Rising Trend of New Vehicles in the Local Car Market
Hungary’s Passenger Car Market Sees Significant Growth in 2024
The Hungarian Vehicle Importers Association has reported a significant increase in the passenger car market in Hungary in 2024. A total of 121,607 new cars were registered in the country, representing a 13 percent growth compared to the previous year.
One of the most remarkable developments in the market was the growth of the electric vehicle (EV) sector. The number of electric cars registered in Hungary increased by 47.8 percent in 2024, aided by state support and the availability of more electric models. However, despite this growth, electric cars still only accounted for seven percent of new car registrations, which is relatively low compared to European and global standards.
The association noted that the Hungarian car market is following global trends, but internal combustion engines are expected to remain dominant in the coming years.
In addition to the rise in EV registrations, there was also a significant increase in the number of small passenger cars registered in 2024. The market for small cars outperformed the previous year in every quarter, with a particularly strong second quarter in 2024.
On the other hand, registrations of large commercial vehicles saw a decline of 16.5 percent in 2024, which was attributed to economic uncertainty and rising costs. Many companies opted to maintain their existing vehicles rather than investing in new ones due to high fuel and energy prices, as well as expensive financing options.
The bus market also experienced a decrease, with a 50.4 percent drop in the number of buses put into service. Sales of heavy road trailers fell by 17 percent, following the trend in the heavy truck market.
Despite these declines, the motorcycle market showed positive growth, with a 22.8 percent increase in registrations compared to the previous year. Additionally, the number of used cars registered in Hungary also saw a five percent rise in 2024.
A particularly positive development highlighted by the association was that more new passenger cars were registered in 2024 than used cars, indicating a shift towards newer vehicles on Hungarian roads. This is significant considering that the average age of cars in Hungary is nearly 16 years old.
Looking ahead to 2025, the association expects the market performance in most vehicle categories to remain similar to 2024. Minimal growth is anticipated in the electric car market, thanks to government incentives, while a five percent increase is forecast for motorcycles.
Overall, the Hungarian passenger car market is showing signs of growth and adaptation to emerging trends, with a cautious optimism for the year ahead.
