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Booming New Car Market in Hungary

• 8 May 2024 1:28 PM
• Hungary Today

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)

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