European Car Market in 2024 hit the brakes, growing 0.8% compared to the prior year. Signaling a slowdown, EV market was stuck at around 11% of total sales. Still, brands like Volvo, BYD, and Renault hint at a potential rebound ahead.
Medium-Term Market Trend
The European market (including 43 countries from Portugal to Russia) is the 3rd largest region in the world, after Asia and the Americas, with volume in 2023 cumulating to 16.7 million new sales (+17.5% from 2022).
Diving into the past, regional sales fluctuated in the 18-19 million range in the years 2010 to 2019, reaching the current all-time high in 2017 at 19.9 million new registrations.
In 2020 the pandemic hit the market hard, causing an overall 20% drop in volume bringing yearly sales just below the 16 million mark. Since, the European market hasn’t been able to recover, with the 10 year low being set in 2022 at 14.2 million sales and 2023 closing just below the 17 million mark.
Market Trend and Outlook
The EU economy is set for modest growth, with GDP rising 0.9% in 2024 and accelerating to 1.8% by 2026, as inflation eases from 2.6% to 2.0%. While consumption and employment improve, geopolitical risks, and energy volatility highlight the need for structural reforms to maintain competitiveness.
Europe’s EV market shrank in 2024, stuck at just 11% of total car sales, as high costs and cheaper foreign competition expose structural vulnerabilities and the need for stronger policy support.
Tesla and Volkswagen retained the top two spots, controlling a third of the EV market with modest growth of 11% and 9%, respectively. Volvo and BYD posted triple-digit growth, while Renault, though less impressive, also recorded positive gains.
The European car market is navigating significant global challenges in 2024, with full-year sales reaching 14.08 million, up 0.8% from the prior year.
Looking at data up to December 2024, Germany retained the top spot with 2,80 million sales. Despite a 0.8% year-on-year decline, it accouted for 19.9% of total European sales. The UK followed in second place with 1,95 million sales (+2.6%) and a 13.9% market share.
France closed the podium with 1,72 million sales (-3%) and a market share of 12.2%.
Italy ranked in 4th with 1,56 million sales (-0.5%), followed by Turkey, with 1,24 million registrations so far (+0.8%).
Further down the rankings, Spain ranked in 6th with 1,02 new registrations (+7.1%), followed by Poland -up 1 spot- which secured 7th spot and reported 551,568 cumulative sales (+16.1%),
Belgium -down 1 spot- followed in 8th, reporting 448,278 cumulative sales (-6%), Netherlands ranked 9th with 381,166 (+3.2%), and Sweden closed the Top 10 with 268,922 sales (-7%).
Tables with sales figures
In the tables below we report sales for the top 20 countries.
