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Although last year high interest rates and rising prices caused many people to postpone their vehicle purchases, the Hungarian car market performed relatively well: 107,720 new passenger cars were registered in 2023, only 3.4 percent fewer than a year earlier. The turnover of the used car market, however, decreased more significantly, by 16.2 percent, the Hungarian Vehicle Importers Association announced.
Last year, 5,807 pure electric passenger cars were put on the market, 23.4 percent more than the year before, while the number of plug-in hybrid cars put on the market was 5,546, 13.7 percent more. Overall, these two categories accounted for nearly 11 percent of all vehicles registered.
In the passenger car market, the popularity of SUVs (Sport Utility Vehicle) has continued to follow international trends, with SUV models accounting for almost half of the market with a 49.5 percent share.
Last year, the number of SUVs registered increased by 17.5 percent to 20,749. In addition, the market for large commercial vehicles grew by 11.3 percent (6,344 units) in a year.
One of BMW’s popular SUVs. Photo via Pixabay
The market for heavy road trailers grew at a lower rate, by 8.8 percent (3,649 units). Last year, 820 buses were placed on the market, 17.5 percent more than in 2022. The motorcycle market grew by a quarter (26 percent), with 6,549 units placed on the market.
The used car market saw an even bigger decline than the new car market, with 105,667 used vehicles registered in Hungary in 2023, a 16.2 percent drop in one year.
It was noted that the average age of the Hungarian vehicle fleet is steadily rising in parallel with the increase in used car imports. The Hungarian market for used small commercial vehicles (SCV) showed a higher decline of 19.3 percent, with sales falling below 10,000 vehicles (9,138).
The Hungarian Vehicle Importers Association expects that falling interest rates and an improving economic environment could support growth in the sector this year, while they await stagnation in the passenger car market, with annual sales of around 100,000, and sales of commercial vehicles to remain at last year’s level.
The organization predicts a significant increase in demand for electric cars this year. The forecast is for 7,500 new vehicles, which may vary depending on government subsidies.
Via MTI, Featured image via Facebook/Blue-Car Autókereskedés