EU Passenger Car Registration in February Up by 11.5% YoY

In February, passenger car registration in the EU increased by 11.5% YoY, totaling 802,763 units. Meanwhile, looking at the first two months of 2023, EU registration of new cars increased by 11.4% YoY overall. In Croatia in the mentioned period, passenger car registration reported a more pronounced increase of 20.3% YoY.

In February 2022, passenger car registration in the EU increased by 11.5% YoY, totaling 802,763 units. The most significant increase reported in the EU in February by far was in Italy, where the reported increase amounted to 19.4k units, representing a 17.4% YoY increase. Italy is followed by Spain, where an 11.9k unit increase can be noted (+19.2% YoY). Spain is closely followed by France, which is also considered a major and significant region, noting an increase of 10.9k units (+9.4% YoY). Finally, the last major region within the EU, Germany, noted a slight and stable growth of 6k units, amounting to 206k units (+2.8% YoY).

When observing the first two months of 2023, the situation is pretty similar – EU registration of new cars increased by 11.4% YoY, reaching 1.6m units registered in total. EU new car registration remained with positive development, but we emphasize this growth occurred due to the low base effect. The previous year was influenced by the semiconductor shortage, which started at the beginning of 2022. Consequently, most EU markets showed strong growth compared to 2022. When observing the whole period, each of the major markets within the EU noted a positive development. Germany reported just a slight growth, while Spain, Italy and France all noted strong growth of 32.1%, 18.2% and 9.1%, respectively. Further, a number of smaller regions also noted a strong double-digit growth.

Looking at the region, when observing the whole period since the beginning of the year, Croatia reported an increase of 20.3% YoY, amounting to 7k units registered. Slovenia reported a somewhat worse situation – when observing February, the development was more or less flat.

Fuel type cars market share [February 2023]

Source: ACEA, InterCapital Research

Fuel types of new cars

During February 2023, there was a rise in the number of battery electric and hybrid cars registered in the EU, now representing 12.1% and 25.5% of the market respectively. Still, petrol remained the top choice for newly-registered cars in the EU, with a market share of 36.9%, which is on par with the share recorded in 2022.

Category : Flash News

Want to invest? Do not know how and where? Contact us and we will solve everything for you.