- By Region, Competition Forecast & Opportunities, 2027”, the Egypt electric vehicle market is expected to witness growth at a significant rate in 2023-2027. An electrical vehicle (EV) refers to a self-propelling automobile that is widely utilized for transporting passengers and goods. It can be charged by self-charging devices, including such as turbochargers and regenerative braking systems that converts the kinetic energy into electrical energy or can be powered by a large traction battery pack present at charging stations. Some of the most common types of EVs available in the market are battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs). When compared with the traditionally used automobiles, EVs do not emit tailpipe emissions, lower the dependency on oil and are more economical to operate. The escalating demand for fuel-efficient automobiles across Egypt is one of the primary factors driving the growth of the market. The elevating concerns regarding the detrimental environmental effects owing to the greenhouse gases (GHGs) emissions, coupled with the implementation of favourable government policies encouraging sustainable development, are further supporting the market growth. The usage of electric vehicles offers numerous benefits, such as tax exemptions, subsidies, low buying costs and free charging facilities, by the government policies that encourages their overall adoption rates. Several manufacturers are focusing on the development of upgraded technologies to produce zero- and low-emission vehicles with enhanced fuel efficiency and soundless operations. With this, improvements in the EV charging infrastructure are leading to extensive investments in utilities, charging hardware manufacturers and other power sector stakeholders. Apart from this, the elevating levels of urbanization, inflating disposable incomes and extensive research and development (R&D) activities, are estimated to witness the market growth over the forecast period.
However, the expanding adoption of vehicle safety technologies coupled with the rising electric vehicle sales is expected to hamper the electric vehicle in the coming years.
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The Egypt electric vehicle market is segmented into vehicle type, propulsion, range, battery capacity, regional distribution, and competitive landscape.
Based on vehicle type, the market is divided into two-wheeler, passenger car, LCV, and M&HCV. Passenger car segment is expected to hold the largest share in the market in the forecast years, 2023-2027. The diesel and gasoline-based passenger vehicle market is witnessing a shift toward electric passenger vehicles on account of the extensive investments by the government in EV infrastructure, coupled with the tax benefits offered to consumers.
Based on propulsion, the market is divided into BEV, PHEV, FCEV. The battery electric vehicle (BEVs) is anticipated to dominate the market in the coming years,2023-2027. BEVs significantly aids in cutting down vehicular emissions and minimizing the total cost of ownership in the long run. Advancement in technology of the battery and the decreasing lithium-ion battery prices are also expected to drive the demand for BEVs in the predicted years.
Based on battery capacity, the market is segmented into <50 kWh, 51–100 kWh, 101–200 kWh, 201-300 kWh, above 300 kWh. 101–200 kWh segment is expected to grow at the highest CAGR during the forecast period. This is attributed to the expanding adoption of electric buses and trucks, mainly for public transportation and freight service applications. The adoption of EVs with such power output is increasing due to the rise in fuel prices and government initiatives for lowering fleet emissions of buses and trucks.
Several key market players operating in the Egypt electric vehicle market is:
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“The decreasing operating costs of electric vehicles has significantly worked as growth-inducing factor for electric vehicle market. The growing awareness initiatives that have been taken to encourage the use of electric vehicles, which promote the market growth. With this, the increasing number of electric vehicle production plants owing to the fact that EVs utilizes low emission technologies, which assist to decrease the greenhouse gas emission levels and tackle other environmental issues. Various countries such as Egypt are opting for sustainable solutions to reduce greenhouse gas emissions that accelerates the market growth. The growing concerns about the emissions from conventional internal combustible engines has escalated the demand for electric vehicle across the Egypt which is positively influencing the growth of the market. In addition to this, numerous leading market players are increasing their production capacities to manufacture sustainable electric vehicles as an electric vehicle is more recommendable than a conventional IC engine vehicle. This, in turn, is projected to bolster the growth of the market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm”.
“Egypt Electric Vehicle Market By Vehicle Type (Two-Wheeler, Passenger Car, LCV, M&HCV), By Propulsion (BEV, PHEV, FCEV), By Range (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400 Miles), By Battery Capacity (<50 kWh, 51–100 kWh, 101–200 kWh, 201-300 kWh, Above 300 kWh), By Region, Competition Forecast & Opportunities, 2027 has analyzed the future growth potential of Egypt electric vehicle market market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and assist decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with significant drivers, challenges, and opportunities in Egypt electric vehicle market.