Market Overview

The world is currently shifting to replace combustion vehicles with electric cars, aiming to reduce CO2 emissions and help improve people’s quality of life. The vision for 2030 is for 52% of new vehicle sales to be all electric, causing a steep drop in CO2 emissions which plunged by almost 2 billion tones in 2020. Governments and cities around the world have introduced regulations and incentives to accelerate the shift to sustainable mobility in an attempt to combat climate change and congestion. Governments in the European Union presented the “Fit for 55” program which aims to reduce net greenhouse gas emissions by at least 55% by 2030 while the US introduced a 50 percent electric vehicle (EV) target for 2030. Egypt’s 2030 vision agenda which was introduced in February 2016 revolves around sustainable development strategies and solutions in order to achieve a more sustainable future.