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The auto market ended 2024 on a high note, with December vehicle sales rising 19.7% m-o-m to around 13k vehicles, up from 10.8k in November, according to figures from the Automotive Marketing Information Council (AMIC) seen by EnterpriseAM. December’s sales mark the highest monthly sales volume seen since August 2022 and marks a continued rebound in vehicle sales on a monthly basis that began last October.
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Driving the growth: Bus sales saw the sharpest m-o-m increase in December, rising 27.6% m-o-m to 952 units. The passenger cars segment also saw notable growth, with a 24.8% m-o-m jump in vehicles sold to 10.6k units. Truck sales, however, took a hit falling 11.2% to 1.4k units.
On a yearly basis: Total auto sales in December were up 24.6% from the same period last year, with all three segments seeing growth. Passenger car sales were up 26.8% y-o-y, bus sales increased by 20.8% y-o-y, and truck sales saw a 12.4% y-o-y increase.
All in all, it was a pretty solid year for Egypt’s auto market: The total sales volume for the entire year grew 13.2% y-o-y with some 102.2k vehicles sold. Passenger car sales grew 18% y-o-y and truck sales were up 5.2% y-o-y. Bus sales were down, falling 12.7% y-o-y.
We have an idea why: Last year saw the auto market catch its breath after a turbulent period triggered by an FX crunch that limited supply in the market and gave distributors leverage to hike prices as they pleased. This changed following the float of the EGP in March. The market has been in rebound since March 2024, when it saw sales plummet to just 4.2k vehicles — the lowest number of auto sales we’ve seen since we started keeping track in January 2019.
The market leaders: Nissan held the largest market share of Egypt’s auto market last year, with a 15.9% share. Chery-Ghabbour came in second with a 13.4% share and Chevrolet followed with a 12.2% share. Rounding out the top ten were Hyundai, Toyota, MG, BYD, Mitsubishi, Kia, and Ranualt.
The figures don’t quite tell the whole story: AMIC figures reflect data contributed by member distributors, who include most, but not all, industry participants.
