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.
The market is segmented on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle. Based on battery type, the market is sub-segmented into NiMH, Li-Ion, and others.
The Latin American electric vehicle market is characterized by the presence of established companies and start-ups. The market players operating in the region are focusing on a specific segment of the electric vehicles. For instance, BYD Auto, and Volvo are the most active companies for the commercial vehicle segment in the region. On the other hand, BMW, Hyundai, Kia, and Renault are active in passenger cars.
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Latin America Electric Vehicle Market Segmentation
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
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
- Ford Motor Co.
- Groupe PSA,
- Honda Motor Co.
- Hyundai Motor Co.
- Mitsubishi Motors Corp.
- Nissan Motor Co.
- Tesla, Inc.
- Volkswagen AG
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