H. Yoo
Research expert covering South Korea
Passenger car market in Europe - statistics & facts
The European passenger car market is changing. On April 12, 2024, the Council of the European Union adopted the Euro 7 regulation. This regulation is the next step towards the EU’s goal to decarbonize its transport sector, which was the sector with the largest carbon dioxide emissions from fossil fuel combustion in Europe in 2023. Throughout 2022 and 2023, the EU’s plan to ban the sale of internal combustion vehicles was initially met with opposition from some member states. Manufacturers who signed on to the initial proposal have also since expressed reservations concerning the target to reduce fleet emissions from new passenger cars by 25 percent in 2025. These developments led to an increase in the challenges faced by the European passenger car market, which was the second-largest regional market in the world in 2024.
