In November, passenger car registration in the EU increased by 6.7% YoY, totaling 885,581 units. Meanwhile, looking at the numbers since the beginning of the year, EU registration of new cars increased by 15.7% YoY overall. In Croatia in the mentioned period, passenger car registration reported an increase of 31% YoY.
New total car registration per month
Source: ACEA, InterCapital Research
In November 2023, passenger car registration in the EU increased by 6.7% YoY, totaling 885,581 units. The largest increase reported in the EU in November was in Italy, where the absolute increase amounted to 19.4k units, representing an increase of as much as a 16.2% YoY increase. Italy is closely followed by France at 18.8k units (14% YoY). Next up is the UK where the increase was 13.6k (9.5% YoY). Finally, there are remaining major regions within the EU, those being Germany and Spain. Germany reported the the strong decrease of 14.8k (down 5.7%) and was the only major region to note a decline. The growth trend in Spain paced down and amounted to 5.1k (7%). Looking at the majority of months before, UK & Germany reported the most pronounced growth. However, during November, Germany recorded a first month of a YoY decline.
When observing on a YTD basis, the situation is pretty similar – EU registration of new cars increased by 15.7% 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. UK reported the most pronounced absolute growth (amounting to a relative 18.6% YoY), while the remaining major markets, Germany, Italy, France, and Spain follow UK all noting a strong double-digit growth of 276.4k, 265.7k, 242.3k and 123k, respectively, coming both from low base effect & real recovery in the sector. Smaller regions mostly noted double-digit growth. In November, a few smaller countries reported a YoY decrease in units.
Looking at the region, when observing the whole YTD period, Croatia reported an astounding increase of 31% YTD, amounting to a growth of 12.5k units. Slovenia reported lower numbers, recording a 5.3% growth, amounting to 2.3k units.
New car registration by power source
Source: ACEA, InterCapital Research
During November, the EU petrol car market grew by 4.2%, although its market share contracted from 33.5% to 32.7% compared to the same period last year. Hybrid electric market share increased by as much as 4.7 p.p. YoY to 27.4%. On the other hand, the EU’s diesel car market continued its decline in November, decreasing by 10.3%. Finally, overall the EU diesel car market continued to decline during the month to the current market share of 12.2% (down 2.3 p.p. YoY).
