Egypt’s automotive aftermarket is accelerating and has been dubbed “one of Africa’s most exciting markets” as its motoring population and vehicle sales grow, its economy expands, FDI floods in, and the government moves to combat automotive emissions. It’s a powerful combination which Germany’s Africa business experts africon GmbH, the knowledge partners of Automechanika Dubai, the Middle East and Africa’s largest international automotive aftermarket trade show, contends has resulted in an aftermarket now worth between US $1-2 billion. And africon GmbH should know, having worked on more than 30 automotive market projects across Africa in the last few years. The company has now turned its expertise specifically on the high potential Egyptian market with a whitepaper collated from research among companies within the Arab republic’s automotive industry. Opportunity Rising: The paper’s positive and opportunistic sentiment points to the country’s rising population – now the third largest within Africa with more than 100 million people – and its economic advancement, having overtaken South Africa as the continent’s second-largest economy with a GDP of US $360 billion and sturdy growth forecasts. “The IMF predicts that growth will slow to around 2.5% this year but recover to more than 5% from 2022 forward,” the paper reports. “After economically difficult years in 2016/17, inflation has come down to around 6%. Unemployment has been reducing, and GDP per capita in US$ terms has increased by almost 50% since 2017. Consequently, Egypt has been the largest recipient of FDI in Africa for several years in a row,…
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