Latin America Electric Vehicle Market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at XX% through 2020 to 2027, reaching US$ XX Mn.
Latin America Electric Vehicle Market
Latin America Electric Vehicle Overview:
Electric vehicles are rising part of the Latin American car market. Most of this evolution has been in the public sector, through leaders with public transit electric vehicle in their strategies to combat pollution. Private adoption of electric vehicles has been comparatively slower. In response, Latin America governments have begun executing their own plans to incentivize electric vehicle adoption among their residents.
Santiago made headlines when the city imported 100 electric buses near the end of 2018. This first-stage rollout was part of Chile’s plan to combat the city’s pollution through electrification. Chile’s larger National Electrification Strategy objectives to electrify the country’s whole public transportation infrastructure & 40 percent of private vehicles by 2050. Other Latin America countries are making the shift to electric transportation. Mexico City continues to increase its electric scooter & bike program.
The city also plans to add up to 500 electric buses to its fleet in the coming years. It is assisted by the Zero Emission Bus Rapid-deployment Acceleration program. Zero Emission Bus Rapid-deployment Acceleration organizes partnerships between manufacturers & city governments to arrange financing, policies & pilot projects needed to support electric bus deployment. ZEBRA is currently active in Mexico City, Brazil, & Medellin, Colombia.
Latin Americas public electric vehicle adoption is contrasted by the slow growth of private EV ownership. One of the key barriers to private electric vehicle purchases is value. Brazil, for example, has an average annual income of about R35, 000, well below the R179, 000 price of a Nissan Leaf. Knowing this, Brazil, Colombia & Argentina have dropped import taxes on electric vehicles while Ecuador, Uruguay & Costa Rica have eliminated them outright. Electricity importers, like Chile & Mexico, have reduced tariffs on electricity used for electric vehicle charging.
In Latin America, government incentives to fight pollution in large cities coupled with the sheer size of the country is why the region’s second largest automobile market is leading in electric vehicle sales. Despite tax incentives in Brazil, the occurrence of ethanol along with the high price of electric vehicles some US$51,000 on average is impeding growth in the country. Meanwhile, Colombia’s ambitious target to get 600,000 electric vehicles on its roads by 2030 is helping to push its sales.
Costa Rica one of the smallest automobile markets in Latin America actually sold nearly double that of Brazil & this is owing to some tax exemptions on electric vehicles in the country. Further development in EV sales depends on several factors. Among them is the development of longer range EV batteries, the implementation of more recharging infrastructure, the offering of extra electric vehicle models, & the gradual reduction in prices urged by increased economies of scale. MMR anticipates to see price parity between EV & internal combustion engines by the mid-2020’s in most markets around the world.
Auto manufacturers, worldwide, have made assurances to electrification & are expected to invest around US$300 Bn in electric vehicles over the next five to ten years. While 2 Mn electric vehicles were sold globally in 2018, annual passenger electric vehicle sales is estimated to reach 10 Mn by 2025, some 28 Mn by 2030, and 56 Mn by 2040.
The objective of the report is to present a comprehensive analysis of the Latin America Electric Vehicle Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Latin America Electric Vehicle Market dynamics, structure by analyzing the market segments and project the Latin America Electric Vehicle Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Latin America Electric Vehicle Market make the report investor’s guide.
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Latin America Electric Vehicle Market, By Type
Latin America Electric Vehicle Market, By Vehicle Type
• Two Wheeler
• Passenger Car
• Commercial Vehicle
Latin America Electric Vehicle Market Key Payers
• Mercedes Benz
• Delphi Automotive
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