Key Market Indicators
Hungarian vehicle registration is projected to soar to approximately 9.4 million units by 2028, up from around 4.9 million units in 2023. This marks an impressive annual growth rate of 10.2%. The Hungarian market has experienced a significant rise, climbing by 102.5% year-on-year since 2010. In 2023, Hungary ranked 11th globally in vehicle registration, with Israel slightly ahead. In comparison, Canada, China, and Austria secured the second, third, and fourth positions, respectively, in the global ranking. Meanwhile, Hungarian vehicle production is forecasted to reach about 541,000 units by 2028, up from roughly 511,000 units in 2023. This indicates a modest year-on-year growth rate of 0.9%. Since 2002, the country's vehicle supply has increased by 3.5% annually. Hungary held the 24th position in global vehicle production in 2023, with Morocco slightly ahead. The United States, Japan, and Germany took the second, third, and fourth spots, respectively, in the production ranking.
