EGYPTELECTRIC CAR MARKET

KEY FINDINGS

• In 2022, The Egypt Electric Car Market reported sales volumes of XX units and generated revenue of $XX Million while the market is estimated with a CAGR of XX percent and will reach a sales volume of XX units by 2030. 
• The average prices of EVs in the Egyptian market by various EV types are, BEVs at $xx, PHEVs at $xx and the hybrid segment is around $xx as of 2022. 
• Since in Egypt, the price of fuel is cheap, customers are not preferring to get EVs, and thus at present EVs are being bought by customers from higher social classes; making government incentives a necessity. 
• The major players in the Egyptian Electric Car Industry are Volvo, Toyota, BMW, Mercedes-Benz, Jaguar Land Rover, Porsche and Tesla. 
• Other EV models in the market are from Chinese OEMs such as BYD, Chery, Changan and Xpeng. 
• In the Affordable segment, there are Chinese OEMs such as BYD with XX models from the e2 to Han series at a price range of $25k to $74k. 
• The Egyptian government announced to subsidize the cost of the first 100k locally-produced cars to the tune of EGP 50k per vehicle, on the condition that the cars are able to cover over 400 km per charge. 
• Egypt’s government plans to mass-produce electric passenger vehicles in 2023, with plans to reach nearly 100% locally sourced components. 
• At present there are a total of xx charging stations, with most around Cairo and since the government plans to increase that, HEV will not grow as much by 2030.  
• Renewables leader Infinity is set to work with the government on setting up 6000 EV charging points, across 3000 charging stations over the next 3 years. The first phase of the project aims to deploy 2k charging points in 1k stations in Greater Cairo, Alexandria, and parts of Qalyubia  
• General Motors and Al Mansour signed a memorandum of understanding (MoU) to jointly produce EVs in Egypt. 
• El Nasr is signing contracts with China’s BAIC Group to jointly manufacture EVs in Egypt, that will be made available in the Egyptian Market by Q4 2023. 
• FEV has signed a development agreement with El Nasr Automotive Manufacturing Company (NASCO) at the Ministry of Public Business Sector in Egypt. Leading global development service provider FEV and Egyptian automobile manufacturer NASCO in Helwan near Cairo are developing the country's first electric vehicle by 2023 with production in Egypt. 
• In the recent Nationally Determined Contributions (Ministry of Environment, 2022)—adoption for electric vehicles (EVs) has been slow. As of 2023, only 3,500–4,000 electric vehicles are in use in the country. 

EGYPT ELECTRIC CAR MARKET INTRODUCTION

Electric mobility is the latest trend and development for the future of transportation all over the world. It is one of the innovations that changed the face of the future world in terms of power, comfort, noise, emission, etc. The first electric vehicle tested on Paris Street in 1881, but in early times the range, highly inefficient, resulted in a non-famous entity at that time.

General Motors after a long time introduced the first limited-production electric vehicle to the modern world market. Before that, companies like Baker Motor Vehicle, Detroit Electric, etc. were introduced to electric vehicles in the early 1900s.

US, UK, France, etc. developed countries were in the front row of developing electric vehicles, while Egypt came much later in the race of building their own EV by a joint venture between El Nasr Automotive Manufacturing Company and a Chinese Company named Dongfeng Motor Corporation.

EGYPTELECTRIC CAR MARKET DYNAMICS

For countries like Egypt Electric car market is new for their people, less than 1000 Electric cars are currently present on Egypt’s Road that too imported Models.The country has started to develop the technology for electric cars and vehicles, so companies are coming forward by joining ventures between foreign companies.

The entry of electric cars will introduce other market opportunities to different segments of the market like Battery swapping stations, charging stations, battery manufacturers, motor manufacturers, etc. Due to the new market, Egypt has higher prices of Electric cars as compared to conventional engine cars, this factor is responsible for not able to attract the attention citizen, the reason for high electric car prices because there is no local manufacturer present in the current scenario and all cars are imported which increases the price of vehicle.

EGYPTELECTRIC CAR MARKET SEGMENTATION

Egypt Electric Car MarketBy Type

• Battery Electric Cars
• Hybrid Electric Cars
• Plug-In Hybrid Electric Cars

Egypt Electric Car MarketBy Power Output

• < 150 kW
• > 150 kW

Egypt Electric Car MarketBy Vehicle Cost

• < $50k
• > $50k

EGYPTELECTRIC CAR MARKETCOVID IMPACT

COVID has affected the production and development process all over the world. The countries that were trying to develop the next generation technology for the development of their country also experienced the back lag in their domain. The governments are providing help from their end whoever needs to overcome this sudden wall of financial and social problems. As most of the countries have decided to reduce their carbon emission by 2030, every country is trying its best to introduce the non-conventional vehicles to the public market, and to attract them they are trying every possible method.

EGYPTELECTRIC CAR MARKET SIZE AND FORECAST

The Egypt Electric Car Market is estimated to be US $ XX Billion in 2024 and expected to grow at a CAGR of XX% by 2030.

As a new growing market it has the potential to attract the customer locally and globally as it is the second largest market in Africa. The foreign company’s investment and joint venture has a lot of scope in future for overall electric vehicle manufacture, the mass scale production of electric cars is expected to start in 2022 by a joint venture of Dongfeng Motor Corporation and Al Nasr Automotive Manufacturing Company, the company has already started testing the prototype for the same since China is one of the biggest manufacturers and suppliers of Electric vehicles in the world.

The Egyptian government and companies are signing MoUs with China-based companies for battery technology, motor technology, etc. to develop the vehicle in the starting phase. As the imported electric car has a higher price range after including the overall selling cost. This is the main disadvantage of electric cars which has to be overcome by the government.

The development of electric cars in the country will also develop the auxiliary industry in the country as the first company for charging infrastructure like Infinity – E. The country has also decided to install thousands of charging stations across the country to promote the electric car. It is also advantageous for new startups to come to the Egyptian market. The foreign company also has some potential to introduce its new model in the Egyptian market of Egypt.

EGYPTELECTRIC CAR MARKET INDUSTRY OUTLOOK

• Increase in the scale of battery manufacturing will lead to growth for the EV industry along with the experience and improved understanding of battery safety and management. This has resulted in improved range, safety of EVs and trust from the customer, which will result in better sales till 2030 and beyond.  

• OEM, and battery suppliers are working in tandem to improve the scale of battery manufacturing across Europe, and North America. This is led by Tesla, GM, Ford, Stellantis, Bosch, North Volt, CATL and other such suppliers. The main reason for the involvement of OEMs in upstream supply chain is to ensure constant supply of batteries as well as directly participating in improving the overall process of manufacturing 

• Tier 1 suppliers are improving their electrification supply chain in hardware, i.e. components, and software. This has resulted in capital allocation and new research center developments for electrification which will lead to improved hardware for electrified components 

• There is an increase in investment from Tier 1 suppliers to increase the scale of manufacturing of components 

• SiC and GaN based electronic components are increasing in penetration across multiple regions, and manufacturers are ensuring that the production lines are ready to address the upcoming requirements 

EGYPTELECTRIC CAR MARKET MAJOR PLAYERS

EGYPTELECTRIC CAR MARKETREPORT WILL ANSWER FOLLOWING QUESTIONS

1. Egypt Electric Car Market size and Forecast, by region, by application
2. Average B-2-B price for Egypt Electric Car Market, by region, per user
3. Technology trends and related opportunity for new Egypt Electric Car Market tech suppliers
4. Egypt Electric Car Market share of leading vendors, by region,
5.  Coronavirus impact on Egypt Electric Car Market earnings