, December 05, 2019 ) Amid strong demand for automotive vehicles, several domestic and foreign OEM manufacturers are planning to expand their production bases in Hungary
. Government of Hungary also prioritizes the automotive segment as a key revenue generator and is encouraging flow of FDIs in automotive industry.
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Hungary is one of the most promising and fastest growing automobile markets in the region. Hungary automobile industry is supported by multiple factors such as labour availability, R&D efforts, geographic advantage and government support. With positive outlook for economy and greater household purchasing power, the automobile sales in the country are set to witness strong surge in sales to 2026.
New players continue to foray into the market, in particular in low price vehicle segment with the number of sales increasing at robust growth rates. Passenger cars and light commercial vehicles are also witnessing steady increase in demand.
Cost effective models tend to witness strong success as majority of car buyers segment includes middle class. Further, strong customer support and availability of cheap spare parts gain high priority for purchases in cars segment
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The Hungary Automotive Market research identifies that the competition continues to intensify year-on-year with introduction of new models and brand availability. This OG Analysis report covers the 2019 scenario and growth prospects of Hungary Automotive market for 2016-2026. To calculate the market size, revenue from the market sales of Passenger cars, light commercial vehicles and heavy commercial vehicles are considered.
The global Automotive market is poised to register strong growth with light vehicle sales increasing from around 95 million to over 106 million between 2019 and 2025. Ongoing trend towards modernization of Automotives such as electric and hybrid cars, growth from emerging economies- compensating decline from mature markets, focus is on the user, increasing penetration of autonomous vehicles, and others are supporting countries worldwide to strengthen their Automotive markets. However, increased risk of new disruptive business models, falling margins and rising investment, long-term market volatilities, vehicle retreats from globalization pose significant challenges to growth.
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The Hungary Automotive Market, Size, Share, Outlook and Growth Opportunities 2020-2026 presents a comprehensive analysis of the country’s Automotive market. Key trends and critical insights into Hungary Automotive markets along with key drivers, restraints and growth opportunities are presented in the report.
Hungary passenger car markets and Hungary commercial vehicle markets are analyzed and forecast to 2026. Further, Hungary vehicle production is forecast from 2016 to 2026. Demand for all these vehicle types are also forecast during the period.
Hungary Automotive market is compared against five of its competitive markets in the region to analyze the role of Hungary on regional front and benchmark its operations.
Global Automotive, Asia Pacific, Europe, Middle East Africa, North America and Latin America Automotive market outlook is also presented in the report to provide a global perspective of the industry.
Hungary population and economic outlook are also presented in the report to provide insights and forecasts of macroeconomic factors shaping the future of Hungary Automotive markets.
Further, business and SWOT profiles of three of the leading Automotive companies in Hungary are detailed in the report along with recent developments and their impact on overall market growth.
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