Goodyear, one of the world's largest tire companies, sees Egypt as an important market for its business in the Middle East and Africa region, a top company official said.
Berna Akıncı, Director of Consumer Business, Emerging Markets told Zawya Projects that a young population and growing demand for premium cars has enhanced attractiveness of what has long been the second largest automotive market in Africa.
She noted that Egypt’s passenger car market size is projected to grow at a CAGR of 10.2 percent during 2021-2027, with Sports Utility Vehicles (SUVs) expected to experience significant growth due to factors such as growing leisure, tour events and road conditions.
"This presents an exciting opportunity for us," said Akinci, adding that the company works in close collaboration with its local partners.
Beyond tires, the company is also involved in the funding mobility start-ups through Goodyear Ventures.
Akinci said: “Goodyear Ventures is a $100 million fund dedicated to accelerating seed-to-growth-stage startups in emerging mobility technology. One example is Zypp Electric, an EV-as-a-service platform in India that raised $25 million in a Series B funding round, in which we participated.”
Goodyear has 74,000 employees and manufacturing facilities in 57 locations across 23 countries.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)