.9%
- Geely-Volvo – 9.9%
- Mercedes-Benz Group – 9.2%