BEV market share fell in January despite new car registrations rising

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According to JATO Dynamics’ data from 28 European markets*, 1,011,281 new passenger cars were registered in January 2024 – marking a rise of 11% when compared to January 2023. A large portion of this growth was driven by demand for electric cars and plug-in hybrids.

SUVs, sports cars and compact cars saw increased popularity in January. In particular, 543,000 SUVs were registered – accounting for over half (52.8%) of total European registrations and marking a rise of 1.2 points from the same period last year. Felipe Munoz, Global Analyst at JATO Dynamics, commented: “It’s clear that SUVs are not losing their shine to European consumers, despite these vehicles being subject to new campaigns and regulations in certain countries.”

97% of Jaguar Land Rover’s volume in January came from SUVs. Similarly, these vehicles accounted for 92% of Nissan’s volume, 86% of Geely’s (including Volvo and Polestar), and 79% of Chinese brands (excluding Geely and SAIC groups).

In contrast, SUVs were less popular for Mitsubishi and Renault Group, with the vehicles accounting for just 31% and 34% of volume registered, respectively. Felipe Munoz, added: “From the 19 car groups we analysed, SUVs were the best-selling vehicles among 14 of them – a significant achievement for the segment.”

While Volkswagen Group led the SUV segment with 23% of overall share, its volume declined by 4% compared to January 2023. In contrast, over the same period, Stellantis Our Knowledge is Your Power www.JATO.com

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saw a 25% increase in volume, as the second-largest SUV seller. This performance comes as a result of strong registrations recorded for the Peugeot 2008, Opel/Vauxhall Mokka, and Jeep Avenger.

The top 10 most registered SUVs for the month were: the Toyota Yaris Cross; Peugeot 2008; Volkswagen T-Roc; Kia Sportage; Ford Puma; Dacia Duster; Hyundai Tucson; Nissan Qashqai; Tesla Model Y; and Volkswagen Tiguan.