Automotive industry in Hungary - statistics & facts
Automotive companies in Hungary have been focusing on innovation and development, particularly since the shift of attention to electric mobility. The investment value in the transport equipment manufacturing industry reached an all-time high in 2023, at 1.2 trillion forints, almost double that of the previous year.
There are four leading original transport equipment manufacturers operating in Hungary — namely Audi, Mercedes-Benz, Opel, and Suzuki. Of the automotive companies, Audi was the most successful in 2023 in terms of revenue. It was followed by another German automobile company, Mercedes-Benz Manufacturing, with a revenue of over five billion euros.
E-mobility is also gaining ground among the population, as the number of vehicles registered under green license plates indicates. In May 2024, nearly 2,700 new green license plates were issued in the country, compared to only 510 in May 2020. When it comes to the most popular electric car brands, Tesla ranked in first place in 2024, with over 900 cars sold over the first four months, followed by Nissan and BYD.
The electric vehicle market in Hungary is expected to undergo a great expansion. In 2023, the market revenue of battery electric vehicles totaled approximately 335 million euros, and by 2029, this figure is forecast to reach a value of 750 million euros. As for plug-in electric vehicles the market revenue is anticipated to increase to over one billion euros by 2029, compared to 375 million recorded in 2023.
Vehicle production numbers are at their peak
As of 2023, the industrial production value of transport equipment totaled nearly 14 trillion forints. Even though following World War II Hungary became one of the most significant producers and exporters of buses in Europe, in recent years, the automotive production sector's focus has shifted towards the assembly of foreign automotive brands. In 2023, the Hungarian car manufacturing sector produced a record-breaking number of 509,000 vehicles.There are four leading original transport equipment manufacturers operating in Hungary — namely Audi, Mercedes-Benz, Opel, and Suzuki. Of the automotive companies, Audi was the most successful in 2023 in terms of revenue. It was followed by another German automobile company, Mercedes-Benz Manufacturing, with a revenue of over five billion euros.
All eyes on E-mobility
To strengthen its role in the automotive sector, Hungary has been taking significant steps towards becoming a major player in electric vehicle battery manufacturing. Several large Chinese EV battery manufacturers are expanding their operations to Hungary, including EVE energy, CATL, and Sunwoda. Moreover, besides its already operating electric bus assembly plant, the Chinese giant BYD, intends to open a new electric vehicle and battery production plant in Szeged, Hungary.E-mobility is also gaining ground among the population, as the number of vehicles registered under green license plates indicates. In May 2024, nearly 2,700 new green license plates were issued in the country, compared to only 510 in May 2020. When it comes to the most popular electric car brands, Tesla ranked in first place in 2024, with over 900 cars sold over the first four months, followed by Nissan and BYD.
The electric vehicle market in Hungary is expected to undergo a great expansion. In 2023, the market revenue of battery electric vehicles totaled approximately 335 million euros, and by 2029, this figure is forecast to reach a value of 750 million euros. As for plug-in electric vehicles the market revenue is anticipated to increase to over one billion euros by 2029, compared to 375 million recorded in 2023.
