Egypt’s appeal strengthens as growth makes a steady return

After a period of substantial decline, Egypt’s automotive industry is set for resurgence, although a return to the highs of 2014 may take some time to materialise.

There have been declines across the board in recent years, with sales of new passenger cars, buses and heavy trucks all falling. In 2014, the new vehicle market in Egypt – which includes passenger cars and both light- and heavy-duty commercial vehicles – peaked at around 300,000 units. In the following year, growth fell flat and in 2016 was backed up by a significant drop to around 220,000 new vehicles. In November 2016, the Central Bank of Egypt floated the Egyptian pound (LE), devaluing it by more than 32%.