European car market shifts: Electric sales surge, petrol drops, used and luxury markets grow.

The European commercial vehicle market, valued at $56.49 billion by 2031, is driven by logistics demand, e-commerce growth, and sustainable tech adoption, especially in Germany. Meanwhile, European new car registrations fell 3.4% in February, with electric cars gaining 28.4% in sales while petrol car registrations dropped 20.5%. The used car market is projected to reach $503.1 billion by 2031, fueled by online sales platforms and eco-conscious consumers. Luxury car sales, valued at $287.7 billion by 2031, are boosted by tech advancements and a preference for electric and autonomous vehicles.