Egypt Auto Finance was one of the few emerging market countries that experienced a positive growth rate of 31.5% in 2020 from 27.7% in 2016: Ken Research

1.  The 25-34 age bracket in Egypt is the biggest potential buyer of cars, with 57.1% of potential buyers being female because of the growing female workforce in the country   

• In 2021 females accounted for major potential buyers of cars in Egypt contributing 57.1% due to increasing female workforce in Egypt.
• Egyptian women whose ages range from 15 to 65 participate in the labor force by 22.9 %.
• Egypt’s vision aims to increase this participation of women in the workforce until it reaches 40% by 2030.
• High and medium-income groups dominate the race for potential car buyers, higher-income groups contribute ~40% of potential buyers while medium-income groups contribute ~30%.
• High income groups generally purchase luxury cars.

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2.  Banks, NBFCs, Leasing companies have been the key stakeholders in Egypt Auto Finance Market

• No bank in Egypt finances corporate or commercial vehicles. NBFCs (under micro financing) are major players which finance motor bikes and golf carts.
• Leasing companies give loan only under a company name and not individual name.
• More than 191K Passenger cars were sold in Egypt which added a huge growth in auto loan market. No of households who are eligible to buy a car (25.1 Mn) present a favourable opportunity of auto finance in Egypt.
• Increased income level & job opportunities have motivated lower income group consumers to prefer personal vehicles over public transport.

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3.  Auto finance market in Egypt is anticipated to grow at 13% CAGR in the forecasted period backed by growth in sales and financial penetration

• Financial Penetration is anticipated to increase, while share of down payment will continue to decline backed by improvement in financial access and better offerings by financial institutions.
• Digital financing in Egypt will become the future due to reduction in cost of financial intermediation for banks and fintech providers, customers will increasingly become comfortable in digital environments, and most carry mobile devices with them wherever they go.
• Several fin-tech start-ups are also projected to enter the landscape which could pose a threat to conventional finance companies and banks. These start-ups would commonly work towards developing products to develop the digitalization of the banking sector.
• Banks and Captives are focused to develop their share in the used cars segment; also new NBFCs are expected to enter the competitive landscape to cater to the growing requirement of vehicle financing in the country.

For more information on the research report, refer to below link:-

Egypt Auto Finance Market

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