The EU car market recorded a significant 28.8% increase in passenger car registrations in March, surpassing more than a million units (1,087,939).
All the bloc’s largest markets saw double-digit growth last month, with Spain (66.1%) and Italy (40.7%) in the lead.
In the first quarter of 2023, the EU car market saw a substantial increase in new car registrations, with almost 2.7 million units sold.
This marks a 17.9% increase compared to 2022, following solid results in the first three months. Among the four major EU markets, Spain (+44.5%) saw the highest gains, followed by Italy (+26.2%), France (+15.2%), and Germany (+6.5%).
Marchsaw significant increases in the market share of hybrid cars to 24.3% and battery electric cars to 13.9%. Despite the shift to more sustainable models, petrol cars still retain the largest market share at 37.5%.
UK new car registrations in March bounced back by 18.2% to deliver the best ‘new plate month’ performance since before the pandemic, according to the Society of Motor Manufacturers and Traders.
Although business and fleet sales were dramatically increased there is a feeling that came about with manufacturers incentivising sales registrations to big companies and leasing businesses as well as finance providers, particularly with evs.