Egypt Automotive Aftermarket to be dominated by accessories & vehicle care products segment till 2027
The growing vehicle sales of new and preowned vehicles along
with the ageing vehicle fleet and poor road infrastructure is anticipated to
accelerate the market growth in the forecast period, 2023-2027.
According
to TechSci Research report, “Egypt Automotive Aftermarket By Region, Competition
Forecast & Opportunities, 2027”,
the Egypt automotive aftermarket is expected to witness growth at a significant
rate in 2023-2027. The escalating demand for electric vehicles consequently of
stringent emission standards for automobiles significantly increases the
electric vehicle sales across Egypt. Various automakers are working to extend
their range of electric vehicles which supports the market growth. Elevated adoption
of electric vehicles has resulted from numerous factors including escalating
demand for fuel-efficient, high-performance, and low-emission vehicles, as well
as strict government rules and regulations about the vehicle emissions which
further creating lucrative opportunities for auto part manufacturers in the
aftermarket. Technological breakthroughs progressions, growing and developing
manufacturing sector, and ideal demographics with most of the population being
under 30 years are some of the factors cushioning the development of the
automotive sector. The advancement in materials and innovation used for vehicle
producing, the average lifespan of vehicles has increased generously. The
quality of vehicles has been essentially grown over the past decade which
allows customers to progressively keeping old vehicles as their second vehicles
instead of exchanging or scrapping them. The increasing increased vehicle age,
escalating the huge requirement for substitution of parts, repair, and
maintenance, which is relied upon to drive the auto parts industry in the
aftermarket.
However,
the expanding adoption of vehicle safety technologies coupled with the rising
electric vehicle sales is expected to hamper the automotive aftermarket in the
coming years.
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Automotive Aftermarket"
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The
Egypt automotive aftermarket is segmented into vehicle type, component, service
channel, customer segment, regional distribution, and competitive landscape.
into B2B, B2C.
Based
on vehicle type, the market is segmented into two-wheeler, passenger car, LCV,
M&HCV. Passenger car segment is projected to share the largest revenue the
market in the forecast period, 2023-2027. This is due to increase in the fleet
size of passenger cars which is estimated to witness the growth of this segment
during the forecast period.
Based
on the component, the market is divided into tires, body & mechanical
parts, batteries, accessories & vehicle care products, lubricants. Accessories
& vehicle care products segment is expected to dominate the market in the
forecast years, 2023-2027. The escalating demand for vehicle customization,
which offers aesthetic look, lightness, high standards of design, engineering,
and safety functions.
Several
key market players operating in the Egypt automotive aftermarket is:
·
Michelin
Group
·
Pirelli
& C. S.p.A.
·
Trenco
Transport and Engineering Co.
·
Continental
AG
·
Bridgestone
·
Robert
Bosch GmbH
·
Denso
Corporation
·
Roland
Berger
·
Shell
Egypt
·
Egyptian
Plastic & Electrical Industries Co.
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“The Egyptian automotive
aftermarket is well-positioned to offer great opportunities for parts
producers, distributors, and service providers. Several favourable framework
conditions, the intensity of competition locally is expected to rise over the
future years. As the producers’ parts are increasingly looking at the African
continent, Egypt will likely be a prime target for many. Producers is showing
interest in investing in more own structures on the ground or, in some product
categories, look for options to add value locally to capture more significant
market shares. The launch of new innovations, which is bolstering the
development of automotive parts. Consequently, the key participants are
adjusting their methodologies to market trends to keep up with the intensity in
a particularly dynamic environment. The escalating demand for automotive parts
owing to the latest technology in car engine clutches propels the market
growth. Prominent businesses are presently intending to utilize lightweight
materials to manufacture parts that are altogether lightweight and more
eco-friendly than their previous versions. The growing utilization of new
technology and innovations in engines, such as hybrid engines, is more
prevalent than in developing nations, like Egypt. Rising demand for producing new vehicles with
minimized utilization of fuel is supported by increasing government support
with moderately stricter emission norms, bringing about more demand for
automotive parts. All these aforementioned factors support the market growth till 2027” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm”.
“Egypt Automotive
Aftermarket Market By Vehicle Type (Two-Wheeler, Passenger Cars, Light
Commercial Vehicles (LCV), Medium & Heavy Commercial Vehicle (M&HCV)),
By Component (Tires, Body & Mechanical parts, Batteries, Accessories &
Vehicle Care Products, Lubricants), By Service Channel (DIFM (Do it for Me),
DIY (Do it Yourself), and OE (Delegating to OEM’s)), By Customer Segment (B2B,
B2C) , By Region, Competition Forecast
& Opportunities, 2027 has analyzed the future growth potential
of Egypt automotive repair and maintenance
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 automotive
aftermarket.
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