Government initiatives to increase the adoption of energy efficient vehicles, rising standards of living and growing demand for comfortable transportation to drive the growth of the Egypt automobile market during the forecast period.
According to TechSci report on, “ Egypt Automobile Market – By Region, Competition Forecast & Opportunities, 2027”, the Egypt automobile market is projected to witness lucrative growth over the forecast period of 2023-2027. The market growth can be attributed to the rising disposable income of the consumers, elevating standards of living and growing preference for convenient and comfortable transportation. Furthermore, the growing taxi service business in the region is also adding to the market growth. Several private and government taxi or rental car services buy vehicles in bulk for catering to the bolstering demand for rental cars for leisure, work, or tourism purposes. Besides, due to the rise in carbon emissions emitted by vehicles, government and several private market leaders are promoting the adoption of electric vehicles. The government is increasingly promoting and supporting the adoption of electric automobiles, which is providing a positive outlook to the market growth. For instance, Abdul Lateef Jameel, Finance Egypt has recently launched a new financing initiative for EVs to support Egypt’s government call to ‘go green’. This financial initiative will provide a range of sustainable financing programs, which will encourage the customers to purchase environmentally friendly vehicles through simple and easy to access financing procedure that will suit the people of all income groups. Apart from this, with the help of online technologies, consumers are becoming more aware and knowledgeable regarding the vehicle, its residual value, profits margin for third party and several other things related to buying or selling a vehicle. The increasing penetration of internet and developments in the telecom sector have enabled a much-better information flow for potential buyers. Several automobile manufacturers are availing these factors to advertise and market their vehicles. Such features are anticipated to further catalyze the growth of Egypt automobile market in the coming years.
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The Egypt automobile market is segmented on the basis of vehicle type, propulsion, transmission, competitive landscape, and regional distribution. Based on the vehicle type, the market is differentiated between two-wheeler, passenger cars, LCV, MCV, and HCV. Among these, the passenger car segment is expected to hold a prominent market share in the coming years. This can be attributed to the increasing per capita income of the consumers along with their propelling demand for convenient and safe transportation and improving economic condition in the country. Moreover, with increased purchasing power, people are opting for a convenient, comfortable, and safe mode of transportation. Apart from this, to have a competitive edge in the market, manufacturers are introducing passenger cars with stylish designs and compact sizes at an economical value.
By propulsion, the market is segmented into ICE and electric. Among these, the ICE segment is anticipated to hold a prominent market share over the forecast people. This is primarily because ICE automobiles have been in the market for decades and are easily available in developing regions like Egypt. However, the electric segment is projected to grow at a rapid pace in the coming years. This is primarily because EVs are more energy efficient and have zero carbon emissions. The average ICE vehicle has a fuel efficiency of only 40%, wherein 60% gets lost via heat and friction. As a result, ICEs consume way more energy to cover the same distance as an EV.
Based on the transmission, the market is divided between manual and automatic. The manual segment is projected to have a higher market share over the forecast period. This is primarily because manual cars are widely available in Egypt as compared to fully automatic cars. Moreover, manual cars are more affordable than automatic cars. However, in the coming years, the demand for automatic cars is anticipated to rise on account of inflating disposable income and elevating standards of living.
A list of major market players of the Egypt automobile market includes:
- Nissan Motor Co., Ltd.
- Toyota Motor Corporation
- Hyundai Motor Company
- Volkswagen AG
- General Motor Company
- Stellantis
- MAN SE
- Yamaha Motor Co., Ltd.
- Sanyang Motor Co., Ltd.
- Honda Motor Company
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“The expanding urban population, along with the growing inclination towards tours and travel is proving a lucrative growth to the Egypt automobile market. People prefer rental cars and buses while traveling, which is eventually adding to the country’s economy and the automobile market as well. Furthermore, the government authorities of Egypt are emphasizing on reducing vehicular emissions by introducing several incentives for EV manufacturers and buyers. Stellantis, a multinational automotive group, will build a plant in Egypt for the local production and export of electric vehicles. This project will be implemented by 2025 and develop green mobility sector in the country. Apart from this, several manufacturers are introducing technologically advanced autonomous vehicles that will have enhanced security features, limited fuel use, and emit fewer carbon emissions. Such developments are anticipated to drive the growth of Egypt automobile market in the coming years.” said Mr. Karan Chechi, Research Director, TechSci Research, a research-based global management consulting firm.
Press Release : https://www.techsciresearch.com/news/7638-egypt-automobile-market.html
“Egypt Automobile Market By Vehicle Type (Two-Wheeler, Passenger Car, LCV, MCV, HCV), By Propulsion (ICE, Electric), By Transmission (Manual, Automatic), Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Egypt automobile market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Egypt automobile market.
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