Egyptian Vehicle Market in 2024 grew 6.4%, steadily recovering from the sharp decline between 2021-2023, up 6.4%. Chery claimed top spot, surpassing Nissan, while Hyundai made significant gains, up four spots to secure 3rd.
Economic Environment
Egypt’s economy is expected to grow 3.7% in FY2024/25, rising to 5.2% by FY2026/27 as inflation eases and investments expand. Export growth will improve with higher gas and oil production and a weaker currency.Tight monetary policy and fiscal reforms remain key, with inflation at 26.3% due to energy price hikes. The exchange rate has stabilized at 48-50 EGP/USD, supported by IMF-backed reforms and foreign investments.
Interest rates remain at 27.75%, while the fiscal deficit is set to rise to 7.6% of GDP. Privatizations worth 0.6% of GDP aim to boost private-sector growth. Major projects like Ras el-Hekma will drive investment, but geopolitical risks remain. Further reforms are needed to reduce state dominance, streamline regulations, and ensure efficient public spending.
Automotive Industry Trend and Outlook
Egypt’s EV sector grew 15.8% in 2024, lagging behind other markets in the region. Still a tiny fraction of total sales, EV adoption remained slow despite the government’s determination to scale up in the next decades. .
Citroën dominated the EV market, growing 19% year-over-year and holding nearly all of the segment. .
Overall, the Egyptian vehicle market increased 6.4% in 2024 in full-year volume, posting slow recovery from the sharp 2021-23 downturn.
Looking at full-year data for 2024 brand-wise, Chery grew 72.2% into 1st, followed by last year’s leader Nissan, down 6.5%, and Hyundai, up 74.1% and 4 spots. Toyota fell out of the podium, down into 4th despite growing 17.6% while Chevrolet ranked fifth, losing 1 spot and 12.7%.
For what concerned specific models, the Nissan Sunny was still the best seller despite dropping by 12.8% in year-on-year volume, followed by the Chevrolet TFR down 14.1% in sales.
Medium-Term Market Trend
Egyptian vehicle sales moved up and down in the past decade. From 2011 to 2013, despite the yearly changes in trend, overall sales fell from 244,328 in 2010 to 207,405 in 2013, with 2011 reporting a 26.7% loss and 2012 a 19.7% growth.
In 2014 the market increased by 34.9% up to the current all-time high of 279,779 sales, while in 2015 started a 3 year loss that moved sales to 129,254 by the ed of 2017. In 2018 the market rebounded 41.5% to fall back down in the following year, ending 2019 at 163,383.
Unlike in most countries of the world, the arrival of the pandemic in 2020 caused the Egyptian market to increase by 34.5% reaching 219,687.
The momentum continued into the following year with 2021 closing at 266,348. 2022 interrupted this growth in the Egyptian vehicles market with sales down 32.6% from the prior year at 186,819. A combination of factors are behind the current industry struggle: mainly the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips.
In 2023 the domestic vehicles market declined to only 64.882 sales (-63.8%) with December scoring the 25th year-on-year consecutive monthly decline.
