Egypt Used Car Market Size Set to Grow at Steady CAGR of 7.3% to Reach USD 90 Million by 2029

Published | 02 May 2023

Egypt used car market is flourishing due to the increasing disposable income among middle class consumers enabling them to afford vehicles, and the growth of e-commerce platforms and online marketplaces.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Egypt used car market size at USD 50 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Egypt used car market size to grow at a CAGR of 7.30% reaching a value of USD 90 million by 2029. Egypt's used car market is expanding due to the high demand for economical transportation and a scarcity of new vehicles due to import restrictions and high prices. Toyota Corolla, Hyundai Elantra, and Chevrolet Aveo are all popular models. Although online marketplaces, such as OLX and Haraj, have made it simpler for consumers and sellers to interact, the lack of a defined regulatory framework has raised concerns about fraud and safety. Despite these obstacles, the Egyptian used automobile industry is likely to maintain its growth trajectory during the forecast period.

Egypt Used Car Market – Overview

An automobile that was previously owned and operated by one or more people before being put up for sale is referred to as a used car or a preowned vehicle. These automobiles can be bought and sold privately or at dealerships, and they can vary in age, mileage, and condition. Used automobiles are typically less expensive than new vehicles, making them an accessible alternative for anyone looking to buy a car. Buyers may decide to have the vehicle inspected by a mechanic before making a purchase, but they should be informed of any potential problems with the condition and history of the vehicle.

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Impact of COVID-19 on Egypt Used Car Market

The COVID-19 pandemic significantly impacted Egypt used car market. With the country implementing strict lockdown measures and travel restrictions, consumer demand for second-hand cars decreased, resulting in a slowdown in sales. Also, the economic uncertainty caused by the pandemic led to many potential buyers delaying or canceling their purchase plans. Therefore, many used car dealerships reported a significant decline in sales, leading to decreased revenue and profit margins. The market is expected to gradually recover as the pandemic subsides and consumer confidence returns. However, it may take some time for the market to fully bounce back.

Egypt Used Car Market – By Fuel Type

On basis of fuel type, Egypt used car market is divided into Petrol/Gasoline and Diesel segments. The petrol/gasoline segment is a higher contributor to the growth of Egypt used car market. During the forecast period, the diesel segment is expected to increase significantly. Diesel-powered vehicles have also shown a sustained increase in used vehicle volume sales in emerging countries.

Competitive Landscape

Egypt used car market is fiercely competitive. Major companies in the market include Carswitch, Bey2ollak, OLX Egypt, Edfaraz Trading, Garagly, Carmudi Egypt, Haraj Egypt, Autotrader Egypt, Carzaty, and Ta2see. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Egypt used car market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Egypt Used Car Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Egypt Used Car Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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