Egypt new vehicles sales in 2017 fell down ruinously hit by inflation, huge price increase, fuel increase and higher taxes and duties. The market lost 36%, at lowest in this decade. Chevrolet is the leader with 21% of share, thanks to the dominion in commercial segment.
Egypt’s economy continues to gather strength heading into the new calendar year, although it remains fragile, as evidenced by December’s PMI which sank back into pessimistic territory.
Other indicators are more positive: In the July–September period growth strengthened, and the unemployment rate declined to a multi-year low. In addition, international reserves were significantly bolstered in 2017 thanks to renewed investor confidence, while the trade deficit narrowed sharply.
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, 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%
At brand-wise, Chevrolet kept the leadership thanks to the dominion in the commercial vehicles segment, selling 29.345 units (-22.0%) with 21.8% of market share. In second place Hyundai with 21.897 (-44.9%) and in third Nissan with 21.181 (-7.6%). These three brands hold 53.7% of market share.
Tables with sales figures
In the tables below we report sales for Top Brands