Cyprus, a car-centric nation:
With over 90% of the population relying on cars, Cyprus stands as one of the most motorized countries in Europe. This article delves into the popular models, sought-after brands, and emerging trends in the Cypriot automotive landscape.
Market Overview:
- Recovering from the pandemic: The new car market is bouncing back after a challenging 2020, with sales witnessing an increase across most brands.
- Hybrid and electric vehicles gaining traction: There’s a significant rise in the popularity of hybrid and electric models, reflecting a growing environmental consciousness.
- 2023 registrations: According to the Statistical Service of the Republic, 36,600 vehicle registrations were recorded in 2023, with 14,700 being new cars.
Beloved Car Brands:
- Japanese dominance: Toyota claimed the top spot with 6,667 registered vehicles, followed by Mazda and Nissan.
- New car market: Kia leads the market share with 17.6%, followed by Toyota (12.4%) and Hyundai (10.8%).
- Notable growth: Nissan (+70.3%), Mini, Skoda, Audi, and Mercedes-Benz experienced significant sales growth.
Bestselling Models:
- Compact cars and crossovers reign supreme: Toyota Yaris emerged as the most popular model, followed by Kia Stonic and Hyundai Tucson.
- Mini Countryman’s surge: The premium crossover’s popularity contributed to the brand’s overall growth.
- Kia’s strong presence: Kia Rio, Sportage, and Ceed also made it to the top 10, alongside Volkswagen T-Roc, Nissan Qashqai, and Kia Picanto.
Shift Towards New Technologies:
- Hybrid and electric vehicles on the rise: Sales of hybrid and electric vehicles surged by 26.3% in 2023 compared to 2022.
- Hybrids leading the way: 10,189 hybrid vehicles were registered in 2023, accounting for 26.3% of the market.
- Growing EV adoption: 1,322 electric vehicles were registered in 2023, representing a significant increase from 2022.
Factors Driving the Shift:
- Government support: Incentives and subsidies are promoting the adoption of eco-friendly vehicles.
- Charging infrastructure expansion: The number of charging stations is steadily increasing across the country.
- Rising fuel prices: The economic benefits of fuel-efficient cars are becoming more apparent.
- Environmental consciousness: Cypriots are increasingly prioritizing sustainable transportation options.
The Future of the Cypriot Automotive Market:
- Projected growth: According to Statista, the new passenger car market is expected to grow at an annual rate of 8.79%, reaching a value of 480 million euros by 2028.
- Crossovers to dominate: The crossover segment is anticipated to continue its growth, driven by local preferences and global trends.
Conclusion:
The Cypriot automotive market is undergoing a transformation, with a growing emphasis on hybrid and electric vehicles. This shift is supported by government initiatives, infrastructural development, and evolving consumer preferences. As the market evolves, it will be interesting to witness the continued adoption of sustainable technologies and the emergence of new trends in the years to come.
