Industry revenue of »sale of cars and light motor vehicles« in Hungary 2011-2023

For long, Hungary has been the only large eastern bloc country without its own major car brand. However its strong association with other countries in the European Union (EU) especially Germany, has driven consistent revenue growth in the industry over many years. In fact, BMW has already announced plans to invest over 1 billion U.S dollars in the country to expand production capabilities. The market for cars and light motor vehicles is also expected to grow from 8.8 billion U.S dollars in 2016 to 11 billion U.S dollars in 2023.

Mercedes-Benz the most popular luxury category

As is the case in many European countries such as Romania, Germany and even the UK, Mercedes-Benz is the largest selling luxury car brand in Hungary as well, with its Maybach being not only the most expensive but also the most popular model. Other large selling brands include BMW, Audi and Lexus. Hungary is also an attractive market for makers of sports cars with brands such as Mazda and Ford dominating the market.

Pivot towards electric vehicles (EVs)

According to a recent survey conducted by energy company E.ON and German survey institute Kantar EMNID, 29% of Hungarians were planning to buy EVs while only 13% would consider purchasing a diesel variant. Hungary is one of the most EV friendly counties in Europe with favorable government policies and fast-growing charging infrastructure.

Industry revenue of »sale of cars and light motor vehicles« in Hungary from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Hungary. The industry “sale of cars and light motor vehicles“ has the code “G4511“.

Details on the methodology can be found here.

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