Cyprus Experiences Boom in Motor Vehicle Trade and Repair Sector
In a remarkable economic update, Cyprus has reported a significant 30 per cent annual surge in the Index of Trade and Repair Activities of Motor Vehicles for the year 2023. This growth is attributed to the escalating prices in the automotive market, with a notable impact seen in the demand for used vehicles.
The Cyprus Statistical Service (Cystat) unveiled these figures in a recent Friday release, indicating a robust performance in the motor vehicle sector. The last quarter of 2023 alone saw the Motor Vehicle Sales index reach an impressive 193.3 units, which translates to a 42 per cent increase compared to the previous year. This upward trend was consistent throughout 2023, culminating in an overall 30 per cent rise for the year.
Service-related segments within the motor vehicle industry also experienced growth. Maintenance and repair services for motor vehicles saw a year-on-year increase of 12.3 per cent in 2023. Similarly, businesses involved in the sale of parts and accessories for motor vehicles enjoyed an 11.8 per cent rise in activities.
The motorcycle sector was not left behind, with sales, maintenance, and repair activities for motorcycles and their parts and accessories reporting a substantial 24.5 per cent annual increase. By the end of the last quarter of 2023, the index for this segment stood at 178.2 units.
These figures underscore a thriving automotive sector in Cyprus, which may influence individuals looking to
As the industry continues to navigate through price fluctuations and market demands, the surge in trade and repair activities signals a resilient economic sector poised for further growth. This trend is particularly relevant for those involved in the trade and services of reg motor vehicles, offering a promising outlook for the future.
