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Interesting results on the sale of new fully electric cars in Europe, while companies show the first doubts about the imposed production
The electric car market in Europe has shown interesting dynamics in the first six months of 2024. Although there have been fluctuations in registration numbers, the general trend remains positive, with moderate growth at the continental level. However, it is appropriate to analyze the performances of individual countries in detail, with a particular focus on Italy, which experienced a particularly favorable June.
In June 2024, the European Union car market recorded growth of 4.3%. Including the UK and EFTA countries, growth was 3.6% compared to June 2023. In the period January-June 2024, 5,683,843 cars were registered in the EU, an increase of 4.5%. Also considering the United Kingdom and the EFTA countries, the total rises to 6,879,438 cars (+4.4%). The electric car (BEV) market showed signs of slowing in June 2024, with a 1% decline in registrations in the EU, totaling 156,408 units. However, including the UK and EFTA countries, sales were 208,872, a slight growth of 0.1% compared to June 2023. Overall, in the first six months of 2024, BEVs totaled 712,637 sales in the EU (+1 .3%), and 954,094 also considering the United Kingdom and the EFTA countries (+1.6%).
Italy and the Electricity Market
Italy, traditionally a complex market for electric cars, saw a particularly positive June 2024. BEV registrations reached 13,365 units, an impressive increase of 117.4% compared to June 2023. This result was strongly influenced by the new incentives for electric cars, which sold out in less than 10 hours. These incentives provided a significant boost, although the market had suffered in the previous months due to the wait for their arrival.
As of June 2024, the market share of electric cars in Italy has reached 8.3%. This success contributed to recovering ground lost in the first months of the year, bringing total registrations to 34,932 units in the first six months of 2024, with an increase of 7% compared to the same period of 2023 (32,660 units).
Comparison with other European countries
Comparing Italy with other large European markets in June 2024, the strong Italian growth rate clearly emerges, although volumes are still lower than in countries such as France, Germany and the United Kingdom. The data for June 2024 are:
Italy: 13,365 (+117.4%)
Spain: 5,531 (+1%)
France: 29,837 (-10.3%)
Germany: 43,412 (-18.1%)
United Kingdom: 34,034 (+7.4%)
In terms of growth, Italy has outpaced all major European markets, although volumes remain lower. In the cumulative first six months of 2024, the data shows:
Italy: 34,932 (+7%)
Spain: 25,141 (+5.2%)
France: 158,402 (+14.9%)
Germany: 184,125 (-16.4%)
United Kingdom: 167,096 (+9.2%)
The overall growth of the Italian market was modest and, without the push of June, the result would have been lower. In terms of volumes, Italy is still far from the main European markets and also from countries such as Denmark, Belgium, Norway, Holland and Sweden.
As the July 2024 data arrives, it will be interesting to see whether the impetus provided by the June incentives will continue to positively influence the electric car market in Italy. The sustainability of this growth will depend on various factors, including further incentive policies, the evolution of charging infrastructure and the market response to new electric vehicle offerings. The electric car market in Europe continues to grow, albeit at different rates between the various countries. Italy has demonstrated significant growth potential, thanks to targeted policies, but will face significant challenges to maintain and increase its market share in the coming months.
Alessandro Fiorentino