The EU’s trade in electric and hybrid vehicles has surged, with electric and hybrid cars now accounting for 43 per cent of EU car imports in 2023, a sharp increase from 8 per cent in 2017, according to recent Eurostat data. This trend underscores a growing shift toward sustainable transportation within the bloc and with its trading partners.
Cyprus, though a smaller market, reflects these changes. Over half of Cyprus’ car imports now come from outside the EU, aligning with the broader trend of the EU’s increasing reliance on third-country imports for greener transport solutions. In 2023, the EU’s imports of electric and hybrid vehicles reached a value of €44.6 billion, up by 21 per cent from €36.9 billion in 2022, driven primarily by demand for fully electric vehicles (€20.2 billion), non-charging hybrids (€15.5 billion), and plug-in hybrids (€8.9 billion).
The EU’s exports of fully electric cars have also expanded significantly, rising from just 2 per cent of all car exports in 2017 to 26 per cent in 2023, with export values for electric vehicles reaching €29.4 billion. Key export destinations include the United Kingdom, the United States, and Norway, demonstrating the EU’s evolving role in sustainable transport trade. Cyprus mirrors these trends, with 51 per cent of its car imports in 2022 sourced from outside the EU, particularly focused on alternative-fuel vehicles.
China, South Korea, and the UK emerged as the EU’s main sources of electric vehicle imports in 2023, providing 48 per cent, 21 per cent, and 10 per cent of imports, respectively. Meanwhile, the UK and the United States lead as export destinations, each receiving 24 per cent of EU electric vehicle exports, followed by Norway at 11 per cent.
The data from Eurostat reflects the EU’s push toward eco-friendly mobility, with fully electric vehicles leading both import and export growth, signaling the EU’s commitment to reducing emissions and promoting sustainable trade.
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