Egypt Ride Hailing Service Market Growth Analysis And Trend Forecast Report 2021 - 2028
Egypt Ride Hailing Service Industry Overview
The Egypt ride hailing service market size is anticipated to reach USD 2.99 billion by 2028, according to a new report by Grand View Research, Inc. The market is projected to register a CAGR of 15.8% from 2021 to 2028. The emergence of ride hailing services has opened a new avenue in the field of public transportation. The service providers, often known as transportation network companies, are claimed to be the new future of public transport. The service enables customers to hire personal drivers who drive them from one place to another, as required.
These rides are extremely convenient as they provide numerous alternatives with customization options. Customers can choose the pick-up/drop-off location, preferred route, number of riders, number of stops, as well as the type of vehicle. Many transportation network companies also offer ride-sharing services. Another reason for their rapid adoption is that the service provides an instant solution to traffic congestion and parking difficulties.
The service has evolved as a massive alternative to personal vehicles, traditional taxi services, and community transports. Following the trend across the globe, the Egypt ride hailing service market can also be seen heating up. Lucrative growth prospects have been enticing both domestic as well as international transportation network companies to the market.
According to the World Bank, Egypt’s population is estimated at 98.42 million as of 2018. Regular means of transportation, such as personal vehicles, traditional taxi services, and community transport services like mini-buses, tuk-tuks, and motorbikes no more suffice the requirements of the country. Along with this, the traffic situation has worsened over the years with an increase in the number of personal vehicles.
As a result, ride hailing services have been experiencing massive growth. The market is being largely dominated by UBER, Dubci, and WNGO. This spur, along with technological advancements, is expected to maintain the dynamic nature of the market. The car-hailing market has gradually established itself in Egypt.
Companies in the market are focusing on strategies such as mergers and acquisitions to gain market share and to increase their service footprint. For Instance, In November 2018, Avis Budget Group Inc. partnered with Ford's Transportation Mobility Cloud to enable data to flow from vehicles through Ford's data systems and onto Avis' computers. Through this, the company aims to puts more control in the customer's hands, while at the same time reducing costs and vehicle turnaround times. By adding connected functionality to their vehicles and their mobile app, Avis measured a corresponding 30% increase in their Net Promoter Score. The data from Avis's connected Ford vehicles are tracked primarily at car pick-up and drop-off, not during the customer's rental period.
Egypt Ride Hailing Service Market Segmentation
Grand View Research has segmented the Egypt ride hailing services market based on offering:
Based on the Offering Insights, the market is segmented into Car Sharing, E-hailing, and Rental.
- The car-sharing segment dominated the Egypt ride hailing service market with a revenue share of around 47% in 2020. The segment is projected to expand at a CAGR of over 14.4% over the forecast period. Amidst the increasing traffic congestion in Egypt, consumers are opting for car-sharing or carpool services as they are convenient and offer a comfortable traveling experience at reduced prices.
- The e-hailing segment is projected to register the fastest CAGR of 18.9% from 2021 to 2028. This growth is attributed to the user-friendliness and convenience that these services offer. The rising e-commerceand smartphone penetration across the country is supporting the ever-growing demand for e-hailing services in Egypt.
Key Companies & Market Share Insights
The market for ride-hailing services in Egypt is characterized by the presence of several well-established players, such as Uber Technologies, Inc.; Avis Rent a Car System, LLC; Sixt SE; Halan Inc.; and SWVL Technologies Inc. These players account for a considerable market share and have a strong presence across the country. The ride-hailing services market also comprises small-to-midsized players, which offer a selected range of ride-hailing services and mostly serve local customers.
The companies operating in the market are focusing on strategic partnerships to offer reliable transportation services to their customers and to gain a competitive edge over other players. For instance, in May 2019, SWVL Technologies Inc. and Ford announced a strategic partnership in which Swvl operators would use Ford transit minibus as the preferred vehicle of choice. The agreement will combine the brilliance of Transit, the world’s best-selling van brand, with an app-based mass transit system that enables commuters in Egypt’s major cities to enjoy affordable, convenient, safe, and reliable transportation services. Some of the prominent players operating in the Egypt ride hailing service market are:
- Uber Technologies, Inc.
- Avis Rent a Car System, LLC
- Sixt SE
- Halan Inc.
- Wngo Technologies Inc.
- SWVL Technologies Inc.
- Dubci
- Fyonka
- FriendyCar
- M Car Egypt
Order a free sample PDF of the Egypt Ride Hailing Service Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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