Battery Electric Vehicles - Egypt

Egypt

Highlights

In 2024, the projected revenue in the Battery Electric Vehicles market in Egypt is expected to reach US$2.9m.
This market segment is anticipated to show an annual growth rate (CAGR 2024-2029) of 12.05%, resulting in a projected market volume of US$5.0m by 2029.
By 2029, it is expected that unit sales in the Battery Electric Vehicles market will reach 78.00vehicles.
The volume weighted average price of Battery Electric Vehicles market in Egypt is projected to amount to US$65.0k in 2024.
From an international perspective, it is evident that China will generate the highest revenue in the Battery Electric Vehicles market, with US$211bn in 2024.
Egypt is experiencing a growing demand for Battery Electric Vehicles as the government implements policies to promote clean energy.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in Egypt has been experiencing significant growth in recent years.

Customer preferences: Customers in Egypt are increasingly opting for Battery Electric Vehicles due to their numerous advantages. These vehicles are not only environmentally friendly, but they also offer lower operating costs compared to traditional gasoline-powered vehicles. Additionally, Battery Electric Vehicles are known for their quiet operation and smooth driving experience, which appeals to many consumers.

Trends in the market: One of the key trends in the Battery Electric Vehicles market in Egypt is the increasing availability of charging infrastructure. As more charging stations are being installed across the country, consumers are becoming more confident in the practicality of owning a Battery Electric Vehicle. This trend is further supported by the government's efforts to promote the adoption of electric vehicles by providing incentives and subsidies for charging infrastructure development. Another trend in the market is the growing number of local and international automakers introducing Battery Electric Vehicles to the Egyptian market. This increased competition has led to a wider variety of electric vehicle models being available to consumers, catering to different preferences and budgets. As a result, more consumers are considering Battery Electric Vehicles as a viable option for their transportation needs.

Local special circumstances: Egypt is a country that heavily relies on fossil fuel imports, which puts a strain on the economy. The government recognizes the need to reduce dependence on fossil fuels and promote sustainable transportation options. In line with this, the government has implemented policies and initiatives to encourage the adoption of Battery Electric Vehicles. This includes tax incentives, exemptions on import duties, and subsidies for electric vehicle purchases.

Underlying macroeconomic factors: The growth of the Battery Electric Vehicles market in Egypt can also be attributed to favorable macroeconomic factors. The country has experienced stable economic growth in recent years, which has increased consumer purchasing power. Additionally, the government's focus on infrastructure development, including charging stations, has created job opportunities and stimulated economic activity in the electric vehicle sector. In conclusion, the Battery Electric Vehicles market in Egypt is experiencing significant growth due to customer preferences for environmentally friendly and cost-effective transportation options. The increasing availability of charging infrastructure and the introduction of new electric vehicle models have further fueled this growth. The government's support through incentives and subsidies, coupled with favorable macroeconomic factors, has also played a significant role in the development of the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).