Stagnation in EU Electric Vehicle Sales in 2024

In 2024, the European automotive market experienced a slight growth in overall car registrations, yet the sales of electric vehicles (EVs) faced a significant decline. The Association of European Automobile Manufacturers (ACEA) reported a decrease in the market share of EVs from 14.6% in 2023 to 13.6% in 2024. This decline was most pronounced in Germany, where EV registrations plummeted by 27%, contributing significantly to the overall downturn.

Despite the broader market's slight growth, marked by a 0.8% increase in new car registrations, the EV sector struggled. This trend was consistent across 15 out of the 27 EU countries, including France, where EV sales fell by 3%. Conversely, countries like Spain, Portugal, and Poland saw notable increases in new car registrations.

The hesitance to purchase electric vehicles was largely attributed to their high prices, as noted by Constantin Gall from EY. He suggested that the financial burden remains a barrier for many consumers, though this may change in 2025 when manufacturers might lower prices to avoid penalties for high fleet emissions.

The uncertain future of the EU's 2035 ban on combustion engines and the policies of the new US administration further cloud consumer confidence. These factors may drive potential buyers back to combustion engines if doubts about the future of electric mobility persist.

While electric vehicles remain the third most popular driving category, they lag behind petrol and hybrid vehicles, the latter seeing a rise from 26.5% to 33.6% in market share over the year. Petrol cars continue to lead, underscoring a complex landscape for the EU's automotive market amid technological and regulatory shifts.