Despite a decline in domestic car sales, the automotive market has posted gains in total market revenue as prices continue to rise.
The automotive market generated EGP 28bn in revenues during the first 10 months of 2015, an average of EGP 2.8bn per month. Total sales are estimated at 163,700 units, according to a report from the Automotive Marketing Information Council (AMIC).
AMIC revised projections it published in early December, when it anticipated that the market would close on sales of EGP 29.99bn during 2015, by selling 196,500 units, down by 6% from last year, when the market closed at EGP30bn last year.
The revised projection expects the automotive sector to exceed the EGP 33bn barrier during 2015.
The median automotive price increased significantly during 2015, as a result of the dollar shortage, and its increasing strength against the Egyptian pound.
Tariffs on automotive imports have also contributed to the increased revenue per unit as the customs authority began to apply custom tariffs valued on indicative prices, which rely on a re-evaluation according to the world price of a car.