Hungary: Smart Card Market 2024

Smart Card Market Size in Hungary

In 2022, the Hungarian smart card market increased by 72% to $X, rising for the second consecutive year after five years of decline. In general, consumption enjoyed resilient growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Smart Card Production in Hungary

In value terms, smart card production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, faced a precipitous contraction. The growth pace was the most rapid in 2013 when the production volume increased by 13%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Smart Card Exports

Exports from Hungary

Smart card exports from Hungary surged to X units in 2022, rising by 40% compared with 2021. Overall, exports recorded a prominent increase. The growth pace was the most rapid in 2018 with an increase of 110%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, smart card exports rose significantly to $X in 2022. Over the period under review, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by 62%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Croatia (X units), Serbia (X units) and Bangladesh (X units) were the main destinations of smart card exports from Hungary, with a combined 65% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bangladesh (with a CAGR of +2,548.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for smart card exported from Hungary were Serbia ($X), Ukraine ($X) and Ghana ($X), together comprising 46% of total exports. Croatia, Norway, Slovenia, Slovakia, Bulgaria and Bangladesh lagged somewhat behind, together comprising a further 32%.

In terms of the main countries of destination, Bangladesh, with a CAGR of +1,041.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average smart card export price amounted to $X per unit, reducing by -24.5% against the previous year. In general, the export price recorded a abrupt setback. The pace of growth appeared the most rapid in 2013 when the average export price increased by 48%. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Ukraine ($X per unit), while the average price for exports to Bangladesh (less than $X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+6.5%), while the prices for the other major destinations experienced mixed trend patterns.

Smart Card Imports

Imports into Hungary

In 2022, approx. X units of cards incorporating an electronic integrated circuit (smart card) were imported into Hungary; growing by 67% against 2021. In general, imports recorded a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, smart card imports skyrocketed to $X in 2022. Over the period under review, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +160.6% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Germany (X units) constituted the largest supplier of smart card to Hungary, with a 69% share of total imports. Moreover, smart card imports from Germany exceeded the figures recorded by the second-largest supplier, China (X units), more than tenfold. Serbia (X units) ranked third in terms of total imports with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.3% per year) and Serbia (+48.6% per year).

In value terms, Germany ($X) constituted the largest supplier of cards incorporating an electronic integrated circuit (smart card) to Hungary, comprising 58% of total imports. The second position in the ranking was held by Thailand ($X), with a 12% share of total imports. It was followed by China, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany totaled +13.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+8.3% per year) and China (+3.4% per year).

Import Prices by Country

In 2022, the average smart card import price amounted to $X per unit, almost unchanged from the previous year. Overall, the import price continues to indicate a abrupt downturn. The growth pace was the most rapid in 2013 an increase of 35%. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per unit), while the price for Serbia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+3.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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