Egypt Automobile Market Projected to Register a Formidable Growth through 2027
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.
Browse over XX market data Figures
spread through 70 Pages and an in-depth TOC on "Egypt Automobile Market"
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
Download
Sample Report
Customers
can also request for 10% free customization on this report.
“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.
“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.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Web:
https://www.techsciresearch.com