Bulgaria Tops EU Charts with a 31.5% Surge in New Car Registrations in 2023

Bulgaria has emerged as the leader in new car registrations across the European Union in 2023, witnessing an impressive year-on-year growth of 31.5%, totaling 37,724 units, reports the latest data from the European Automobile Manufacturers’ Association (ACEA). The country's remarkable performance outpaced the EU average, positioning it at the forefront of automotive market expansion.

Croatia secured the second-highest growth with a notable 31.3% increase, resulting in 57,700 new car registrations throughout 2023. However, the EU car market experienced a marginal setback in December 2023, recording a 3.3% decline, attributed to the elevated baseline performance in December 2022. This dip marked the first contraction in 16 consecutive months of growth, with varying impacts across major markets.

France and Spain notably bucked the trend with impressive increases of 14.5% and 10.6%, respectively, in December 2023. In contrast, Germany faced a substantial 23% decline in its car market during the same period.

The overall performance of the EU car market in 2023 reflected a robust 13.9% expansion compared to the previous year, reaching a total volume of 10.5 million units. Bulgaria's success story extends beyond overall registrations, with specific attention to the electric vehicle (EV) segment.

Bulgaria led the way in plug-in hybrid registrations (PHEV), experiencing a remarkable 151.8% surge to 355 units in 2023. Battery-electric vehicles (BEV) followed suit with a 119.3% increase, totaling 1,816 units, while hybrid electric vehicles (HEV) recorded a substantial growth of 79.5%, reaching 693 units.

New petrol car registrations in Bulgaria increased by 31.1%, totaling 28,800 units, and diesel car registrations also saw a positive uptick of 13.2%, reaching 6,032 units.

December alone witnessed a notable 55.5% growth in new car registrations in Bulgaria, with 3,123 units sold, marking the third-largest increase in the EU market. This positive momentum aligns with a broader EU trend, where most markets experienced double-digit gains in 2023, except for Hungary, which saw a modest decline of 3.4%.

Battery-electric cars solidified their position as the third-most-popular choice for buyers in 2023, achieving a 14.6% market share for the full year, surpassing diesel's 13.6%. Petrol cars maintained their lead with a 35.3% market share, while hybrid-electric cars claimed the second spot, commanding a 25.8% share.

Bulgaria's automotive achievements underscore its growing prominence in the European car market, signaling a promising trajectory for the country's automotive sector.

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