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Car sales at four-year high

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Sales of saloon cars reached their highest level since 2019, signalling a rebound of the car market after four years of declining trends.

By engine type, electric vehicles (EV) and hybrids saw an increase, compared to a drop in petrol and diesel-fuel vehicles.

According to data from the Statistical Service, registrations for passenger saloon cars increased a notable 37.6% last year to 36,608 from 26,598 in 2022, which had dropped marginally by 0.1% from 26,634 in 2021.

Sales topped 30,554 in 2020.

Breaking down the total registrations for passenger saloon cars, 14,637 or 40.0% were new, while 21,971 or 60.0% were used cars.

Registrations for new cars increased by 26.4% to 14,637 from 11,577 in 2022, and for used cars, the increase was substantial at 46.3%, with registrations reaching 21,971 from 15,021 in 2022.

Rental cars also witnessed a significant uptick of 36.0%, totalling 5,577.

New up, used down

Compared to 2019, registrations for new cars increased 16.2%, while used cars experienced a decline of 12.8%.

The overall number of registered vehicles surged by 34.6% during the January-December 2023 period, reaching 45,494, compared to 33,795 during the same period in 2022.

Bus registrations increased to 329 in 2023, up from 85 in 2022.

The primary manufacturers of motor vehicles registered in Cyprus in 2023 were Japan (42.9%), Germany (13.9%), France (7.2%), the United Kingdom (5.3%), and South Korea (4.9%).

In terms of fuel types, the majority (55.0%) of registered vehicles in 2023 were petrol-powered, while 18.0% were diesel-powered, 2.9% electric, and 24.1% hybrid.

The corresponding percentages for 2022 were 58.3% (petrol), 21.2% (diesel), 2.2% (electric), and 18.3% (hybrid).