In November 2024, Cyprus saw a 3.7% decrease in overall car registrations compared to November 2023. According to the latest data from the Cyprus Statistical Service, a total of 3,850 vehicles were imported to the island, which is 147 fewer than the previous year (3,997).
Decline in Sedan Registrations
One of the most significant declines was observed in the sedan segment, where registrations fell by 10%, from 3,243 to 2,920 vehicles. This reflects a noticeable shift in the preferences of Cypriot car buyers.
Overall Market Growth Despite November Dip
Although November's figures show a decline, the Cyprus car market has demonstrated growth over the first 11 months of 2024. Registrations increased by 10.1% compared to the same period in 2023, reaching a total of 46,780 vehicles (compared to 42,500 units last year).
Passenger Car Sales: These grew by 6.5%, totaling 36,360 units, with 39.5% being new cars and 60.5% second-hand.
However, rental car registrations were under pressure, with a 29.7% decrease, dropping to 3,789 vehicles.
Declining Popularity of Gasoline and Diesel Cars
The demand for gasoline and diesel vehicles continues to decline on the island:
The share of gasoline cars dropped from 58.2% to 48.9%.
Diesel vehicles saw a slight reduction, falling from 10.2% to 10.1%.
Increase in Eco-Friendly Car Sales
On the flip side, eco-friendly cars are gaining momentum:
Hybrid vehicles now make up 36.9% of the market, a significant increase from 28.9% in 2023.
Electric vehicles also strengthened their presence, with their share rising from 2.7% to 4%.
🚚 Strong Growth in the Commercial Vehicle Market
The commercial vehicle market is experiencing robust growth, with an increase of 30.6%, reaching 5,355 units.
Light trucks saw an increase of 33.7%.
Road tractors recorded a remarkable rise of 54.2%.
Bus Market Decline
On the other hand, the bus segment experienced a sharp decline, with registrations falling by more than half, from 306 units in 2023 to 127 in 2024.
Two-Wheel Vehicles on the Rise
The two-wheeled vehicle market is also on the up:
Moped sales (under 50cc) doubled, reaching 657 units.
Registrations for more powerful motorcycles grew by 16.1%, reaching 3,657 units
The Future of Cyprus’ Car Market: Trends and Shifting Preferences
Despite the decline in specific segments in November, Cyprus' car market continues to adapt to new realities. The growing interest in eco-friendly technologies such as hybrid and electric vehicles signals a shift in consumer preferences. Additionally, the growth in the commercial vehicle and motorcycle segments points to a more diversified and evolving market.
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