economy

Europe’s electric vehicle market continues to grow

Photo credit: iStock / nrqemi.

By Anders Lorenzen

Despite the economic downturn, the electric vehicle (EV) market in Europe is showing some resilience despite the cost of living crisis which is impacting consumer spending. 

Data has shown during Q3 (the third financial quarter of the year) that both hybrid and EVs are going strong. They are now representing new vehicle registrations of 571,377 – this represents an increase of around 1.98% compared to Q2.

Looking at the breakdown of the car types indicates that EVs stood at 355,336 in Q3, slightly increasing from Q2’s figure of 322,144, while in the first quarter, the registration was 325,285. Elsewhere, during the third quarter of 2022, the total registered hybrids were 216,041, a drop from Q2’s 238,122. During Q1, the region had 236,991 new hybrid units.

Europe has positioned itself perfectly in this transition, as most big European car brands, thanks to EU and national legislation, have increased their efforts on EVs. Chinese and US car companies are also seeing Europe as one of their key markets.

Hurdles still remain

However, despite this trend, the European EV space still faces several hurdles, with the cost factor emerging as a critical obstacle. At the same time, it remains to be seen how the prevailing economic conditions will impact the sector.  It is evident that consumers are still to be won over by the economic argument in going for an EV or hybrid rather than a fossil fuel-driven car, influenced as well by the lack of charging infrastructure – though much progress is being made in that area.

Despite this, there is no doubt that EV sales in Europe will continue to increase, fuelled by the energy crisis as well as advances in technology, better charging infrastructure, costs coming down, higher range and the increasing concern about the climate crisis.

Norway remains the biggest EV market in Europe.

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