Volkswagen and Stellantis lead the European car market, while Tesla risks falling out of the top ten
Volkswagen and Stellantis lead the European car market, with Tesla's market share declining. The European car market is undergoing significant changes, with a slight decrease in the market share of pure electric vehicles and an increase in the market share of hybrid vehicles. The market share of traditional gasoline and diesel vehicles has also declined. Volkswagen Group leads with a market share of 26.0%, followed by Stellantis, Renault, Toyota, and Hyundai. Tesla's market share in Europe has slightly decreased, which may trigger a reassessment of the future growth prospects of electric vehicles. Overall, the European car market has shown slight fluctuations, with noticeable changes in consumer demand for environmentally friendly vehicle models
According to the VETIMES APP, in the first half of 2024, the European automotive market has shown some significant changes. Although the market share of Battery Electric Vehicles (BEV) in June was 14.4%, slightly lower than the 15.1% in the same period last year, the market share of Hybrid Electric Vehicles (HEV) has increased from 24.4% to 29.5%, indicating a shift in consumer demand for different types of vehicles. At the same time, the total market share of traditional gasoline and diesel vehicles has also decreased from 49.6% to 47.1%.
In the first half of the year, the total vehicle registration volume increased by 4.5% year-on-year, reaching nearly 5.7 million vehicles. Despite this positive growth, the registration volume is still lower compared to pre-pandemic levels, declining by 18%. Major EU markets such as Spain (5.9% growth), Germany (5.4% growth), Italy (5.4% growth), and France (2.8% growth) have shown positive growth trends, albeit relatively moderate.
In terms of market share, Volkswagen Group continues to lead with a share of 26.0%, followed by Stellantis NV (18.0%), Renault (10.9%), Toyota (7.8%), and Hyundai (7.8%). BMW (6.3%), Mercedes-Benz (5.0%), Ford (2.9%), Volvo (2.7%), Tesla (2.2%), Nissan (2.1%), Suzuki (1.7%), SAIC Motor (1.4%), and Mazda (1.3%) also hold certain market shares.
Of particular note, according to the European Automobile Manufacturers' Association (ACEA) registration data, Tesla's market share in Europe has slightly declined. This change may trigger a reassessment of the future growth prospects of electric vehicles in the market.
Overall, despite some fluctuations in the performance of Battery Electric Vehicles in the European market, the growth of Hybrid Electric Vehicles and the decline in market share of traditional fuel vehicles indicate an increasing demand for more environmentally friendly vehicles. Automakers need to continue monitoring market trends and adjust their product strategies to meet the evolving consumer demands. With technological advancements and policy support, it is expected that the European automotive market will continue to develop towards a more sustainable direction in the coming years