Egyptian Vehicle Market kept in the Q3 2017 the almost negative trend with sales down over 30% marking the 8th consecutive falling quarter, hit by a spectacular price increase, high unemployment and austerity policy. The top three brands has taken 53% of share.
Egypt’s economy continues to firm up, thanks to the government’s bold reform agenda and improved international competitiveness due to a weaker pound. In August, the non-oil private sector PMI climbed closer to positive territory on the back of greater new export orders, and international reserves rose for the eleventh straight month to USD 36.5 billion in September, signaling renewed investor confidence. In September, the IMF praised the government’s progress on structural reforms, which have included new investment and licensing laws designed to attract more foreign investment.
However, ordinary Egyptians still have shouldered a large part of the burden of recent reforms; inflation is eroding purchasing power, while unemployment, particularly among the young, is still worryingly high. Price pressures are likely to be stoked further by a second fuel subsidy cut in June.
Following two years (2014 and 2015) of high sales volume, in the 2016 the domestic vehicles market dropped down, hit by the impressive increase in the vehicles key-on-hand price and this trend has not changed in the 2017, when, according to the data released the AMIC, in the first half total vehicles (cars and commercials) sales have been only 61.123 down a huge 45.2%.
Moreover, on July the 1st, V.A.T. was increased at 14%, up 1 point. VAT was introduced in Egypt at 13% on 1 October 2016, replacing the 10% Sales Tax and was presented as an action to improve the efficiency of tax collections and broaden the tax base. In case of vehicle with over 2.0 HPs VAT rate is higher than the base.
In the third quarter, new vehicles sales have lost near 30% with year to date September figures at 94.654, down 41.2%.
At brand-wise, Nissan has taken the market leadership with 18.366 sales (+8.4%) overtaking Chevrolet, second with 17.855 units (-41.4%) and Hyundai, third with 14.641 sales (-50.3%). These three brands holds 53.7% of market share.
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Market Researches in PDF are immediately available for download with study on the market since 2005 and with forecast up to the 2022.
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Below, you can sort our interactive tables to see data regarding Brands, Groups and Models. Please bear in mind that sales data are subject to adjustments as sources will update their information. This report is updated at the publishing date and will not be modified while the next on this subject will report year to date data updated.
|Rank 2017||Rank Sep||Brand||Sales 2017||Sales Sep||Variation 2017||Variation Sep.||Share 2017||Share Sep|
|Rank 2017||Rank Sep||Model||Sales 2017||Sales Sep||Variation 2017||Variation Sep|
|5||11||Mitsubishi Lancer EX||4.391||360||-20,3%||5,3%|