Plug-in Hybrid Electric Vehicles - Egypt

Egypt

Highlights

Egypt is projected to see a significant increase in revenue within the Plug-in Hybrid Electric Vehicles market.
It is estimated that by 2024, the revenue will reach US$2.0m.
This growth is expected to continue with an annual growth rate of 4.92% (CAGR 2024-2029), resulting in a projected market volume of US$2.6m by 2029.
In terms of unit sales, in Egypt is expected to reach 14.00vehicles in 2029.
This indicates a growing demand for Plug-in Hybrid Electric Vehicles market in the country.
Furthermore, the volume weighted average price of Plug-in Hybrid Electric Vehicles market in Egypt is projected to be US$185.4k in 2024.
This suggests that the market is willing to pay a premium for these vehicles.
When compared to other countries, Egypt's revenue generation in the Plug-in Hybrid Electric Vehicles market may not be as high as China.
In 2024, [maxRevenueMarketCurrentYearName] is expected to generate a revenue of US$166bn.
However, it is important to note that the market potential in Egypt is still significant and shows promising growth.
Despite the increasing global demand for plug-in hybrid electric vehicles, Egypt's market is still in its infancy due to limited infrastructure and high import costs.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Plug-in Hybrid Electric Vehicles market in Egypt is experiencing significant growth due to several factors. Customer preferences for environmentally-friendly vehicles, government incentives, and the country's unique circumstances have all contributed to the development of this market.

Customer preferences: In Egypt, there is a growing demand for Plug-in Hybrid Electric Vehicles (PHEVs) as customers are increasingly concerned about the environment and the impact of traditional vehicles on air pollution. PHEVs offer a more sustainable alternative by combining an electric motor with an internal combustion engine, allowing for reduced emissions and improved fuel efficiency. Customers are also attracted to the cost savings associated with PHEVs, as they require less fuel and have lower maintenance costs compared to conventional vehicles.

Trends in the market: One of the key trends in the Plug-in Hybrid Electric Vehicles market in Egypt is the increasing availability of PHEV models from various manufacturers. As more automakers introduce PHEVs to the market, customers have a wider range of options to choose from, catering to different preferences and budgets. This trend is driving competition among manufacturers, leading to improved technology and more affordable pricing. Another trend in the market is the expansion of charging infrastructure. To support the growth of PHEVs, the Egyptian government has been investing in the development of charging stations across the country. This infrastructure expansion is crucial in addressing range anxiety, a common concern among potential PHEV buyers. As the charging network becomes more extensive, it encourages more customers to consider PHEVs as a viable option for their transportation needs.

Local special circumstances: Egypt's unique circumstances, such as its high population density and heavy traffic congestion, contribute to the popularity of PHEVs. The compact size and maneuverability of PHEVs make them well-suited for navigating crowded city streets. Additionally, the ability to switch between electric and combustion modes allows drivers to adapt to different driving conditions, optimizing fuel efficiency in stop-and-go traffic.

Underlying macroeconomic factors: The Egyptian government has implemented various policies and incentives to promote the adoption of PHEVs. These include tax exemptions, reduced registration fees, and subsidies for purchasing PHEVs. These measures aim to encourage customers to choose PHEVs over traditional vehicles and accelerate the transition to a greener transportation system. The government's commitment to sustainability and environmental conservation is a driving force behind the growth of the PHEV market in Egypt. In conclusion, the Plug-in Hybrid Electric Vehicles market in Egypt is experiencing significant growth due to customer preferences for environmentally-friendly vehicles, government incentives, and the country's unique circumstances. With increasing availability of PHEV models, expanding charging infrastructure, and supportive government policies, the market is expected to continue its upward trajectory in the coming years.

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).