Cyprus: EVs doubled their market share to 4% in 2024

Part of EAFO’s Series on EV Market Trends Across Europe

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Cyprus witnessed a notable transformation in its vehicle market in 2024, with electric vehicles (EVs) and hybrids steadily gaining traction. EVs doubled their market share, accounting for 4.0% of total registrations, up from 2.7% in 2023. Meanwhile, hybrids surged to 37.1%, reflecting shifting consumer preferences toward sustainable mobility.

Key Highlights for 2024:

• Total vehicle registrations: 49,616 (+9.1% YoY)
• Passenger car registrations: 38,410 (+4.9% YoY)
  • New vehicles: 39.2% (15,067 units)
  • Used vehicles: 60.8% (23,343 units)
• Rental cars: 3,904 (-30% YoY)

Fuel Type Breakdown:

• Petrol vehicles: 48.6% (-8.9 percentage points YoY)
• Diesel vehicles: 10.3% (+0.2 percentage points YoY)
• Hybrid vehicles: 37.1% (+7.5 percentage points YoY)
• Electric vehicles: 4.0% (+1.3 percentage points YoY)

Electric Vehicle Momentum:

Cyprus’ electric vehicle registrations doubled their market share in just one year, underscoring growing interest in EVs. However, the 4.0% share highlights that the EV market in Cyprus remains in its early stages compared to some other European nations. The momentum reflects increasing availability and affordability of EV models and growing consumer awareness of their benefits.

Freight and Commercial Vehicle Growth:

• Freight vehicle registrations: 5,811 (+32.9% YoY)
  • Light trucks: 4,638 (+36.1% YoY)
  • Heavy trucks: 695 (+30.1% YoY)
  • Road tractors: 243 (+54.8% YoY)
• Rental freight vehicles: 235 (-14.2% YoY)

Motorcycle Trends:

The two-wheeler segment experienced robust growth:

• Mopeds (<50cc): 690 (+115.2% YoY)
• Motorcycles (>50cc): 3,903 (+17.4% YoY)

Brand Leadership:

Toyota emerged as the dominant brand with 6,920 registrations, followed by:

1. Mazda: 4,522
2. Nissan: 3,515
3. Kia: 2,398
4. Mercedes: 2,290

In the new saloon car segment, Kia led the market with 2,273 new registrations, ahead of Toyota (1,446) and Volkswagen (1,430).

For used vehicles, Toyota topped the rankings with 5,474 registrations, followed by Mazda (4,387) and Nissan (2,103).

Challenges and Opportunities:

While the steady rise in EVs and hybrids signals positive market evolution, infrastructure challenges, particularly the availability of public charging stations, remain critical. Expanding the EV charging network and offering more incentives could accelerate EV adoption in the coming years.

Looking Ahead:

With total registrations increasing by 9.1% in 2024, the Cypriot vehicle market shows resilience and adaptability. As hybrids and EVs claim a larger share of registrations, Cyprus is poised for further progress in the transition to sustainable mobility in 2025.

Source:

• Cyprus Statistical Service

Views and opinions expressed are those of the author(s) and do not reflect those of the European Commission.