Electric vehicle market share inches higher in Cyprus amid European shift

Cyprus’ motor vehicle registrations increased by 13.2 per cent during the first half of 2026, with hybrid cars accounting for more than half of all new passenger saloon car registrations, according to figures released by the Statistical Service (Cystat) on Wednesday.

The latest figures show that hybrid vehicles continued to strengthen their position in the Cypriot market, while petrol-powered cars lost further ground and fully electric vehicles edged higher, reflecting the gradual shift towards lower-emission transport seen across Europe.

Overall, 29,367 motor vehicles were registered between January and June 2026, compared with 25,954 during the corresponding period of 2025.

In June alone, 5,624 motor vehicles were registered, representing a 13.8 per cent increase from the 4,942 recorded in June 2025.

Passenger saloon cars accounted for the bulk of registrations, rising 14.8 per cent in June to 4,338 vehicles, compared with 3,780 in the same month last year.

During the first six months of the year, 22,597 passenger saloon cars were registered, up from 20,004 a year earlier, representing annual growth of 13.0 per cent.

The figures also underline the continued importance of the used car market in Cyprus.

Of all passenger saloon cars registered during the period, 7,245, or 32.1 per cent, were new vehicles, while 15,352, or 67.9 per cent, were imported used cars.

Meanwhile, registrations of rental passenger cars declined by 11.8 per cent, falling from 2,820 to 2,487.

The most notable change was in the type of powertrain chosen by buyers.

Hybrid cars accounted for 51.7 per cent of all passenger saloon car registrations, up sharply from 43.0 per cent during the same period of 2025, making them comfortably the largest segment of the market.

At the same time, petrol-powered cars saw their market share fall to 35.2 per cent, down from 43.6 per cent a year earlier.

Diesel vehicles also continued their gradual decline, with their share easing from 8.6 per cent to 8.2 per cent.

Fully electric vehicles recorded only a modest increase, with their share rising to 4.9 per cent, compared with 4.8 per cent during the first half of 2025.

Although battery-electric vehicles still represent a relatively small proportion of new registrations in Cyprus, the figures broadly mirror the wider European transition towards electrified transport.

According to the European Commission, fully electric vehicles accounted for 20.6 per cent of all new car registrations across the European Union in April 2026, up from 15.7 per cent in April 2025 and well above the average of 17.4 per cent recorded across the whole of last year.

In a recent report, the commission said that around 750,000 fully electric cars were sold across the EU between January and April 2026, helped by a growing range of more affordable models entering the market.

It also pointed to the financial benefits of electric motoring, particularly as oil prices remain elevated.

According to the International Energy Agency (IEA), drivers of electric vehicles now enjoy fuel cost savings that are 35 per cent higher than a year earlier when oil prices are around 100 dollars per barrel, while the wider adoption of electric vehicles has reduced the European Union’s oil demand by an estimated 140,000 barrels per day and cut fossil fuel imports by approximately €4.5 billion annually.

The commission added that the shift is not driven solely by environmental considerations, but increasingly by economics, as electric vehicles generally have lower running costs than petrol or diesel cars because of their higher energy efficiency.

Despite concerns about overseas manufacturing, the commission also said that most fully electric cars sold in the EU during 2025 were produced within the bloc, while approximately 20 per cent were imported from China.

Beyond passenger cars, the Cyprus Statistical Service reported increases across several other vehicle categories.

Registrations of motor coaches and buses climbed from 78 to 111 during the first half of the year.

Goods vehicles rose 14.9 per cent to 3,510 registrations, compared with 3,055 during the same period of 2025.

Within that category, light goods vehicles increased 12.9 per cent to 2,795, road tractors used for trailers rose 18.4 per cent to 135, heavy goods vehicles increased 22.3 per cent to 423, while rental goods vehicles recorded the strongest growth, jumping 31.9 per cent to 157.

The two-wheeled vehicle market delivered mixed results. Registrations of mopeds under 50cc fell from 112 to 77, while registrations of motorcycles over 50cc increased 13.4 per cent to 2,681, compared with 2,364 during the first half of last year.

The latest figures suggest that while fully electric vehicles are still gaining traction gradually in Cyprus, hybrid models have become the preferred choice for many buyers seeking lower fuel consumption without the charging requirements of a battery-electric vehicle.

The figures also indicate that the island’s vehicle market continues to expand despite the decline in rental car registrations, with consumer demand remaining strong across passenger cars, commercial vehicles and motorcycles.