The growth in demand for electric vehicles (EVs) across Europe has slowed, according to the latest registration figures for the continent.

Analysis by Jato Dynamics found that the market share for EVs grew by just 0.3 percentage points in April.

While monthly registrations for the category rose by 15%, the figure is markedly lower than the monthly increases recorded last year.

Felipe Munoz, global analyst at Jato Dynamics, said: “The electric car market is not performing as well as it was this time last year. This is largely due to the ongoing price cuts which has raised concerns among consumers over the residual value of EVs and uncertainty as to how prices will evolve in the coming months."

April was largely a positive month for Europe’s new passenger car market. A total of 1,080,517 new vehicles were registered during the month, an increase of 12.6% compared to April 2023, driven largely by demand for B-segement hatchbacks and compact cars. Year-to-date figures show that a total of 4,461,734 new units have been registered so far in 2024, a rise of 6.7% on the same point last year.

Alongside EVs, SUVs and Chinese-made cars have been the main drivers of growth in recent years. Jato’s latest monthly data reveals that this is no longer the case.

Despite the success experienced by BYD in April, Chinese-made cars are yet to become a major force in Europe. The overall market share of Chinese car brands in Europe rose from 2.22% in April 2023 to 2.35% in the same month this year. MG accounted for 68% of the 25,360 total units registered by Chinese brands during the month.

Munoz said: “Although there is lots of noise around the arrival of Chinese car brands in Europe, they are still something of a rarity – evidenced by the slow uptick in registrations over the past year. MG, a brand that many still associate with the West, accounted for two in three registrations of Chinese-made vehicles.

“The continued inability of Chinese-made vehicles to truly penetrate Europe’s automotive market could be a result of the ongoing perception issues that Chinese OEMs face, particularly in light of negative attention from the European Commission’s investigation. However, Chinese-made cars continue to prosper in the BEV market with a market share of 6.6%"

The market share of SUVs dropped from 51.3% in April 2023 to 51.1% in April 2024. SUV registrations only increased by 12% year on year, lagging the growth of the overall market over the same period. While SUVs continue to be the vehicle of choice for many European consumers, the data for April indicates that the market share of the category could likely be reaching its peak in the near future.