Battery Electric Vehicles Capture Record Market Share Across Europe in May 2024
By Mathias de Rozario and Amir Orusov
Record Growth of Battery Electric Vehicle Market Share in Europe
June 18 (Reuters) - Battery electric vehicle registrations in Europe reached a record market share in May, extending strong growth as subsidies, policy support and higher petrol prices lifted demand.
Surge in BEV Registrations and Market Share
Battery electric vehicle, or BEV, registrations across 17 European markets rose 34.4% from a year earlier to 212,387 vehicles in May, giving fully electric cars a 23.6% market share, data from E-Mobility Europe, New Automotive and Fier Automotive showed.
Consistent Growth Over Recent Months
That followed growth of 34.1% in April and 51.3% in March, according to data from E-Mobility Europe, New Automotive and Fier Automotive, pointing to a continued shift toward electric cars.
Government and Consumer Response
"Consumers and governments alike are responding to Europe's energy security challenge, with every new electric car sold cutting fuel costs and permanently reducing oil imports," Chris Heron, Secretary General of E-Mobility Europe, said in a statement.
Regional Highlights and Market Leaders
The data showed local manufacturers held seven of the 10 best-selling BEV models despite rising pressure from Chinese rivals. France posted a 29.5% electric car market share in May, while Germany reached 25% and its BEV registrations rose 41% in the first five months of the year.
Italy and Northern Europe Lead the Charge
Italy remained the fastest-growing market, with registrations doubling so far this year, helped by new subsidies. Northern Europe and the Benelux region also stayed strong, with BEV market share reaching 78.7% in Denmark, 49.6% in Finland, 41.2% in Sweden, 41.3% in the Netherlands and 36.8% in Belgium.
(Reporting by Mathias de Rozario and Amir Orusov; Editing by Matt Scuffham)