How will digital disruption enable Egypt’s Auto Finance Market to achieve double-digit growth by 2027?
Richa SharmaAuto finance industry has seen substantial growth in credit disbursement backed by accelerated population growth, vehicle sales, and a surge in financial penetration. Presently, Egypt Auto Finance Market is growing at a CAGR of 18%, 20216-2022. The sector is driven by Purchasing power of individuals and the risk appetite of the financial service provider. Also, the entry of women drivers has led to an increase in total cars sold, and hence the credit disbursed. However, digital disruption will act as a major catalyst behind the development of the auto finance market in the coming years. Here, we have outlined the key reasons on how digital disruption will help Egypt’s Auto Finance Market to reach double-digit growth by 2027.
1. Growing population and rapid migration to urban areas is leading to an increase in demand for personal vehicles IN Egypt
2. In 2021, there were 5.4 Mn cars in use and 53.1 cars per 1,000 people in Egypt, which is expected to increase to 56 cars in operation per 1,000 people by 2025
3. Customers in Egypt can avail auto loans from Banks and NBFCs with an average loan period of 3-5 years
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4. Large Public Sector Banks including National Bank of Egypt, Bank Misr, and Banque Du Caire rules over 40.0% of the financial banking system in Egypt
5. Dominance of unorganized channel and favorable government initiatives has boosted the growth of auto finance industry in Egypt
6. Growing population, and increasing demand for passenger cars will act as a key strength to the Egypt auto finance market; low internet penetration may affect the market
7. In the coming years, Digital disruptions will make the industry more efficient and enable the market to expand with double-digit growth
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