Sharp Decline in EU Car Registrations in August 2024

The European automotive market faced a significant downturn in August 2024, with new car registrations plummeting by 18.3% compared to the same month last year.

This decline marks a stark contrast to the steady growth observed in the preceding years, highlighting the challenges faced by the industry. Factors such as economic uncertainties, supply chain disruptions, and changing consumer preferences have contributed to this downturn, raising concerns about the future trajectory of the automotive sector. This article highlights the key points from the European Automobile Manufacturers' Association (ACEA) report, providing a comprehensive overview of the current state of the EU automotive market.

1. Major Market Performance
2. Electric Vehicle Market Share
3. Hybrid and Conventional Vehicles
4. Registrations by Gearbox Type
5. Registrations by Power Source
6. Year-to-Date Performance

1. Major Market Performance

• Germany: The largest market in the EU saw a dramatic decrease of 27.8% in new car registrations.
• France: Registrations fell by 24.3%, reflecting a challenging month for the French automotive sector.
• Italy: The Italian market recorded a 13.4% decline.
• Spain: Although less severe, Spain still saw a 6.5% drop in new car registrations.

2. Electric Vehicle Market Share

Battery Electric Vehicles (BEVs) also faced a tough month, with their market share dropping by almost one third. In August 2024, BEVs accounted for 14.4% of the EU car market, down from 21% the previous year. This marks the fourth consecutive month of decline for BEVs, contrasting sharply with the consistent growth seen last year.

The decline in BEV registrations was particularly pronounced in Germany and France, with drops of 68.8% and 33.1%, respectively. Overall, 92,627 BEVs were registered in August 2024, compared to 165,204 in the same period last year.

3. Hybrid and Conventional Vehicles

Hybrid Electric Vehicles (HEVs) were the only segment to see growth in August, with registrations rising by 6.6% to 201,552 units. This growth was driven by gains in Spain (+12.6%), France (+12.5%), and Italy (+2.5%), while Germany remained stable.

Conversely, petrol and diesel car registrations continued to decline. Petrol car registrations dropped by 17.1%, with significant declines in France (-36.6%), Italy (-18.8%), Spain (-17.4%), and Germany (-7.4%). Diesel cars also saw a decrease in volumes by 12.5% vs the previous year.

4. Registrations by Gearbox Type

In terms of gearbox types, manual transmissions continued to dominate the market, although their share has been gradually decreasing. In August 2024, manual gearbox cars accounted for 52.3% of new registrations, down from 55.1% in the previous year. Automatic transmissions, on the other hand, saw a slight increase in market share, rising to 47.7% from 44.9%.

5. Registrations by Power Source

While the market gradually moves towards electrification, petrol and diesel vehicles still dominate. The combined share of Internal Combustion Engine (ICE) vehicles dropped slightly to 44.3%, down from 45.1% the previous year.

• Petrol Cars: Petrol cars represented 33.1% of the market in August 2024, down from 32.6% in August 2023. This segment saw a 17.1% decline in registrations, with all four key markets recording significant drops: France (-36.6%), Italy (-18.8%), Spain (-17.4%), and Germany (-7.4%).
• Diesel Cars: Diesel cars accounted for 11.2% of the market, down from 12.5% the previous year. Registrations of diesel cars fell by 26.4%, with notable declines in Germany and France.
• Battery Electric Vehicles (BEVs): BEVs made up 14.4% of the market, a significant drop from 21% in August 2023. Registrations of BEVs decreased by 43.9%, with Germany and France experiencing the most substantial declines.
• Plug-in Hybrid Electric Vehicles (PHEVs): PHEVs accounted for 7.1% of the market, down from 7.4% last year. Sales of PHEVs fell by 22.3%, with declines recorded in all major markets.
• Hybrid Electric Vehicles (HEVs): HEVs were the only segment to see growth, increasing their market share to 31.3% from 24% in August 2023. Registrations of HEVs rose by 6.6%, driven by gains in Spain, France, and Italy.

6. Year-to-Date Performance

Despite the challenging month, the year-to-date performance for new car registrations in the EU showed a modest increase of 1.4%, reaching nearly 7.2 million units. Spain and Italy posted positive results, with increases of 4.5% and 3.8%, respectively. However, the French and German markets remained stagnant.

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Sources:

1. New car registrations: -18.3% in August 2024; BEV market share down by almost one third
2. New car registrations: +9.2% in September; battery electric 14.8% market share
3. EV Registrations Dropped Again In The EU In August, But There’s More To The Story
4. New car registrations: +4.3% in June 2024; battery electric 14.4% market share