Cyprus’s Car Market in 2024 extended the growth streak of the last 5 years, up 2.2% to reach 14,940 units. Still behind leader Kia, Volkswagen surged 44.2%, outpacing Toyota and ranking 2nd.
Market Trend and Outlook
Cyprus’ economy is set to grow 3.6% in 2024, moderating to 2.8% in 2025 and 2.5% in 2026, driven by strong consumption, investment, and tourism. Inflation will ease to 2.2% in 2024, while unemployment falls further from its 15-year low of 4.9%.
The budget surplus remains strong at 3.5% of GDP, though public spending will rise. Public debt is steadily declining, projected to reach 56.7% of GDP by 2026. Export growth, led by tourism and ICT, will support the economy, while the current account deficit gradually narrows. Risks include geopolitical tensions, energy costs, and large public project challenges.
EV registrations in Cyprus declined by 10.9% in 2024, making up just 1.58% of the total car market, lagging behind regional trends.
MG led the EV segment despite an 11.7% drop, followed by Porsche, which fell 29.5%.
Overall, Cyprus’s car market expanded by 2.2%, marking its fifth consecutive year of growth and extending the record peak reached in 2023, the highest in a decade.
Looking at cumulative data up to December 2024, brand-wise, Kia was the best-selling brand, up 11.3% with 2,836 units sold. Volkswagen followed in 2nd, climbing 2 spots with 1,605 (+44.2%), while Toyota dropped to 3rd, down 13.1% with 1,602 units.
Medium-Term Market Trend
The automotive industry of Cyprus, one of the smaller within the EU, was severely hit by the financial crisis falling down during the period 2010-2013 before recovering and anticipating the economic growth. In the last three years, the domestic car market grew fast with both 2015 and 2016 up 25%. In 2017 sales improved a little with volume at 14,822 (+0.4%), while growing 15.1% in 2018, closing with 14,731 units sold. In 2019, the market embarked on a negative pathway, reporting sales down a disappointing 17% with 12,220 units sold.
Due to the COVID-19 Pandemic, full-Year sales for 2020 have been 10,061, reporting a decline of 17.7% compared to 2019.
In 2021 the year started negatively for the Cyprus market, in fact, in Q1 2,835 units have been sold, reporting a 2.9% decrease in sales compared to Q1 2020, while in Q2 sales started growing quickly, reporting a 50.6% increase in sales with 2,969 units due to the low sales reported in Q2 2020.
In Q3 sales slowed down, gaining 5.6% sales with 2,795 units, and dropped in double-digits in Q4 with 2,031 units sold (-17.2%).
Indeed, Full-Year sales for 2021 have been 10,630, reporting a 6.4% increase compared to 2020.
In Q1 2022 sales rose 7.3% with 3,042 units sold. In Q2 sales also rise, gaining 4.5% with 3,049 units sold.
Tables with sales figures
In the tables below we report sales for all Brands and top 10 Manufacturer Groups.
