In August, passenger car registration in the EU increased by 21% YoY, totaling 787,626 units. Meanwhile, looking at the first eight months of 2023, EU registration of new cars increased by 17.9% YoY overall. In Croatia in the mentioned period, passenger car registration reported an increase of 34.6% YoY.
New total car registration per month
Source: ACEA, InterCapital Research
In August 2023, passenger car registration in the EU increased by 21% YoY, totaling 851,156 units. The largest increase reported in the EU in August was again in Germany, where the absolute increase amounted to 74.2k units, representing an increase of as much as 37.3% YoY increase! Germany is followed by France at 22.2k units (24.3% YoY). Next up is Italy where the increase was 8.5k (11.9% YoY). Finally, the last major region within the EU, Spain, reported the least pronounced growth of 4k units (7.8% YoY).
When observing the first eight months of 2023, the situation is pretty similar – EU registration of new cars increased by 17.9% YoY. However, the previous year was influenced by the semiconductor shortage, which started all the way back in 2021. Consequently, most EU markets showed strong growth compared to previous years. When observing the whole period, each of the major markets within the EU noted a positive development. Germany reported the most pronounced absolute growth (amounting to a relative 16.5% YoY), while the remaining major markets, Italy, France, and Spain all noted strong double-digit growth of 20.2%, 16.6%, and 20.5% respectively, coming both from low base effect & real recovery in the sector. Smaller regions mostly noted double-digit growth. In August, two countries reported a YoY decrease in units, Hungary (-3.3% YoY) and Sweden (-0.4% YoY).
Looking at the region, when observing the whole YTD period, Croatia reported an astounding increase of 34.6% YTD, amounting to a growth of 10.8k units. Slovenia reported slightly lower numbers, recording a 4.1% growth, amounting to 1.3k units.
New car registration by power source
Source: ACEA, InterCapital Research
During August, we could see the battery electric car market noted a big steep attention rise, climbing to 21% market share, representing a 9.4 p.p increase! Furthermore, hybrids now account for 23.9% of the market, being the second most popular choice. However, for now, petrol cars still retain the largest share at 32.7%, though we note it’s down 5 p.p. from data collected in August 2022.
