BEV Europe market share fell in January – Jato

BEV market share fell in January in spite of new car registrations rising with strong volume growth across the European car market.

So says automotive information company Jato Dynamics in its latest report, adding that Tesla led the battery electric vehicle (BEV) market in Europe and SUV popularity increased.

Jato says that in spite of increased BEV demand, market share hit its lowest since January 2023.

While new EV volume increased by 29% from January 2023 figures, these vehicles took just 12% of the total market share in January 2024, with 120,536 registered, says Jato. This marks the lowest levels recorded for new registrations since their 10% share in January 2023.

“While interest in electric vehicles remains strong among consumers and fleets, these vehicles are no longer enjoying the same growth rate seen over the last year and a half,” says Jato Dynamics global analyst Felipe Munoz.

“It is clear that a lack of affordable models alongside regulatory uncertainty continues to have an impact on mass adoption across Europe.”

Tesla led the BEV brand ranking, accounting for 15% of the share – up from 10% in January 2023. This comes thanks to the success of the Model Y – as the most registered EV in January 2024, and the 2023 best-selling electric vehicle in Europe, says Jato.

The Model Y outperformed combined volume registrations for all BMW models, which was the second brand in the ranking, it says. T

“he Model 3 also saw a significant uplift in market share, with an increase of 344% from January 2023.”

Volvo was third due to the EX30’s strong performance, making up over a quarter (28%) of its BEV registrations, says Jato.

“Audi and Mercedes followed this, outselling Volkswagen, whose volume dropped by 28%.”

Volkswagen Group registered the highest volume of EVs, retaining its crown, says Jato.

“In January it held 18% of market share of these vehicles (down from 25% in January 2023). The German maker was closely followed by Tesla, and Stellantis with 15% and 12.6% market share respectively.”

Jato’s data from 28 European markets shows 1,011,281 new passenger cars were registered in January 2024 – 11% up on January 2023, with a large portion of this growth driven by demand for electric cars and plug-in hybrids (PHEVs).

“SUVs, sports cars and compact cars saw increased popularity in January,” says Jato, adding 543,000 SUVs were registered – accounting for more than half (52.8%) of total European registrations and marking a rise of 1.2 points from the same period last year.

Munoz says that shows it’s clear SUVs are not losing their shine to European consumers, although subject to new campaigns and regulations in some countries.

About 97% of Jaguar Land Rover’s volume in January came from SUVs. Similarly, these vehicles accounted for 92% of Nissan’s volume, 86% of Geely’s (including Volvo and Polestar), and 79% of Chinese brands (excluding Geely and SAIC groups), says Jato.

SUVs were less popular for Mitsubishi and Renault Group, with the vehicles accounting for just 31% and 34% of volume registered, respectively.

“From the 19 car groups we analysed, SUVs were the best-selling vehicles among 14 of them – a significant achievement for the segment,” says Munoz.

While Volkswagen Group led the SUV segment with 23% of overall share, its volume declined by 4% compared to January 2023. Yet Stellantis saw a 25% increase in volume, as the second-largest SUV seller, says Jato, adding this performance comes as a result of strong registrations recorded for the Peugeot 2008, Opel/Vauxhall Mokka, and Jeep Avenger.

The top 10 most registered SUVs for the month were the Toyota Yaris Cross, Peugeot 2008, Volkswagen T-Roc, Kia Sportage, Ford Puma, Dacia Duster, Hyundai Tucson, Nissan Qashqai, Tesla Model Y, and Volkswagen Tiguan.

The Dacia Sandero once again secured the top spot among the overall model ranking, the Romanian, Renault-owned brand registering more than 25,000 units of its B-hatchback, up by 20%, due to strong results recorded in Italy and Germany – its second and third largest markets, respectively, says Jato.

It was followed by the Volkswagen Golf, with its volume increasing by 62%. The compact benefited from strong registrations increases across its three largest markets – Germany, the UK, and France.

Among the latest entries, the Jeep Avenger did well, recording more than 7200 units (its electric model accounted for 22% of this total), says Jato.

 The Volvo EX30 registered more than 2300 units, becoming the fourth most popular Volvo.

BYD registered 1257 units of the Atto 3, while Kia registered 1242 units of the EV9.

The Smart #1 recorded almost 1100 units, outselling the Fortwo, says Jato, adding Mitsubishi registered 1074 units of the Colt, and BMW registered 1073 units of the i5.

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