site.btaBulgaria Records Second Largest Rise in New Car Registrations in EU in January, Y/Y

Bulgaria recorded the second largest rise in new car registrations in the European Union (EU) in January 2024 with an increase in market share of 24.4% compared to the same month last year, second only to Croatia (+30.7%), show European Automobile Manufacturers Association (ACEA) data published on Tuesday.

However, electric vehicle sales in this country were down 15.1% compared to same month last year, with plug-in hybrids registering growth of 135.7% and hybrid electrics up 25.5%.

The EU new car market rebounded from the slowdown experienced in December 2023, with year-on-year car registrations increasing by 12.1% to 851,690 units. The bloc’s major markets all saw significant growth, with Germany (+19.1%), Italy (+10.6%), France (+9.2%), and Spain (+7.3%) achieving either high single-digit or double-digit gains.

In January, battery electric cars accounted for 10.9% of the market share (up from 9.5% in January 2023), while hybrid-electric cars commanded a share of nearly 30%, solidifying their position as the second most preferred choice among EU car buyers. The combined market share of petrol and diesel cars totalled almost 50% in January 2024, marking a decline from 54% one year ago.