EU Electric Vehicle Market Reaches Historic Parity with ICE Vehicles in 2023

The European Union’s transition to electrified vehicles hit a significant milestone in 2023, with hybrid and battery-electric vehicles collectively matching traditional internal combustion engine (ICE) registrations for the first time. New data from Eurostat reveals that electrified vehicles captured 48.3% of new passenger car registrations, nearly equivalent to the 48.8% share held by pure petrol and diesel vehicles combined, reports.

Traditional petrol vehicles maintained the largest single category at 34.5% of registrations, while hybrid petrol-electric vehicles secured 21.1% of the market. Battery-electric vehicles (BEVs) claimed 14.5%, narrowly outpacing pure diesel vehicles at 14.3%. This marks a dramatic shift from just a decade ago, when electric vehicles were a marginal presence in the European market.

Nordic countries continue to lead the electrification charge, with Finland achieving an impressive 78% combined share of hybrid and electric vehicles in new registrations. The Finnish market showed particular strength in hybrid adoption at 44%, complemented by a robust 34% BEV share. Sweden and the Netherlands followed closely, with total electrified vehicle shares of 69% and 68%, respectively.

However, significant regional disparities persist across the EU. Eastern European markets generally show lower adoption rates, with Bulgaria reporting just 7% electrified vehicle registrations, followed by the Czech Republic at 20% and Croatia at 28%. These differences highlight the ongoing challenges of infrastructure development and economic factors affecting EV adoption rates across the continent.

The market shift carries profound implications for global automakers. Traditional European manufacturers like Volkswagen and Mercedes-Benz have accelerated their electric vehicle programs, while newer entrants such as Tesla and BYD continue to expand their presence. This transformation has also spurred increased investment in charging infrastructure and battery production capacity across the region.

These developments suggest that the EU’s aggressive emissions reduction targets and incentive programs are effectively reshaping the automotive landscape. As battery technology continues to improve and charging infrastructure expands, the trend toward electrification appears likely to accelerate further in coming years.​​​​​​​​​​​​​​​​