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Middle East Energy Crisis Drives Demand for EVs in Europe, Reuters Analysis Shows

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The sharp rise in fuel prices due to the energy supply crisis linked to the ongoing Middle East conflict has boosted sales of new and second-hand electric vehicles in Europe, according to a Reuters analysis on Wednesday.

Registrations of new EVs across the continent saw a 34% year-on-year jump in April, the report said, citing exclusive data from research group New Automotive and industry group E-Mobility Europe.

The data covers 16 markets accounting for more than 80% of European Union and European Free Trade Association car sales, the report said.

Demand rose in countries like Denmark and Netherlands, where electric cars are already well-established, as well as Italy, where EVs haven't really caught on yet, the report said.

Meanwhile, online marketplaces have also recorded a surge in searches for new and used EVs, especially for more affordable Chinese brands and models, the report added.

While the trend of consumers temporarily shifting to fuel-efficient cars during significant fuel price spikes has been observed as far back as the 1970s, the situation could be different on this occasion.

The Iran conflict has fundamentally altered how people view energy security in their daily lives, the report said, citing industry players.

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