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The passenger car market in Hungary grew significantly in 2024, with 121,607 new cars registered in the country, 13 percent more than in the previous year, the Hungarian Vehicle Importers Association announced.
There has been an extraordinary growth in the EV sector, with 47.8 percent more electric cars registered in Hungary than in 2023, aided by state support and the increasing number of electric models. At the same time, only seven percent of new cars registered were electric, still low by European or global standards and the average rate in the region.
The Hungarian car market is following global trends, but internal combustion engines are expected to remain dominant,
they added.
The number of registrations of small passenger cars also increased significantly, with 24,772 small passenger cars registered, compared to 20,744 in 2023. The small car market has outperformed the same period a year ago in every quarter, with the second quarter particularly strong in 2024, the association pointed out.
Last year, 5,281 large commercial vehicles were registered in Hungary, a 16.5 percent decrease compared to 2023. The association said the main reasons for the decline were economic uncertainty and rising costs.
High fuel and energy prices and expensive financing options have led companies to focus on maintaining existing vehicles rather than buying new ones, with many companies postponing or reducing fleet renewal.
The number of buses put into service was 416, a drop of 50.4 percent. The decline in the bus market is also mainly due to the backlog of purchases and the relatively high base year of 2023.
Sales of heavy road trailers fell by 17 percent last year to 3,028 units. The road trailer market has followed the heavy truck market, thus the decline is a natural consequence of the drop in demand for heavy trucks, they added.
The market for motorcycles has shown positive trends for a long time. Last year, 8,054 motorcycles were registered, an increase of 22.8 percent compared to the previous year.
Last year, 110,960 used cars were registered, an increase of five percent compared to the previous year.
A particularly positive development is that more new passenger cars were registered in 2024 than used cars, which means that more new cars were on Hungarian roads than used cars.
This is a particularly positive development since the majority of vehicles in Hungary are mainly older models. The average Hungarian car is nearly 16 years old, they pointed out.
For 2025, the association expects the market performance in the vast majority of vehicle categories to be the same as in 2024. Minimal growth is expected in the electric car market thanks to government incentives, and an increase of at least five percent is forecast for motorcycles in 2025.
Via MTI, Featured image: Hungary Today
