Industry revenue of »retail sale of automotive fuel in specialised stores« in Hungary 2011-2023

Mirroring the trend in majority of the European countries including Denmark, Poland and Portugal, revenues from the sale of automotive fuel in specialised stores in Hungary are projected to decline from 4.9 billion U.S. dollars in 2011 to 3.4 billion U.S. dollars by 2023. This isn’t much surprising, as the EU legislation is in talks to phase out fossil-fuelled cars in the medium to long term, owing to the rising carbon footprint and growing environmental concerns. As a result, diesel cars face a grim future not only in the country, but within the whole of Europe. In fact, in 2018, diesel car registrations fell 36 percent across Europe, and have dropped by over 50 percent since the past five years, according to data from e360.yale.edu.

This has opened the market for electric vehicles and Hungary is at the forefront. According to a report from the Budapest Business Journal, Hungary is one of the fastest growing markets for electric cars and hybrid electric cars, backed by favorable governmental initiatives such as large subsidies.

As of Q1 2020, 517 electric cars were sold in the country, a 36 percent year-on-year increase. Moreover, hybrid car sales grew nearly three-fold to over 5,600 compared to a year back.

Industry revenue of »retail sale of automotive fuel in specialised stores« 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 “retail sale of automotive fuel in specialised stores“ has the code “G473“.

Details on the methodology can be found here.

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