Sales of new vehicles increased in Hungary in Q1 2024
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Based on the new vehicle sales data for the first quarter of 2024, the Hungarian Vehicle Importers Association (MGE) is optimistic about the traffic for 2024 as well. In the first half of 2022, the market showed growth in all categories except for used vehicles. Although some buyers are postponing car purchases due to rising fuel prices and operating costs, it is questionable whether it is worth postponing in the long run due to the continuously increasing car prices and the fluctuating exchange rate of the forint.
Market Growth:
- Electric cars (30.1%): The growing demand for green transportation continues to drive the market for electric cars. Favorable government incentives and the expansion of the charging infrastructure can further accelerate the growth.
- Plug-in hybrid cars (12%): The hybrid drivetrain offers an ideal compromise between gasoline and electric cars. The increasing fuel prices and the growing environmental awareness also stimulate the demand for these cars.
- Motorcycles (28.4%): The favorable weather conditions and the approaching summer season have boosted the demand for motorcycles. The increasing use of motorcycles in urban transportation also stimulates the demand.
- Buses (119.2%): The number of buses registered increased by 119.2% compared to the same period of 2023. This growth is probably due to government programs aimed at developing public transportation.
Market Decline:
- Used cars: The number of used cars registered is significantly lower than at the beginning of last year. This can be attributed to the current exchange rates, the decreasing demand for used cars, and the stricter technical inspection system.
- Trucks and commercial vehicles: The sales of trucks and commercial vehicles may decline due to the weak economic indicators of the construction industry, the difficulties of the transportation sector, and the chip shortage.
Other Factors:
- Rising fuel prices and operating costs: Some buyers are postponing car purchases due to rising fuel prices and operating costs. This effect is likely to affect the less fuel-efficient categories, such as SUVs and high-performance cars, the most.
- Government incentives: Government incentives can play a significant role in stimulating the demand for new vehicles. The MGE expects the government to continue the programs that incentivize the purchase of electric and hybrid cars in 2024, but it may also extend the programs to support other categories.
- The exchange rate of the forint: The fluctuation of the forint exchange rate affects the price of imported vehicles, and this can influence buyer decisions.
Future Prospects:
The MGE is optimistic about the future of the Hungarian vehicle market. The association expects the market to continue to grow in 2024, driven by the increasing demand for electric and hybrid cars, as well as by the favorable weather conditions and the approaching summer season.
Additional Information:
- Website of the Hungarian Vehicle Importers Association:
- Vehicle statistics of the Hungarian Central Statistical Office:
The article now provides a comprehensive overview of the new vehicle sales in Hungary in Q1 2024 and offers insights into the future of the Hungarian vehicle market.