Hungarian Auto Market is expanding in 2024. November sales totaled 9,414 units (+15.1%). YTD figures at 97,019 were up 6.1%. Suzuki climbed one spot into 1st, overtaking last year’s leader Toyota. Hyundai, Nissan, Renault and Ford made their entrance into the Top 10.
Market Trend and Outlook
Hungary’s GDP is projected to grow by 2.1% in 2024 and 2.8% in 2025, following a 0.9% decline in 2023. The economy is expected to benefit from lower inflation and interest rates, which will support private consumption and investment. While growth has gained momentum, it remains fragile due to uncertainties in international trade, global commodity prices, and EU fund negotiations. Inflation has decreased significantly, allowing for a rebound in real wages and consumer spending. Hungary is attracting significant foreign investment in electric mobility, which may boost exports. However, fiscal consolidation remains essential to rebuild fiscal space and manage public debt, with structural reforms needed to address ageing-related costs and enhance productivity, particularly through competition and digitalisation in key sectors.
In line with a positive broader economic outlook, the Hungarian auto market in November 2024 grew by 15.1%, reaching 9,414 new sales. YTD figures at 97,019 were up 6.1% compared to the previous year.
Looking at cumulative data up to November 2024 brand-wise, Suzuki -up 1 spot- gained leadership with 14,818 sales (+39.8%), followed closely by last year’s leader Toyota -down 1 spot- with 12,302 units sold (-0.9%).
In 3rd place ranked Skoda with 9,953 sales (-1.7%), in front of Volkswagen at 7,672 (-2.6%), Kia at 5,411 (-12%) and Hyundai -up 5 spots- at 4,661 (+52.8%).
Nissan climbed 5 spots ranking into 7th position with 4,318 sales (+92.2%), followed by Renault -up 7 spots- at 4,191 sales (+119.8%), Ford -up 3 spots- at 3,735 (+34.6%) and Dacia -down 3 spots- closing the Top 10 with 3,695 new car registrations (-1%).
Looking at specific models the Suzuki Vitara -up 2 spots- became the new best seller, growing 53.6% in year-on-year sales, followed by the Suzuki SX4 S-Cross, up 15.5%.
Medium-Term Market Trend
The last decade has been exceptional for the Hungarian car market. From 2010 to 2012 the Hungarian market moved up and down between a low of 43,474 sales in 2010 and 56,517 sales in 2011. In 2013 started a 7 year uptrend, with the market reaching 6 new all-time highs until a peak in 2019 at 157,790.
The pandemic arrived in 2020 causing the Hungarian car market to fall 19% down to 128,030 new car registrations.
The following year sales fell further reaching 121,545 by the end of 2021. In 2022 volume dropped even more, reaching 111,043 cumulative sales, an 8.8% loss compared to the prior year
In 2023 the market fell 2.9%, with figures at 107,802.
Tables with sales figures
In the tables below we report sales for top 10 Brands and top 10 Models.
