Unlike its gasoline-powered sibling, an electric car runs on electricity. These cars have an electric motor that runs on a continuous source of energy from batteries in place of an internal combustion engine. These vehicles employ different kinds of batteries. Lithium ion, molten salt, zinc-air, and other nickel-based designs are among them. The primary goal of the electric automobile was to replace conventional transportation methods, which cause environmental pollution. Its increased popularity can be attributed to many technical breakthroughs. It performs better than traditional cars in terms of fuel economy, low carbon emissions and maintenance, ease of charging at home, smoother driving, and decreased engine noise.
According to SPER Market Research, ‘Egypt Electric Vehicle Market Size- By Vehicle Type, By Propulsion, By Range, - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Egypt Electric Vehicle Market is estimated to reach USD 9.42 billion by 2033 with a CAGR of 18.11%.
A number of factors, including pro-EV government policies and regulations, rising environmental concerns, falling battery prices, and growing consumer demand for electric vehicles, are propelling the growth of the global electric vehicle market. Leading automakers are particularly investing in EV development. There will likely be development prospects for the market's stakeholders due to the rising popularity of autonomous electric vehicles and the increased emphasis on electric mobility in emerging nations.
Egypt's market for electric vehicles is hindered by a number of interrelated reasons. High initial prices are a major barrier for electric vehicles, especially in light of the fact that government subsidies haven't been sufficient to allow consumers on a tight budget to choose electric vehicles over gasoline-powered vehicles. Moreover, range anxiety the persistent concern that a vehicle will run out of fuel before coming across a station to refuel is brought on by the lack of a ubiquitous infrastructure for charging. The extent to which drivers are willing to go in their electric cars is severely limited by this anxiety. Finally, consumer enthusiasm is tempered by the restricted availability of EV cars.
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Egypt's electric vehicle (EV) sector was first impacted by the COVID-19 epidemic, which resulted in supply chain problems and economic uncertainties. In the end, though, it hastened the nation's transition to electric vehicles. Following the epidemic, EV use has surged as a result of government incentives and heightened environmental consciousness. The Egyptian government unveiled plans for infrastructure for charging stations as well as tax breaks to promote the production and usage of EVs.
Egypt Electric Vehicle Market Key Players:
The Cairo region which is the capital of Egypt has the highest share in the Egypt Electric Vehicle Market, Being the biggest metro area, it has advantages including improved wealth distribution, better infrastructure, and increased environmental consciousness, which makes it a crucial area for the nation's EV adoption. Major players in the market are Arab Electric Vehicle Company, Egy Mobility, EgyptEV, Electra Vehicles, Green Car Egypt, Nile EV, Pharaoh Motors, Pyramid Electric Vehicles, Sphinx Electric Cars, and Tutankhamun EV are some of the key players shaping the electric vehicle market in Egypt.
Egypt E-Vehicle Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, Egypt Electric Vehicle Market is segmented as; Two-wheeler, Passenger Car, LCV, M&HCV.
By Propulsion: Based on the Propulsion, Egypt Electric Vehicle Market is segmented as; BEV, PHEV, FCEV.
By Range: Based on the Range, Egypt Electric Vehicle Market is segmented as; 0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles.
By Region: This research also includes data for Northern Region, Central Region, Eastern Region, Western Region, Southern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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