Bulgaria Sees 3% Rise in New Car Registrations Amid Shifting EU Market Trends

New car sales in the European Union saw a modest recovery in October, rising 1.1% year-on-year after consecutive declines in August and September. Registrations reached 866,397 units, buoyed by gains in Spain (up 7.2%) and Germany (up 6%), despite decreases in France (down 11.1%) and Italy (down 9.1%). In Bulgaria, new car registrations grew by 3.0% to 3,880 units, according to data from the European Automobile Manufacturers’ Association (ACEA).

Hybrid and electric vehicles continued to increase their market share across the EU. Hybrid cars accounted for 33.3% of the market in October, surpassing the share of gasoline-powered cars for the second consecutive month. Registrations of hybrids rose 17.5% year-on-year to 288,160 units. Meanwhile, battery electric vehicles (BEVs) saw a modest 2.4% growth in October, with a market share of 14.4%. However, BEV sales have declined 4.9% year-to-date, primarily due to a 26.6% slump in Germany.

Gasoline car registrations in the EU fell by 6.8% in October, with notable drops in France (down 32.7%), Italy (down 10.1%), and Spain (down 1.6%). Only Germany recorded an increase, up 3.7%. This reduced the gasoline market share to 30.8% from 33.4% in October 2023. Diesel car sales also declined sharply, down 7.6%, bringing their market share to just 10.9%. Year-to-date diesel registrations have fallen by 10.8% to 1.087 million units.

In Bulgaria, trends deviated from the EU’s overall pattern. Sales of petrol-powered cars fell by 5.0% to 2,779 units, while diesel car registrations surged by 40.2% to 683 units, contrasting with the broader European decline. Hybrid car registrations increased by 18.8% to 95 units. However, sales of electric cars dropped by 10.8% to 173 units, and plug-in hybrid registrations fell by 18.9% to 43 units.

Major automakers exhibited varied performance in October. Volkswagen Group led the market with a significant 16.7% increase in sales, boosting its market share to 28.7% from 24.9% a year earlier. BMW also reported a 4.7% rise in sales, while Mercedes-Benz saw a slight decline of 1.0%. Renault Group experienced a 1.5% decrease, lowering its market share to 10.9%. Stellantis, the consortium behind brands like Peugeot, reported a steep 16.9% drop in sales for the second consecutive month.

Toyota posted a strong 17.4% increase in EU sales, while Ford saw a 7.9% decline. Tesla’s electric vehicle sales plummeted by 21% in October, following a 31% increase the previous month. Tesla’s market share fell to 1.3%, down from 1.6% in October 2023.

Between January and October 2024, the EU car market grew by 0.7% year-on-year to nearly 8.9 million vehicles. Spain recorded a 4.9% increase in new registrations, while Italy saw a marginal rise of 0.9%. In contrast, France and Germany experienced declines of 2.7% and 0.4%, respectively. Bulgaria’s car market grew significantly, with a 16.5% increase in registrations compared to the same period in 2023, reaching 36,263 units.