According to industry group ACEA, a wave of new models will propel a 43 percent increase in the market share of battery-electric vehicles in the European Union next year.

ACEA President Luca de Meo stated that while the market as a whole is anticipated to grow only marginally in 2023, the share of BEVs will increase to 20% in 2024 from an anticipated 14% in 2023.

According to Renault Group CEO De Meo, the introduction of cost-effective BEVs will increase the share of EVs on the road.

De Meo stated that there will be a product effect from it, citing upcoming tiny EVs like the Renault 5 and future low-cost EVs from VW Group. He continued by saying that they were attempting to integrate EV powertrains into more widely used and core market products.

These vehicles will employ less costly and smaller batteries, which will help drive down costs and boost demand. In the next two years, vehicles from Citroen and Renault will be priced below 20,000 euros, with the Renault 5 retailing for approximately 25,000 euros.

According to ACEA's director general, Sigrid de Vries, the EU market as a whole will expand by roughly 12% this year, reaching a total volume of about 10.4 million cars—a 20% decrease from the pre-pandemic forecast for 2019. The ACEA's January growth prediction of 5 percent was upgraded to 2023. 

With countries like Germany cutting back on subsidies, consumers refusing to pay exorbitant prices, and the charging infrastructure still developing slowly and unevenly, automakers worldwide are facing a slowdown in the growth of EV sales, according to ACEA's forecasts.