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Hybrid And Electric Cars Drive Growth In Cyprus’ Vehicle Market

by THEFUTURE.TEAM

December 10, 2024

The vehicle registration market in Cyprus saw a significant shift in 2024, with hybrid and electric cars leading the way. From January to November, overall vehicle registrations increased by 10.1%, driven largely by the rising demand for eco-friendly alternatives. Hybrid vehicles in particular experienced a remarkable growth, making up 36.9% of all new car registrations, up from 28.9% in 2023. Meanwhile, electric vehicle registrations doubled to 4% of the market, compared to just 2.7% last year.

The surge in hybrid and electric vehicles reflects the broader global trend towards sustainability and environmental responsibility. With fuel-efficient and environmentally friendly alternatives becoming more accessible and desirable, consumers in Cyprus are increasingly opting for these vehicles. Hybrid cars, with their blend of petrol and electric power, offer a practical solution for those looking to reduce fuel consumption and carbon emissions, while electric vehicles continue to gain traction as the country invests in charging infrastructure and green energy initiatives.

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On the other hand, traditional petrol-powered vehicles have seen a decline in popularity, dropping from 58.2% of the market in 2023 to 48.9% in 2024. Diesel-powered vehicles have remained stable, accounting for 10.1%, but the shift towards cleaner, more efficient options is evident.

Overall, the increase in hybrid and electric vehicle registrations reflects a significant change in consumer attitudes, driven by both environmental concerns and the growing availability of green vehicle models. This shift is likely to continue as more incentives and infrastructure are introduced to support eco-friendly transportation, positioning Cyprus as part of the broader global movement towards sustainable urban mobility.

Despite some decline in overall vehicle registrations in November 2024, hybrid and electric vehicles appear to be at the forefront of Cyprus’ automotive future. With rising fuel prices and heightened awareness of climate change, the shift to greener vehicles is a clear response to both economic and environmental factors, making hybrid and electric cars the preferred choice for many Cypriot drivers.

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Cyprus Emerges As A Leading Household Consumer In The European Union

by THEFUTURE.TEAM

June 30, 2025

Overview Of Eurostat Findings

A recent Eurostat survey, which adjusts real consumption per capita using purchasing power standards (PPS), has positioned Cyprus among the highest household consumers in the European Union. In 2024, Cyprus recorded a per capita expenditure of 21,879 PPS, a figure that underscores the country’s robust material well-being relative to other member states.

Comparative Consumption Analysis

Luxembourg claimed the top spot with an impressive 28,731 PPS per inhabitant. Trailing closely were Ireland (23,534 PPS), Belgium (23,437 PPS), Germany (23,333 PPS), Austria (23,094 PPS), the Netherlands (22,805 PPS), Denmark (22,078 PPS), and Italy (21,986 PPS), with Cyprus rounding out this elite group at 21,879 PPS. These figures not only highlight the high expenditure across these nations but also reflect differences in purchasing power and living standards across the region.

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Contrasting Trends In Household Spending

The survey also shed light on countries with lower household spending levels. Hungary and Bulgaria reported the smallest average expenditures, at 14,621 PPS and 15,025 PPS respectively. Meanwhile, Greece and Portugal recorded 18,752 PPS and 19,328 PPS, respectively. Noteworthy figures from France (20,462 PPS), Finland (20,158 PPS), Lithuania (19,261 PPS), Malta (19,622 PPS), Slovenia (18,269 PPS), Slovakia (17,233 PPS), Latvia (16,461 PPS), Estonia (16,209 PPS), and the Czech Republic (16,757 PPS) further illustrate the disparate economic landscapes within the EU. Spain’s figure, however, was an outlier at 10,899 PPS, suggesting the need for further data clarification.

Growth Trends And Economic Implications

Eurostat’s longitudinal analysis from 2019 to 2024 revealed that Croatia, Bulgaria, and Romania experienced the fastest annual increases in real consumer spending, each growing by at least 3.8%. In contrast, five member states, with the Czech Republic experiencing the largest drop at an average annual decline of 1.3%, indicate a varied economic recovery narrative across the continent.

This comprehensive survey not only provides valuable insights into current household consumption patterns but also offers a robust framework for policymakers and business leaders to understand economic shifts across the EU. Such data is integral for strategic decision-making in markets that are increasingly defined by evolving consumer behavior and regional economic resilience.