Egypt is of the most populated country in the Arab world which is growing faster than other MENA countries leading to an increase in the target audience of the automobile industry. As per Ken Research findings, there are around 11 Mn licensed vehicles in Egypt, almost half of which are private cars and these numbers are poised to grow rapidly as speedy migration to urban areas is causing heavy demand for personal cars in the country.
But here is the catch- Egyptians are more likely to be inclined towards second-hand or used cars when it comes to buying personal vehicles. In this segment, we have talked about those factors that have brought significant shifts in consumer demand and given an edge to the Used Car industry in Egypt.
1. Growing Population and Rapid Migration to Urban Areas causing an Increase in Demand for Personal Vehicles in Egypt
2. 3 in 4 Consumers in Egypt prefer to buy Used Car due to several factors, including the cost of license, the decline in car’s value once they are licensed, and low price of spare parts, etc.
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3. Social media plays a major role in generating leads for dealers & end consumers by virtue of offering advertisements at a lower cost with respect to other traditional marketing channels
4. Online Auto portals are also stepping in and offering a plethora of services to solve the pain points faced by customers to drive more sales to the market
5. Also, flexible contractual Terms in financing used cars are further accelerating the growth of the used car industry in Egypt
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