The EV market is continuing to grow rapidly in Europe taking a record 22.9% total market share in October, according to data from JATO Dynamics.
In total, 181,300 BEV and PHEV units were registered during the month.
Last month also saw a new record for SUVs as manufacturers roll out their new EV alternatives. Demand jumped from 40.7% in October 2020 to 46.8% in October 2021.
Although the electric market performed well, October was a challenging month for Europe’s automotive industry as a whole, with total registrations decreasing by 30% to 790,653 units.
This is due to the ongoing semiconductor shortage worldwide, according to JATO Dynamic’s global analyst Felipe Munoz.
“The shortage of semiconductors is proving to be as severe as the COVID lockdowns of last year. We have seen factories shutdown across the continent, and at present the industry is struggling to find a solution to the supply chain crisis.”
However, despite the total volume for Europe’s 26 markets going down last month, the year-to-date figures are up by 2.6% to 9.85m units compared to 2020.
The current crisis is proving to be more of an opportunity than a threat to the developing EV market.
Mr Munoz said: “Carmakers are being forced to prioritise their best-selling segments, meaning that the few available semiconductors are being used solely to produce SUVs and EVs.”
The outcomes of the 2021 UN climate conference in Glasgow known as COP26 will also spark further EV growth.
“COP 26 marked a significant turning point for the industry as 24 countries and 11 OEMs committed to no longer producing ICE vehicles by 2040, and so the shift towards EVs will only accelerate further in the coming years,” says Felipe Munoz.
Looking at the month’s best-sellers, the Renault Zoe took the top BEV spot with 6,438 units with the Volkswagen ID.3 and Dacia Spring taking second and third spots respectively. The Ford Kuga was the highest selling PHEV and the Peugeot 2008 secured the top spot for best-selling car overall for the first time since its introduction in 2013.
In terms of sales leadership across the European market, last month was the second time this century that Volkswagen Group fell out of the leadership position for monthly registrations ranking by OEM.
Stellantis outsold the German manufacturer, which according to JATO Dynamics is the first time since its formation earlier this year that this has happened.