Despite declining growth rates, the European passenger plugin vehicle market is still in the fast lane. Some 160,000 plugin vehicles were registered in February — which is +38% year over year (YoY). This performance is especially impressive when we consider that the overall auto market continued to fall — down 7% last month, with the 804,000 units registered last month making it the lowest February in over 20 years!
Tesla Model3 (Image: Wikimedia/Carlquinn)
With plugin registrations rising fast and the overall market shrinking significantly, plugin vehicle market share had to rise significantly, and it did. Last month’s plugin vehicle share of the overall European auto market was 20% (11% full electrics/BEVs). That result pulled the 2022 plugin vehicle (PEV) share to 19% (11% for BEVs alone).
Growth came from both plugin fields, but while BEVs (+79% YoY) keep gaining momentum, PHEVs (+6%) are slowing down significantly, allowing pure electrics to represent the majority of registrations last month (57% vs. 43%). That allowed BEVs to gain 2 percentage points of market share in the YTD count (55% vs 45%).
Also worthy of notice is the fact that besides the EV disruption, the overall market is being heavily changed by other factors as well, like the chip shortage, which is tanking registrations from most OEMs. Of the major players, only Hyundai–Kia (+25% YoY!!!) avoided a significant drop.
Read more: CleanTechnica
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