Finance and Economics App learned that significant changes are occurring in the European auto market in the first half of 2024. Although the market share of battery electric vehicles (BEVs) was 14.4% in June, slightly lower than the 15.1% in the same period last year, the market share of hybrid electric vehicles (HEVs) increased from 24.4% to 29.5%, showing that consumers' demand for different types of vehicles is changing. At the same time, the total market share of traditional gasoline and diesel vehicles also decreased from 49.6% to 47.1%.

In the first half of the year, the total registered vehicle volume increased by 4.5% year-on-year, reaching nearly 5.7 million units. Although this growth is positive, the registration volume is still lower than pre-epidemic levels, a decline of 18%. The main markets in the EU, such as Spain (up 5.9%), Germany (up 5.4%), Italy (up 5.4%), and France (up 2.8%), have all shown positive growth trends, although this growth is relatively modest.

In terms of market share, Volkswagen Group continues to lead with a share of 26.0%, followed by Stellantis NV (18.0%), Renault SA (10.9%), Toyota Motor Corp (7.8%) and Hyundai Motor Co (7.8%). BMW (6.3%), Mercedes-Benz (5.0%), Ford Motor Co (2.9%), Volvo AB Unsponsored ADR Class B (2.7%), Tesla (2.2%), Nissan (2.1%), Suzuki (1.7%), SAIC Motor Corp (1.4%) and Mazda (1.3%) also occupy a certain market share.

It is worth noting that according to the registration data of the European Automobile Manufacturers Association (ACEA), Tesla's market share in Europe has slightly decreased. This change may trigger a re-evaluation of the future growth prospects of electric vehicles in the market.

Overall, although the performance of battery electric vehicles in the European market has fluctuated slightly, the growth of hybrid electric vehicles and the decline of traditional fuel vehicle share indicate that consumers' demand for more eco-friendly vehicles is increasing. Automakers need to continue to pay attention to market trends and adjust their product strategies to meet the ever-changing consumer demand. With the advancement of technology and policy support, it is expected that the European automobile market will continue to develop in a more sustainable direction in the coming years.