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Bulgaria Records Highest Growth in Automotive Market in EU in January-April 2024

Bulgaria recorded the highest growth in the automotive market in the European Union in the first four months of 2024 with a 47.9% increase in new car registrations, show data published by European Automobile Manufaturers’ Association (ACEA) on Wednesday.

In April, compared to the same month last year, the amount of car registrations in the country rose by 51.3% totalling 4243 units, which puts Bulgaria second in market growth behind Cyprus (105.4% increase).

The newly registered petrol cars in Bulgaria in April took the largest market share (3,307 units), followed by diesel (630 units), battery electric (174 units), hybrid electric (84 units) and plug-in hybrid electric cars (11 units).

In April 2024, the European Union car market grew by 13.7%, with new registrations totalling 913,995 units, driven by strong increases across all major markets: Spain (23.1%), Germany (19.8%), France (10.9%), and Italy (7.7%).

This growth can be partly explained by the fact that there were two extra sales days compared to the same month last year, when Easter holidays fell in April, ACEA explained in its release.

During the first four months of the year, new car registrations in the European Union increased by 6.6%, reaching nearly 3.7 million units. Solid growth was recorded in the region’s largest markets over the period, with Germany and Spain each seeing a 7.8% increase, followed by France (+7%) and Italy (+6.1%).

In April, battery-electric cars maintained nearly 12% of the EU car market, while hybrid-electrics rose to 29.1% from 24.9%. The combined share of petrol and diesel vehicles dropped to less than half the market, at 48.9%, down from 52.8%.

The combined share of petrol and diesel vehicles fell to less than half of the market, to 48.9%, down from 52.8%.