The Latin America electric car market is anticipated to grow with a significant CAGR of 18.5% during the forecast period (2019-2025). In order to make electric vehicles a more viable choice for drivers and to promote more testing, Brazil is working to introduce legislation to facilitate the manufacture of electric vehicles. The government of Brazil has set up, the Brazilian Association of Electric Vehicles as well to promote the development, demonstration, trading, and use of electric vehicles in Brazil.
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In Argentina as well, the EV industry took off in 2017, when the government announced the procurement of 50 BYD electric buses as a pilot program to promote EVs on a national scale. By 2019, the development of EVs was extended to the import of passenger cars, the construction of charging infrastructure, the investment of lithium-ion batteries, and local brands after Argentina imported the first four-door electric SUV from the Chinese brand BAIC, YPF installed charging systems at 110 gas stations. Foreign companies were also invited to invest in Argentine lithium mines. This development started the EV industry in Argentina, and it is expected to grow at an immense rate in near future, which in turn will drive the Latin American electric car market as well. Other countries in the region including Chile and Mexico are also aiming to follow the footsteps of Brazil and Argentina, and are expected to take the EV initiative in coming years.
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Market Coverage
- The market number available for – 2018-2025
- Base year- 2019
- Forecast period- 2019-2025
- Segment Covered-
- Vehicle Type
- Propulsion Technology
- Battery Type
- Region Covered- Latin American (Mexico, Argentina, Brazil, Chile, Colombia)
- Competitive Landscape- Honda Motor Co., Ltd., BMW AG, AB Volvo, Audi AG, Hyundai Motor Co.
Key questions addressed by the report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Recovery Timeline
- Deviation from the pre-COVID-19 forecast
- Most affected region
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
- Latin America Electric Car Market Report Segment
By Vehicle Type
- Hatchback
- Sedan
- SUV
By Propulsion Technology
- Battery Electric Cars
- Plug-in Hybrid Electric Car
By Battery Type
- NiMH
- Li-Ion
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
