Booming New Car Market in Hungary

  • 8 May 2024 1:28 PM
  • Hungary Today
Booming New Car Market in Hungary
The year 2024 has started well for the car market, with roughly 7,000 more cars registered in the first four months compared to last year, reports Világgazdaság.

This year, the supply chain is no longer affected by the shortage of semi-conductors, and as a result, delivery times are back to normal. With interest rates also falling, everything is in place for the new car market to boom.

In the first four months of this year, 10.4 percent more cars were registered than in 2023, and the Hungarian car market outperformed the 2022 figures by 11.4 percent, with 42,075 passenger cars registered by the end of April.

There was a particularly significant increase in the number of electric cars, with nearly 50 percent more electric cars on the road compared to the same period last year. It is expected that the upward trend of the market will continue, as the opportunities for new car purchases in the Hungarian market remain outstanding. However, the number of small commercial vehicles outstripped even the passenger car market, with 22.3 percent more commercial vehicles registered this year than in 2023.

The market for motorcycles also performed well, with 10.4 percent more motorcycles registered than in the first four months of 2023.

By the end of April, 8,247 small trucks and 2,403 motorcycles had been registered in Hungary.

As for the other vehicle categories, a stagnation can be seen in the market for large commercial vehicles (minus 5.7 percent year-on-year) and used cars (passenger cars: plus 3.6 percent, small commercial vehicles: minus 7.3 percent). Buses and truck trailers are seeing a more significant decline, however it can be assumed that these categories will also strengthen in the rest of the year.

According to DataHouse data, April saw a huge jump in new passenger car registrations, as well as new light commercial vehicles, both compared to the previous month and the same period in 2023. Based on the latest figures, 10,402 new passenger cars were registered in April this year.

As previously reported, in the first month of the year, 8,040 new passenger cars were registered in the country. 

In January, the top five favorite models of Hungarians were:
Škoda Octavia (available from EUR 23,353 in Hungary)
Suzuki S-Cross (available from EUR 19,386 in Hungary)
Suzuki Vitara (available from EUR 18,065 in Hungary)
Toyota Corolla (available from EUR 23,769 in Hungary)
Kia Ceed (available from EUR 21,050 in Hungary)

*********************************

You're very welcome to comment, discuss and enjoy more stories, via our Facebook page: 
Facebook.com/XpatLoopNews + via XpatLoop’s groups: Budapest Expats / Expats Hungary

You can subscribe to our newsletter here:
XpatLoop.com/Newsletters

Do you want your business to reach tens of thousands of potential high-value expat customers?
Then just contact us here!

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Today

Online since 2014, this source states its aim as "to provide a complete, unbiased picture of Hungary”. It continues by acknowledging this “does not necessarily mean that our writers do not have their own opinions, sometimes reflected to a degree in the articles they publish”, and it's really worth readers keeping that in mind. Another stated aim is to become ‘the leading English-language news portal of Hungary’, a position held for 20 years by good old independent XpatLoop! Still our team has no issue with positively highlighting one or two useful articles published by Hungary Today here with permission for your interest.

Explore More Reports

  • Flood Alert Issued for Budapest - Danube Road Closure Warning

    Flood Alert Issued for Budapest - Danube Road Closure Warning

    • 5 Jun 2024 9:42 AM

    Based on forecasts by the national water-level service, Gergely Karácsony, the mayor of Budapest, has issued a first-degree (lowest) flood alert along four stretches of the River Danube in Budapest, the mayor’s office said.

  • Two Stunning New Bridges Inaugurated in Hungary This Week

    Two Stunning New Bridges Inaugurated in Hungary This Week

    • 3 Jun 2024 4:46 PM

    Two new bridges will be opened in Hungary in the first week of June, and they are not just any bridges: one is the new Danube bridge between Kalocsa and Paks, officially named the Tomori Pál Bridge, and the other is the world-record-breaking pedestrian suspension bridge in Sátoraljaújhely, Világgazdaság reports.

  • New Budapest Tram Network Upgrades Announced

    New Budapest Tram Network Upgrades Announced

    • 17 May 2024 8:12 AM

    Budapest’s city council wants to make the city “more tram-friendly” and make trams more accessible to all residents, Gergely Karácsony, the city’s mayor has announced. Accessibility will be improved, he said, adding that Budapest residents rightfully expected trams to have air conditioning and low floors..