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Automotive Report Hungary

  • ID: 2138435
  • Report
  • Region: Hungary
  • 13 Pages
  • The Economist Intelligence Unit
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Hungary's new-car market is small, but is currently growing rapidly. According to the European Automobile Manufacturers' Association (ACEA), new-car sales were up by 17.4% year on year in 2018, totalling 137,000 units. The market is still recovering from a severe plunge after the 2008 global financial crisis, however. Sales last year totalled just half those in the Czech Republic, which has a similar population, at about 10m.

New registrations of commercial vehicles (CVs) returned to their pre-crisis levels in 2016, but decreased by 3% in 2017. The market rebounded last year, gaining about 12% and posting its highest unit sales since 2002. Total CV sales are similar to those in the Czech Republic, but still than half of those in Sweden.

The Hungarian economy expanded by a healthy 5% in 2018, and unemployment fell close to record low of 3.7%. However, economic growth is expected to slow substantially, to average just 2.4% a year, during our 2019-23 forecast period. We expect new passenger-car sales to be weak in the next five years, contracting by 1.1% a year on average. The CV market will also decline, by about 1.4% a year. Sales will be constrained by easing replacement demand and unfavourable demographic trends.

Industry List: Automotive, Automotive, Commercial and other vehicles, Automotive, Fuel sources, Automotive, Passenger vehicles, Automotive, Production
Industry Codes (NAIC): 336
Industry Codes (SIC): 37
Note: Product cover images may vary from those shown
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Automotive Report Hungary

Automotive report: Overview

Automotive report: Passenger cars

Automotive report: Commercial and other vehicles

Automotive report: Production

Automotive report: Fuel sources
Note: Product cover images may vary from those shown
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