Analysis of Used-Car Transactions Impact on the BEV Market in Europe – May 24, 2024
Are you curious about the current state of the European automotive market? Well, you’re in luck because we have the latest insights on how used-car transactions are impacting the battery-electric vehicle (BEV) market and car parc ages. Autovista24 editors Tom Geggus and Phil Curry dive into the numbers to give you a comprehensive overview of what’s happening in the industry.
In the first quarter of this year, all five of Europe’s biggest automotive markets experienced growth in used-car sales for the first time since 2021. While this is a positive development, it also raises some questions about the overall market performance in certain areas.
Let’s take a closer look at how each country is faring in terms of used-car transactions:
– France started 2024 with the lowest growth, but positive performance in January and February helped the market see a 1.9% year-on-year improvement. Vehicles adhering to France’s CritAir 0 label, which includes BEVs and other zero-emission models, were driving growth in the market.
– Spain saw a 2.7% increase in used-car transactions in the first three months of the year, with models aged 15 years and over accounting for 40% of all transactions. This highlights the country’s need to introduce younger, cleaner models into its fleet.
– Italy and Germany both recorded transaction growth in the first quarter, with Italy’s used-car sales outpacing new-car registrations. In Germany, the used-car market saw a 7.9% rise in transactions, outperforming new-car deliveries.
– The UK’s used-car market was the standout performer among the big five, with transactions increasing by 6.5% in the first quarter. While internal-combustion engine models still dominate the market, BEVs saw a significant improvement in transactions.
The used-car market plays a crucial role in the BEV sector across Europe. In France, changes in incentives have led buyers to explore the used-car sector for popular BEV models. In Germany, the end of incentives for new BEVs has driven buyers towards the used-car market. Spain and Italy are also looking to the used-car sector to boost their new-car market shares for BEVs.
However, the UK is taking a different approach, with the ZEV mandate pushing carmakers to focus on new BEV sales. This has led to discounts on new BEVs, potentially impacting the used-car market.
Overall, the European automotive market is experiencing a shift towards used-car transactions, with implications for the BEV market and car parc ages. Stay tuned for more updates on this evolving industry landscape.