Analysis of the European Electric Vehicle Market: Signs of Deceleration in H1 2024

The European electric vehicle market has been a hot topic in recent years, with a push towards sustainability and reducing carbon emissions driving the demand for electric cars. However, a recent analysis by JATO Dynamics has revealed some concerning trends in the market during the first half of 2024.

According to the data, new passenger car registrations in Europe increased by just 4.4% between January and June 2024 compared to the same period in 2023. While there was an increase in electric passenger car registrations, the growth is becoming more moderate and is far from the rapid upward trajectory seen before the pandemic.

One of the key factors impacting the market is the semiconductor shortage, which has made electric vehicles the main driver of growth. With uncertainty surrounding the EV market, including EU tariffs on imported electric cars from China, there are concerns about how this will impact the affordability of these vehicles in the future.

Despite the challenges, there have been some clear winners in the market. Chinese-made EVs have been steadily increasing in sales, with registrations of electric cars from Chinese brands increasing by 26% compared to H1 2023. On the other hand, some established players like the Volkswagen Group have seen a decrease in market share, with a 14% lower volume compared to the same period in 2023.

Tesla remains a dominant player in the market, with both the Model Y and Model 3 topping the battery-electric vehicle registration charts. However, newer players like the Geely Group have been making significant gains, with a 52% increase in BEV registrations compared to H1 2023.

Overall, the European electric vehicle market is facing challenges but also opportunities for growth. With the right strategies and measures in place, the industry can overcome the current deceleration and continue to drive towards a more sustainable future.