Latin America Electric Bus market is estimated to grow at a considerable CAGR during the forecast period. The growing adoption of the electric buses in the region owing to cohesive government subsidies, partnerships between transit authorities and utilities, and the presence of favorable business models are the key factors to drive the growth of the Latin America electric bus market. Bus rapid transit (BRT) systems are the major form of public transportation across Latin America. The Zero-Emission Bus Rapid Deployment Accelerator (ZEBRA), an arm of C40 cities is working with a number of municipalities in Latin America including Mexico City, Medellin, and Sao Paulo to secure $1 billion for the transition of fuel transit to zero-emission buses.
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In Latin America, Costa Rica had passed a Law 9518 in 2017 to promote and provide incentives for electric transport. In addition, the law grants tax incentives to several modes of transport such as cars, buses, two-wheelers for the public, private and institutional fleets. It established mandates for the state to electrify at least 5% of the bus fleet every two years. The law was followed by the announcement in February 2019 of the “National Decarbonization Plan 2018-2050 that aims to become a fully decarbonized country by 2050. As part of the plan, buses and taxi fleets are expected to become fully electric by 2050. Moreover, between the period of 2018-2019, two important Latin American cities Chile and Colombian had ordered 200 & 64 electric buses from China respectively.
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Latin America Electric Bus Market Segmentation
By Bus Type
- Hybrid Electric Bus
- Fuel Cell Electric Bus
- Battery Electric Bus
By Battery Type
- Lithium-ion batteries
- NiMH Batteries
- Others
By End-User
- Government
- Fleet Owner
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