EU's Electric Car Trade Shifts in 2024: Exports Dip, Market Share Grows
In 2024, the EU witnessed a significant shift in its hybrid and electric car trade. Despite a slight decrease in exports, the EU's share in the global stock market today grew. Meanwhile, imports from China dominated the electric car market.
EU exports of hybrid and electric cars in 2024 totalled €57.3 billion, marking an 8% decrease from the previous year. However, the EU's share in the global stock market increased by 1 percentage point. The top three export destinations were the UK (31%), the US (23%), and Norway (11%).
In terms of imports, more than half (55%) of electric cars entering the EU in 2024 originated from China. This accounted for 43% of all car imports, a decrease of 1 percentage point compared to 2023. The EU spent €42.4 billion on these imports, a 12% decrease from 2023.
The EU's production of hybrid and electric cars in 2024 reached 3.9 million units, nearly a third of the total car production. This included 13% electric cars, 6% plug-in hybrids, and 13% non-plug-in hybrids. The EU also exported 28% of its car exports as electric or hybrid vehicles in 2024.
The EU's hybrid and electric car trade in 2024 showed a mixed picture. While exports and imports decreased, the EU's market share grew. The dominance of Chinese imports in the electric car sector and the significant trade with key partners like the UK, the US, and Norway highlight the complex dynamics of the EU's electric vehicle market.
Read also:
- Competing for dominance in the upscale cruise liner industry
- Germany's PV Capacity Surges to 80GW, Driven by Cost Cuts and Innovation
- Sustainable Construction Strategies for Eco-Conscious Home Makeovers Nowadays
- Balcony Solar Power System Features Growatt Nexa 2000: Storage Solution Suggests Anker Solarbank 3
