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Automotive industry in Egypt is witnessing a much-needed boost thanks to the government’s efforts to create a true dialogue with key market players.
30.10.22 | Source: Egypt Today

GLOBAL PERSPECTIVE

The world is at an environmental crucible with harmful carbon emissions in the last ten years achieving their highest level in human history. This has put climate change at the forefront of global priorities, with governments, industries and local communities joining forces to reduce fossil fuel use, increase the use of alternative fuels, extend access to electricity, and improve energy efficiency.

 


Therefore, it is no surprise that the automotive industry has emerged as a key stakeholder in achieving these goals, given the major impact it has on the environment. Re-inventing mobility is not a luxury but a must to reduce carbon emissions and global warming.  

 

This has been reflected in the dramatic disruption taking place in the automotive industry in the last decade, led by stricter regulations aimed at reducing CO2 emissions by 55% before 2030, technology advancements, and unprecedented investments in sustained mobility.

 

The result was an increased adoption of electric vehicles across the globe, emerging as the preferred clean technology for the future of mobility. 

 

And just to give you a sense of where the market is heading:

• From 2010 to 2020, the number of electric vehicles globally grew from 17,000 to 10 million.  

• In 2021, 7 million more EVs were sold, accounting for 10% of global car sales in that year and 40% of the total volume of EVs sold during the last ten years.

• The number of EVs is expected to reach 145 million globally by 2030, growing 6 times faster than the global automotive market.

• Out of the world’s top 20 vehicle manufacturers, 18 plan to scale up their EV production.

• 300$ billion dollars were invested globally to develop EVs in the last ten years and another 515$ billion dollars in investments are planned through 2030.  

 

On another hand, the cost of operations of EVs for consumers is expected to be 40% less than that of our regular internal combustion vehicles.

 

EGYPT PERSPECTIVE

The automotive industry in Egypt is witnessing a much-needed boost thanks to the government’s efforts to create a true dialogue with key market players, improve the business environment, establish a strong local manufacturing base and help the industry shift towards sustainability in line with global practices and the wellbeing of its citizens.

 

Shifting the automotive industry in Egypt to electric vehicles could be a major contributor to Egypt’s National Strategy for Sustainable Development that aims to achieve a 50% reduction in pollution and 42% share for renewables in its energy mix.

 

With almost 25% of our CO2 emissions being attributed to transportation, using environmentally sustainable mobility will considerably improve air quality and reduce solid particle pollution.