The Cars Market has witnessed a high price hike since 2022 which has reached the peak during last year (2023).
Due to this significant increase in vehicle prices in Egypt over the last two years, the Automotive Marketing Information Council (AMIC) revealed a nearly 50% drop in car sales for the year 2023 compared to 2022.
Since the global economic crisis triggered by the Russian war on Ukraine in February 2022, new and used car markets in Egypt have experienced significant fluctuations. Many cars that had been considered affordable for the middle class have become unattainable.
After the devaluation of the Egyptian pound against the US dollar and the lack of the foreign currency, the supply of cars has been restricted in the Egyptian market. Therefore, the price hike we witnessed today in the automotive industry.
According to AMIC, 2023 sales of passenger cars witnessed a decrease by 48%, and a 51.2% drop in buses sales, also the truck sales declined by 62% compared to 2022.
However, in December 2023, Cars sales increased by 31.74% compared to the same month during 2022.