Egyptian Vehicle Market ended the first half 2018 with 73.170 light vehicles sold (+12.1%) approaching a recovery after the deep lost reported in the previous years. Economic reforms are sustaining economic recovery and expectations are positive.
Egypt’s economy strengthened in FY 2018, which ended in June, and the implementation of President Abdel Fattah el-Sisi’s structural reforms has continued in recent months. In April–June, annual economic growth was unchanged from the multi-year high recorded in January–March. Moreover, in the July-to-March period, the current account deficit narrowed year-on-year by nearly 60% thanks to higher tourism revenues, remittance inflows and Suez Canal income. More recently, the government hiked the price of natural gas by up to 75% on 21 July. The hike comes into effect from August and should improve the fiscal balance. To help alleviate the pressure of higher prices on the poorest Egyptians, the FY 2019 budget, which came into effect in July, contains provisions such as the expanded use of cash transfer and food subsidy programs.
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, VAT was increased again as the duty for vehicles over 2 liters. Indeed, according to the data released by the AMIC, in the 2017 total vehicles (cars and commercials) sales have been 134.885, down a huge 36.8%
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In the 2018 the huge pressure on vehicles price has been reduced and the positive economic trend created mood for a recovery, after the deep lost of recent years. Consequently, the light vehicles market (HCVs not included) has started a recovery and after the +5.1% reported in the first quarter, during the second accelerated with a remarkable +16.4%, ending the first half with 73.170 sales, up 12.1%.
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At brand-wise, the leader is Nissan with 14.918 sales (+14.5%) and 20.4% of market share.
In second place Chevrolet with 14.270 (-3.2%) followed by Hyundai with 12.486 (+48.6%), Renault with 6.334 (+110%), Toyota with 5.166 (+4.4%), Kia with 3.281 (-2.9%) and Opel with 2.290 (+17.7%).
Research, Consulting, Data & Forecast
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