In the rapidly evolving European electric vehicle (EV) market, Tesla continues to maintain its lead, although its competitors are closing in. According to José Pontes, data director at EV Volumes, Tesla’s market share in Europe has increased to 11.4% as of September 2024, solidifying its position as the top-selling plug-in brand in the region.
Despite Tesla’s continued success, its rivals have made significant gains compared to the previous year. The gap between Tesla and its closest competitor has narrowed from 4.3 percentage points to 1.4 percentage points over the course of 2024. This trend suggests that Tesla may face tougher competition in the upcoming year.
BMW emerged as the second-best selling EV brand in Europe, capturing 10% of the market share from January to September. This marks a slight decrease from the previous month but represents a significant improvement from its performance a year ago. Mercedes-Benz followed closely behind with an 8.7% market share, showing a slight decline from August but a notable increase compared to the previous year.
Volvo, on the other hand, experienced a slight dip in market share in September, dropping to 8.3% from 8.5% in August. However, the brand has seen a substantial increase of 2.7 percentage points compared to the previous year.
Volkswagen (VW) managed to gain ground in September, reaching a 7% market share despite facing challenges earlier in the year. The brand’s recovery is expected to continue with a strong sales push in the final months of 2024, aiming to secure a higher position in the market.
In terms of manufacturing groups, VW Group maintained its lead with a 20.8% share of the European EV market. Tesla moved up to the second position in September, capturing 11.4% of the market, while BMW Group also saw an increase in market share to 11.1%.
Stellantis faced a slight decline in market share, dropping to 10.7% from January to September. However, the group’s upcoming affordable EV models could potentially boost its performance in the fourth quarter, setting the stage for a competitive battle for the second position.
Overall, the European EV market is witnessing a dynamic shift in market share, with brands like Tesla facing increased competition from traditional automakers and new entrants. As the industry continues to evolve, it will be interesting to see how these trends shape the future of electric mobility in Europe.
