The European electric vehicle (EV) market has experienced significant growth this year, with Volkswagen Group (XETRA:VOW) (VW) maintaining its leading position in the sector.
The report reveals that the battery electric vehicle (BEV) segment, in particular, has seen notable expansion, with registrations exceeding 100,000 units in May 2023.
Strong increase
This represents a remarkable threefold increase in growth relative to the overall automobile market and marks a 52% increase year-on-year.
The increase in BEV registrations was observed across all of the top five European Union markets, signalling a shift towards sustainable modes of transport across the continent.
Despite this growth in the BEV sector, the report notes a decrease in plug-in hybrid Electric vehicle (PHEV) registrations, which have dipped by 11% year-on-year for the fifth successive month. This drop was primarily driven by the discontinuation of certain incentives in Germany.
The report also provides a detailed account of the performance of BEVs in key markets.
Germany motoring
Germany led the pack with a 47% year-on-year increase in BEV registrations, followed by France at 49%, Italy at 38%, Spain at a whopping 120%, and the UK at 59%.
This rise in registrations has led to an increase in the BEV market share to 12.9%, marking an increment of approximately 2.9 percentage points from the previous year.
However, in contrast to the BEVs, PHEVs lost market share in the same period. Particularly, in Germany and Italy, the registrations for PHEVs were down by 41% and 9% respectively.
Hybrid demand on the wane?
Yet, this decline was partially compensated by slight increases in France, Spain, and the UK, thereby maintaining an overall steady market share for PHEVs.
The report further underscores VW's commanding position in this rapidly evolving market.
VW has not only succeeded in maintaining its share in the burgeoning BEV and PHEV markets but has continued to lead in Norway, a country recognised as the most advanced BEV market.
The German auto market, accounting for 42.5% of BEV registrations in May 2023, saw VW hold a steady 29% market share. This reiterates the car manufacturer's strategic focus on electric mobility and highlights its ability to stay ahead in a competitive market environment.