Vehicle registrations up by 34.6% in 2023

14:30 - 09 January 2024

Economy Reporter

Total registrations of motor vehicles soared by 34.6%, reaching 45,494 during the period of January-December 2023, compared to 33,795 in the same period of 2022, according to the latest CySTAT report on the Registration of Motor Vehicles.

In December 2023 alone, the momentum continued, with a remarkable 35.4% increase in total registrations compared to December 2022. Registrations climbed from 2,211 to 2,994. Notably, passenger saloon cars experienced a substantial surge of 45.5%, reaching 2,468, up from 1,696 in December 2022.

The key highlights for the year 2023 include a year-long increase of 37.6% in passenger saloon cars, totaling 36,608, with 40% being new cars and 60% used cars. Rental cars notably increased by 36.0% to 5,577.

Additionally, motor coaches and buses surged from 85 in 2022 to 329 in 2023.

Goods conveyance vehicles increased by 12.3% to 4,374 in January-December 2023. This growth was evident in various segments, including light goods vehicles (+8.2%), heavy goods vehicles (+40.9%), road tractors (+67.0%), and rental vehicles (+1.1%).

Mopeds < 50cc saw a notable increase to 321 in 2023, compared to 244 in the previous year, while mechanized cycles > 50cc showed a substantial growth of 27.9%, reaching 3,324 in January-December 2023.

The main manufacturers of motor vehicles registered in Cyprus during 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, petrol-powered vehicles constituted 55.0%, diesel 18.0%, electric 2.9%, and hybrids 24.1%. This marks a shift from 2022 proportions of 58.3%, 21.2%, 2.2%, and 18.3%, respectively.

(Source: CNA)

Vehicle registrations up by 34.6% in 2023

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