Market Insights Mobility Electric Vehicles

Battery Electric Vehicles - Hungary

Hungary

In Hungary, the revenue in the Battery Electric Vehicles market is projected to reach US$385.9m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 15.89%, resulting in a projected market volume of US$806.6m by 2029.
The unit sales of Battery Electric Vehicles market in Hungary are expected to reach 13.71k vehicles in 2029.
The volume weighted average price of the Battery Electric Vehicles market in Hungary in 2024 is expected to amount to US$59.1k.
From an international perspective, it is shown that the most revenue will be generated China, with US$210,800m in 2024.
Hungary is experiencing a surge in the adoption of Battery Electric Vehicles, driven by favorable government incentives and a growing charging infrastructure.

Key regions: United Kingdom, Japan, Netherlands, France, United States

Market

Region

Region comparison

Currency

Analyst Opinion

The Battery Electric Vehicles market in Hungary is experiencing significant growth and development.

Customer preferences: Hungarian customers are increasingly drawn to Battery Electric Vehicles due to their environmental benefits and cost savings. Battery Electric Vehicles produce zero emissions and are seen as a more sustainable transportation option compared to traditional gasoline-powered vehicles. Additionally, the lower operating costs of Battery Electric Vehicles, including reduced fuel and maintenance expenses, make them an attractive choice for budget-conscious consumers.

Trends in the market: One of the key trends in the Battery Electric Vehicles market in Hungary is the increasing availability and variety of models. As more automakers introduce Battery Electric Vehicles to their lineups, consumers have a wider range of options to choose from. This increased competition has also led to more affordable pricing, making Battery Electric Vehicles more accessible to a larger segment of the population. Another trend in the market is the expansion of charging infrastructure. In order to address the range anxiety concerns of potential buyers, the Hungarian government and private companies have been investing in the development of a comprehensive charging network. This includes the installation of public charging stations in urban areas and along major highways, as well as incentives for businesses to install charging stations at their facilities. The growing charging infrastructure is helping to alleviate concerns about the limited range of Battery Electric Vehicles and is encouraging more consumers to consider making the switch.

Local special circumstances: Hungary has a strong automotive industry, with several major automakers having production facilities in the country. This has contributed to the growth of the Battery Electric Vehicles market, as local manufacturers have started to prioritize the development and production of electric vehicles. The presence of these manufacturers not only increases the availability of Battery Electric Vehicles in the market but also fosters innovation and technological advancements.

Underlying macroeconomic factors: The Hungarian government has implemented various policies and incentives to promote the adoption of Battery Electric Vehicles. These include tax incentives, subsidies, and grants for the purchase of electric vehicles, as well as exemptions from certain taxes and tolls. These measures are aimed at reducing greenhouse gas emissions and improving air quality in the country. Additionally, Hungary is part of the European Union, which has set ambitious targets for reducing carbon emissions and promoting the use of electric vehicles. This regulatory environment is driving the growth of the Battery Electric Vehicles market in Hungary.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).