In October, passenger car registration in the EU increased by 14.6% YoY, totaling 855,484 units. Meanwhile, looking at the numbers since the beginning of the year, EU registration of new cars increased by 16.7% YoY overall. In Croatia in the mentioned period, passenger car registration reported an increase of 31.3% YoY.
New total car registration per month
Source: ACEA, InterCapital Research
In October 2023, passenger car registration in the EU increased by 14.6% YoY, totaling 861,062 units. The largest increase reported in the EU in October was in France, where the absolute increase amounted to 27.4k units, representing an increase of as much as a 21.9% YoY increase. France is followed by Italy at 23.2k units (20% YoY). Next up is the UK where the increase was 19.2k (14.3% YoY). Finally, there are remaining major regions within the EU, those being Germany and Spain. Germany reported the least pronounced growth of 10.3k units (+4.9% YoY), while the growth trend in Spain amounted to 11.9k (18.1%). Looking at the majority of months before, Germany reported the most pronounced growth. However, during September, Germany noted a flat development with a 0.1% YoY decline during the month, while the latest data show that the growth trend continued.
When observing on a YTD basis, the situation is pretty similar – EU registration of new cars increased by 16.7% 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. Germany reported the most pronounced absolute growth (amounting to a relative 13.5% YoY), while the remaining major markets, Italy, France, and Spain follow Germany all noting a strong double-digit growth of 222.9k, 204k, and 123k, respectively, coming both from low base effect & real recovery in the sector. Smaller regions mostly noted double-digit growth. In October, 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 31.3% YTD, amounting to a growth of 11.8k units. Slovenia reported lower numbers, recording a 5.1% growth, amounting to 2.1k units.
New car registration by power source
Source: ACEA, InterCapital Research
During October, the EU petrol car market grew by 8.1%, although its market share contracted from 35.4% to 33.4% compared to the same period last year. Hybrid electric market share increased by as much as 5 p.p. YoY to 28.6%. On the other hand, the EU’s diesel car market continued its decline in October, decreasing by 13.2%. Finally, overall the EU diesel car market continued to decline during the month from 15.9% market share to the current 12%.
