In early 2024, Cyprus experienced a significant uptick in electric and hybrid vehicle registrations, with electric cars reaching 3.8% and hybrids claiming 37.2% of the market share. Simultaneously, traditional petrol and diesel car registrations dwindled, indicating a shift towards sustainable driving alternatives.
What are the latest trends in vehicle registration in Cyprus for early 2024?
Electric and hybrid vehicles are seeing a significant increase in Cyprus for the first quarter of 2024. Electric car registrations grew to 3.8%, while hybrids now hold 37.2% market share. Conversely, petrol and diesel car registrations have decreased, indicating a shift towards sustainable driving options.
Electric and Hybrid Vehicles Gain Traction
The Cyprus Statistical Service (Cystat) has recently published its report ‘Registration of Motor Vehicles’ for the first quarter of 2024. The data reveals a noteworthy shift in the Cypriot automotive market, with electric and hybrid vehicles gaining ground. This period saw a remarkable jump in the total number of motor vehicle registrations by 25.8%, with a total of 12,827 vehicles registered, up from 10,193 in the same period of the previous year.
Electric and hybrid cars, in particular, have shown impressive growth. The share of electric cars increased to 3.8%, up from 2.6% in the previous year, while hybrids climbed to occupy 37.2% of the market share, a sizeable increase from 27.4%. This surge in eco-friendly vehicles is indicative of a growing consumer awareness and a shift toward more sustainable driving options.
Traditional Fuel Vehicles Lose Ground
In contrast to the rising popularity of electric and hybrid vehicles, traditional petrol and diesel cars are seeing a decrease in consumer interest. The report indicates that petrol-powered passenger cars now represent 49.2% of the market, a significant drop from 59.0% in the previous year. Diesel-powered cars have also experienced a decline, now sitting at 9.9% compared to the previous 11.0%. This trend reflects the global move away from fossil fuels and towards alternative energy sources.
Despite a general increase in vehicle registrations, certain categories are experiencing a downturn. The number of registered rental cars, for example, has fallen by 22.3% to just 908 vehicles. This could be attributed to changes in tourism trends or the rise of alternative transportation services.
Larger Vehicles on the Rise
The Cystat report also sheds light on the performance of larger vehicle categories. Motor coaches and buses have experienced an impressive increase in registrations, with numbers rising to 64 in the first quarter of 2024 from just 21 in the same period last year. Cargo-carrying vehicles have followed suit, showing robust growth with a 40.4% increase to 1,445 vehicles.
This growth is further broken down within the cargo vehicle category: light goods vehicles jumped by 44.9% to 1,149, heavy goods vehicles by 4.8% to 152, road tractors by 69.0% to 49, and rental vehicles by 53.2% to 95. These statistics highlight an expanding commercial sector and an economy that may be on the upswing.
Diverse Trends in Smaller Vehicle Categories
The market for smaller vehicles has demonstrated varying trends. Mopeds with engines smaller than 50cc have witnessed a substantial rise, with registrations increasing to 240 from 28 in the prior year. Meanwhile, mechanized cycles with engines larger than 50cc saw a marginal growth of 0.7%, with registrations slightly increasing to 727 in January-March 2024 from 722 in the same period of 2023.
This diversity in vehicle registration trends provides a glimpse into the changing landscape of transportation on the island. With a clear inclination towards environmentally friendly options, Cyprus is steering towards a greener future in mobility.
What are the latest trends in vehicle registration in Cyprus for early 2024?
Electric and hybrid vehicles are seeing a significant increase in Cyprus for the first quarter of 2024. Electric car registrations grew to 3.8%, while hybrids now hold 37.2% market share. Conversely, petrol and diesel car registrations have decreased, indicating a shift towards sustainable driving options.
What is the market share of electric cars and hybrids in Cyprus for early 2024?
In early 2024, electric cars accounted for 3.8% of vehicle registrations in Cyprus, while hybrids claimed a significant share of 37.2%. This indicates a growing preference for eco-friendly vehicles in the Cypriot automotive market.
How have traditional petrol and diesel car registrations changed in Cyprus for early 2024?
Traditional petrol and diesel car registrations have decreased in Cyprus for the first quarter of 2024. Petrol-powered passenger cars now represent 49.2% of the market, down from 59.0% in the previous year, while diesel cars saw a decline to 9.9% from 11.0%. This reflects a global trend towards alternative energy sources.
What other noteworthy trends were observed in the vehicle registration data for Cyprus in early 2024?
Aside from the shift towards electric and hybrid vehicles, larger vehicle categories such as motor coaches, buses, and cargo-carrying vehicles have shown notable increases in registrations. Additionally, smaller vehicle categories like mopeds and mechanized cycles have demonstrated varying trends, highlighting a diverse landscape of transportation preferences on the island.
