Egyptian automotive market records 11.6% increase during 1st months of 2024

The Egyptian automotive market recorded impressive growth during the first 11 months of 2024. Total car sales increased by 11.66 percent, reaching 89,300 units compared to 79,900 in the same period of 2023.

 

Private car sales surged by 17 percent, with 70,900 vehicles sold, up from 60,800 units during the corresponding months of 2023. Notably, November alone saw private car sales rise by 7.5 percent, totaling 8,500 units compared to 7,900 in November 2023.

 

Truck sales also experienced growth, increasing by 4.4 percent to 11,900 units, up from 11,400 units sold during the same period in 2023. However, bus sales faced a decline of 17 percent, dropping to 6,400 units from more than 7,600 in the prior year.

 

On the import side, Egypt's car imports showed mixed trends. While the Central Agency for Public Mobilization and Statistics (CAPMAS) reported a significant drop in car imports for September 2024—falling to $163.755 million from $218.854 million in September 2023—passenger car imports rose sharply earlier in the year.

 

From January to August 2024, passenger car imports increased to $1.692 billion, compared to $1.155 billion in the same period of 2023, marking a $536.623 million rise.

 

Despite fluctuations in imports, the growth in domestic sales highlights the resilience of Egypt’s automotive market amid economic challenges.