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In the first nine months of 2024, the Swiss automotive market saw a slight dip, with new-car registrations totaling 175,730 units, a 3.9% decrease year on year and more than 22% below the figures from 2019. Despite this downturn, electrified registrations continued to make significant strides, accounting for 60% of the market share.
The most popular brand in Switzerland throughout 2024 has been Volkswagen (VW), followed closely by BMW and Skoda. German manufacturers have maintained their popularity in recent years, with VW consistently topping the sales charts.
However, the growth in electrified registrations has slowed, with battery electric vehicles (BEVs) experiencing a notable decline since the end of 2022. BEV registrations fell to 32,802 units, a 9.5% decrease compared to last year, and taking a market share of 18.7%.
On the contrary, hybrid registrations, which include hybrid electric vehicles (HEVs) and mild hybrid electric vehicles (MHEVs), have seen a significant increase, rising by 15.4% to 57,455 units. The price of HEVs has declined less than other powertrains, reflecting their growing popularity.
Diesel car registrations remained relatively stable, decreasing only 1.4% to 17,191 units. Pure petrol car registrations dropped by 15.9% compared to the same period last year.
In the third quarter of 2024, the supply of used cars, particularly models up to two years of age, remained sluggish, down by 28% compared with the beginning of 2020. The number of used cars on offer across all age groups is slightly above the pre-COVID-19 level.
Despite the increased supply of used cars, asking prices have fallen significantly in the first three quarters of 2024 compared to February 2020. However, the Eurotax asking price index shows that values are now around 5% higher than before COVID-19, but 16% above the rates seen in 2022.
The price and volume war for new cars and the large number of used cars available are expected to lead to an overall decline in residual values across the remainder of 2024 and into 2025. PHEV deliveries have also seen a slump, with figures down 6.7% to 15,118 units.
Used-car transactions in Switzerland have stagnated after a boom up to 2022, with increasing supply and declining demand. The total number of transactions in the first nine months of 2024 was 572,080, a 1.6% increase year on year. In September alone, registrations dipped by 6.6% year on year to a total of 20,155 units. In September 2024, there were 62,307 changes of ownership, 1.8% lower than the figures from the same month in 2023.
Of the 175,730 new cars delivered in 2024, 105,385 were equipped with an electrified drive. The Swiss automotive market continues to evolve, with a shift towards electrified vehicles, but traditional cars still hold a significant share of the market.
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