Luxury Cars - Egypt

Egypt

Highlights

Revenue in the Luxury Cars market is projected to reach US$23m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -3.98%, resulting in a projected market volume of US$19m by 2029.
Luxury Cars market unit sales are expected to reach 317.0vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$64k.
From an international perspective it is shown that the most revenue will be generated United States (US$7bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Luxury Cars market in Egypt is experiencing significant growth and development.

Customer preferences: Egyptian consumers have shown a growing interest in luxury cars, with a particular focus on prestigious brands. They value the status and prestige associated with luxury vehicles, and are willing to invest in high-end cars that reflect their social and economic standing. Additionally, Egyptian consumers appreciate the advanced technology, comfort, and safety features that luxury cars offer.

Trends in the market: One of the key trends in the luxury car market in Egypt is the increasing demand for SUVs and crossovers. These vehicles provide a combination of luxury, practicality, and versatility that appeals to Egyptian consumers. SUVs and crossovers are well-suited to the country's road conditions and offer a sense of security and confidence to drivers. As a result, luxury car manufacturers have been introducing new SUV models and expanding their SUV lineups to cater to this growing demand. Another trend in the market is the rise of electric and hybrid luxury cars. Egyptian consumers are becoming more environmentally conscious and are seeking greener alternatives. Luxury car manufacturers have responded to this trend by introducing electric and hybrid models that combine luxury with sustainability. These vehicles offer reduced emissions and lower fuel consumption, appealing to consumers who want to make a positive impact on the environment without compromising on luxury and performance.

Local special circumstances: Egypt has a rapidly growing middle class, which has contributed to the increasing demand for luxury cars. As more Egyptians achieve higher incomes, they are able to afford luxury vehicles and are eager to display their success and social status. Additionally, the government has implemented policies to attract foreign investment and promote economic growth, which has led to an influx of multinational companies and expatriates. These individuals often have higher purchasing power and are driving the demand for luxury cars in the country.

Underlying macroeconomic factors: The Egyptian economy has been experiencing steady growth in recent years, with improvements in key economic indicators such as GDP and employment. This has had a positive impact on consumer confidence and purchasing power, leading to increased spending on luxury goods, including luxury cars. Additionally, the government has implemented economic reforms to attract foreign investment and stimulate economic growth, which has created a favorable business environment for luxury car manufacturers and dealerships. In conclusion, the Luxury Cars market in Egypt is witnessing significant growth and development, driven by customer preferences for prestigious brands, SUVs, and electric/hybrid vehicles. The country's growing middle class, government policies to attract foreign investment, and overall economic growth are key factors contributing to the expansion of the luxury car market in Egypt.

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).