Hungary: Passenger Car Market 2024

Passenger Car Market Size in Hungary

In 2021, the Hungarian passenger car market decreased by -1.7% to $X, falling for the fourth consecutive year after two years of growth. Over the period under review, consumption recorded a slight downturn. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Passenger Car Production in Hungary

In value terms, passenger car production fell significantly to $X in 2021 estimated in export price. In general, production, however, showed a resilient expansion. The pace of growth was the most pronounced in 2013 with an increase of 72%. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Passenger Car Exports

Exports from Hungary

Passenger car exports from Hungary reduced to X units in 2021, falling by -3.6% against the previous year. Over the period under review, exports, however, enjoyed a measured expansion. The growth pace was the most rapid in 2020 when exports increased by 191%. The exports peaked at X units in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, passenger car exports reached $X in 2021. In general, total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +8.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -19.3% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of 49%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X units), Germany (X units) and Chile (X units) were the main destinations of passenger car exports from Hungary, with a combined 70% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Colombia (with a CAGR of +107.3%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for passenger cars exports from Hungary, comprising 44% of total exports. The second position in the ranking was held by Italy ($X), with a 7% share of total exports. It was followed by France, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value to Germany stood at +13.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+8.4% per year) and France (+5.8% per year).

Export Prices by Country

The average passenger car export price stood at $X per unit in 2021, growing by 6.3% against the previous year. Overall, the export price recorded a pronounced increase. The pace of growth appeared the most rapid in 2016 when the average export price increased by 148%. The export price peaked at $X per unit in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Colombia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+9.7%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Hungary

In 2021, after three years of growth, there was significant decline in purchases abroad of passenger cars, when their volume decreased by -6% to X units. In general, imports, however, continue to indicate a tangible expansion. The pace of growth was the most pronounced in 2020 with an increase of 683% against the previous year. As a result, imports attained the peak of X units, and then declined in the following year.

In value terms, passenger car imports rose significantly to $X in 2021. Overall, imports, however, enjoyed strong growth. The pace of growth was the most pronounced in 2016 when imports increased by 26%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Italy (X units), Spain (X units) and Slovenia (X units) were the main suppliers of passenger car imports to Hungary.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +62.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of passenger cars to Hungary, comprising 34% of total imports. The second position in the ranking was taken by Slovakia ($X), with a 5.7% share of total imports. It was followed by Spain, with a 5.6% share.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to +2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Slovakia (+3.0% per year) and Spain (+8.2% per year).

Import Prices by Country

In 2021, the average passenger car import price amounted to $X per unit, surging by 14% against the previous year. Over the period under review, the import price showed a measured increase. The most prominent rate of growth was recorded in 2016 an increase of 651%. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Slovakia ($X per unit), while the price for Romania ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Slovakia (-4.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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