Cyprus and EU see surge in electric and hybrid car trade
International trade in electric and hybrid vehicles between the EU and third countries has surged, with Eurostat data revealing that electric and hybrid cars represented 43 per cent of EU car imports in 2023, a sharp rise from 8 per cent in 2017.
Cyprus, though a smaller market, aligns with this shift; over half its car imports now come from outside the EU, emphasising the bloc’s growing reliance on non-EU imports to support sustainable transport growth.
In value terms, imports of electric and hybrid vehicles into the EU were worth €44.6 billion in 2023, marking a 21 per cent increase from €36.9 billion in 2022.
Fully electric cars alone accounted for €20.2 billion of this total, while non-charging hybrids represented €15.5 billion and plug-in hybrids €8.9 billion.
Eurostat reported that “both imports and exports of fully electric cars continued to grow,” with fully electric imports rising by 4.3 percentage points and exports by 1.6 percentage points between 2022 and 2023.
Exports from the EU have also risen sharply, increasing from 2 per cent of all car exports in 2017 to 26 per cent in 2023.
This rise shows the EU’s transition toward eco-friendly trade, with fully electric vehicles leading export value at €29.4 billion in 2023, particularly to major markets such as the United Kingdom, United States, and Norway.
“The EU’s growth in exporting electric and hybrid vehicles mirrors an overall transition to sustainable transport within the bloc,” Eurostat noted.
For Cyprus, the picture reflects these EU trends closely. In 2022, Eurostat data shows that 51 per cent of Cyprus’ car imports came from outside the EU, aligning with the EU’s broader reliance on third-country sources for eco-friendly vehicles.
Cyprus, although smaller, is witnessing a gradual rise in alternative-fuel vehicles, with 0.37 per cent of its light-duty fleet classified as alternative-fuel by 2023.
The EU’s primary sources of electric vehicle imports in 2023 were China (48 per cent), South Korea (21 per cent), and the UK (10 per cent). As for EU exports, the leading destinations included the United Kingdom and the United States, each making up 24 per cent, followed by Norway at 11 per cent.