Number of New Passenger Cars Registered in Hungary Down

In 2022, 111,524 new passenger vehicles were registered in Hungary, 8.5% fewer than in 2021, the Hungarian Association of Motor Vehicle Importers (MGE) told the state news agency MTI on Monday.

They pointed out that there was a significant decline in the market of small commercial vehicles, where 23.2% fewer than the previous year, 17,652 models were registered in 2022.

According to the information, 4,709 pure electric passenger cars were put on the market last year, 9.2% more than the year before, while the number of plug-in hybrid passenger cars registered in 2022 was 4,876, 15.1% more than in 2021.   

In its summary, the association pointed out that although the number of electric cars is growing rapidly, by the end of 2022, significantly fewer than expected had been registered, so that overall, only 4% of new cars registered were pure electric, with a similar proportion of plug-in hybrid models.

According to MGE, the market for large commercial vehicles in 2022 has grown significantly by 27.5% in one year. The sales trend of heavy road trailers followed the trend of the large commercial vehicle market, albeit at a much slower pace, with 3,356 road trailers registered in 2022, up 10.5% compared to 2021.

The bus market was weak throughout last year, with 691 buses placed in 2022, 31.7% fewer than in the previous year. 

The association has pointed out that the low demand for new buses is a major problem, as further and rapid renewal of passenger transport is urgently needed for safety and environmental reasons.

The motorcycle market continued to expand in 2022, thanks to the decline in the pandemic and the focus on conscious, more cost-effective transport. The growth momentum was somewhat dampened by fluctuations in manufacturers' servicing capacity, but the market still grew by 12.9%, they wrote.   

The used car market also saw a decline, with 137,412 used cars registered in Hungary in 2022, down 4.5% in a year, they said. The decline is mainly due to the economic situation and the significant weakening of the Hungarian forint against the euro, they said.

MGE estimates that the passenger car market is expected to decline by around 10% this year, with the Hungarian car market continuing to perform above the 100,000-unit mark in 2023.

A significant increase in demand for electric cars is expected, with fuel and energy prices playing a role. The association also expects a positive year for motorcycle sales, where it forecasts a 10% increase.