Latin America Electric Vehicle market is estimated to grow at a CAGR of more than 19.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. The growing environmental concerns along with cohesive government initiatives are some other aspects to fuel the market growth in the region.
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Moreover, several Latin American countries have created programs to promote the construction of charging infrastructures, such as Costa Rica, Colombia, Mexico, Colombia, and Uruguay. The growing public-private partnerships including Argentina (between Edesur and Renault), Chile (between Petrobras and Nissan) to build new construction sites, public buildings and workplaces to implement charging points is further fueling the market growth in Latin America. However, the high cost of batteries and the low-range availability of electric vehicles are the key factors to restrain the market growth in the region.
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Market Segmentation
Latin America Electric Vehicle Market by Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
Latin America Electric Vehicle Market by Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
Latin America Electric Vehicle Market by Battery Type
- NiMH
- Li-Ion
- Others
Company Profiles
- Bayerische Motoren Werke AG
- Fiat Chrysler Automobiles N.V.
- Toyota Motor Corp.
- Zhejiang Geely Holding Group,
- General Motors Co.
- BYD Company, Ltd.
- Daimler AG
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