Electric cars demand in Europe grows as over 1 million passenger EVs registered in Q1, 2023

Europe is among the regions leading the way in the global transition towards electric vehicles (EVs), solidifying its position as a hub for the widespread adoption of eco-friendly transportation. This transition has led to a remarkable surge in the number of residents opting for electric cars as they move towards a more sustainable and environmentally conscious future.

In particular, data acquired by Finbold indicates that new electric passenger car registration in Europe for Q1 2023 hit 1,177,637 million. The highest number of registrations, which included those within the European Union, the United Kingdom, and the European Free Trade Association (EU+EFTA+UK), was recorded in March at 494,270. February followed closely with 359,752 registrations, while January saw 323,615 registrations. This indicates a growth of 52.94% in the registered passenger EVs in Europe between January and March.

Among the registered electric cars, Hybrid electric vehicles (HEV) had the highest share, with 667,559 registrations. Battery electric (BEV) vehicles came in second with 320,857 registrations, while Plug-in hybrid electric (PHEV) ranked third with 189,221 registrations.

Drivers of EU electric vehicle adoption

The research identified some of the driving factors behind Europe’s EV adoption. According to the research report:

“The surge in Europe’s adoption of electric vehicles can be tied to a combination of factors, including a climate-conscious populace with high-income levels, strong government support for EVs, and the development of an extensive public-private network for EV charging infrastructure.”

Although Europe’s electric car adoption is on the rise, there are still barriers to overcome toward widespread acceptance, with high costs ranking among the top concerns.

Read the full story with statistics here: https://finbold.com/europe-electric-car-registrations-q1/