Electric Vehicles - Egypt | Statista Market Forecast

In 2024, the projected revenue in the Electric Vehicles market in Egypt is expected to reach US$4.9m.
Looking ahead, the revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 9.30%, resulting in a projected market volume of US$7.6m by 2029.
The unit sales of Electric Vehicles market in Egypt are also expected to reach 92.00vehicles by 2029.
Additionally, the volume weighted average price of Electric Vehicles market in Egypt in 2024 is estimated to be US$89.0k.
From an international perspective, it is evident that China will generate the most revenue in the Electric Vehicles market, with projected revenue of US$376bn in 2024.
Egypt is experiencing a rapid growth in the electric vehicle market, driven by government incentives and a growing awareness of environmental sustainability.

CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.

The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.

Battery electric vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
Road electric vehicles
Passenger Cars

Electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs
Rail electric vehicles
Surface and underwater vessels
Electric aircraft or spacecraft
Motorcycles, scooters, mopeds, buses, vans, and trucks

The Electric Vehicles market in Egypt has been steadily growing in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Egypt, customers are increasingly showing a preference for electric vehicles due to their environmental benefits and cost savings. With growing concerns about air pollution and climate change, many consumers are seeking alternatives to traditional gasoline-powered vehicles. Electric vehicles offer a cleaner and more sustainable mode of transportation, as they produce zero tailpipe emissions. Additionally, the lower operating costs of electric vehicles, including reduced fuel and maintenance expenses, make them an attractive option for cost-conscious consumers.

Trends in the market: One of the key trends in the Electric Vehicles market in Egypt is the government's push to promote the adoption of electric vehicles. The Egyptian government has implemented various incentives and policies to encourage the purchase and use of electric vehicles. These include tax exemptions, subsidies, and the development of charging infrastructure. These initiatives have helped to create a favorable environment for the growth of the Electric Vehicles market in Egypt. Another trend in the market is the increasing availability of electric vehicle models from both domestic and international manufacturers. As the demand for electric vehicles grows, manufacturers are expanding their product offerings to cater to the Egyptian market. This has led to a wider range of options for consumers, including different vehicle types and price points. The availability of more affordable electric vehicles has made them more accessible to a larger segment of the population.

Local special circumstances: Egypt has a unique set of circumstances that contribute to the development of the Electric Vehicles market. The country has a high population density, particularly in urban areas, which leads to increased congestion and pollution. Electric vehicles offer a solution to these challenges by reducing emissions and improving air quality. Additionally, Egypt has a significant renewable energy potential, particularly in solar power. This provides an opportunity for the integration of electric vehicles with renewable energy sources, further enhancing their environmental benefits.

Underlying macroeconomic factors: The growth of the Electric Vehicles market in Egypt is also influenced by underlying macroeconomic factors. The country has been experiencing economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has made electric vehicles more affordable for a larger segment of the population. Additionally, the government's focus on sustainable development and reducing dependence on fossil fuels aligns with the long-term goals of the Electric Vehicles market. In conclusion, the Electric Vehicles market in Egypt is experiencing growth due to customer preferences for environmentally-friendly and cost-effective transportation options, government support and incentives, increasing availability of electric vehicle models, local special circumstances such as high population density and renewable energy potential, and underlying macroeconomic factors such as economic growth and sustainability goals.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

For the first time in the past decade, lithium-ion battery pack costs increased in 2022 due to the raw material and battery component soaring price inflation. However, this increase in production cost has not slowed down the global electric vehicle (EV)market. Electric vehicle sales have increased tremendously over the past decade.