The latest market report published by Credence Research, Inc. The used car market in Egypt has witnessed rapid growth in recent years and is expected to grow at a CAGR of 8% between 2023 and 2030. The market was valued at USD 51.8 million in 2022 and is expected to reach USD 95.9 million in 2030.
The used car market in Egypt has been gaining traction over the past few years, offering both buyers and sellers numerous opportunities. As the automotive industry continues to evolve in the country, the used car market has become a vital component of Egypt’s automotive ecosystem. This article explores the dynamics of the Egypt used car market and highlights key factors contributing to its growth.
Egypt boasts a rapidly expanding used car market, driven by several factors. First and foremost, the country’s growing middle class is seeking more affordable options for personal transportation. The cost-effectiveness of purchasing a used car over a new one appeals to many, making the used car market a popular choice for budget-conscious consumers.
Additionally, the COVID-19 pandemic has impacted the global economy, leading to financial constraints for many Egyptians. This has further boosted the demand for used cars, as individuals look for ways to save money while still fulfilling their transportation needs.
E-commerce platforms and classified websites have also played a significant role in the growth of the used car market. These online platforms have made it easier for buyers and sellers to connect, expanding the market’s reach and increasing transparency in transactions.
Browse the Full Report: https://www.credenceresearch.com/report/egypt-used-car-market