Sales of new cars increased by 295 thousand in March compared to last year. In the first three months of the year, the growth reached 17.5% yoy . The smallest decline was seen in Cyprus (109%) while sales in Bulgaria dropped the most (-14.4%). Volkswagen Group sold the most cars in March 2023 in Europe, some 276 thousand vehicles representing 19.4% of the European market.
In March 2023, the EU car market recorded a significant 28.8% increase in passenger car registrations, surpassing more than a million units. March saw 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%.
In March, most vehicles (288 thousand) were sold in the United Kingdom (up 18.2% yoy), followed by Germany (281 thousand, up 16.6%), France with 183 thousand cars (up 24.2%), 168 thousand new vehicles were registered in Italy (up 40.8%) and 99.5 thousand in Spain (up 66.1%). The five largest countries accounted for 64.7% of total new vehicles registered in March 2023.
In relative terms, sales in Cyprus (+109%) and Spain (+66.1%) declined the least compared to a year ago, whereas registration in Bulgaria and Finland dropped the most (-14.4% and 1.87% yoy), in March 2023, according to ACEA.
Volkswagen Group sold the most cars in March 2023 in Europe, some 276 thousand vehicles representing 19.4% of the European market. Sales of Stellantis amounted to 217 thousand vehicles (or 15.2% of the market) while Renault Group and Hyundai Group held 7.80% and 5.90% of the European market in March. Overall, the five largest manufacturers sold 53.4% of all new cars in March.