Latin America electric car market is at the nascent stage and significant growth is expected in the near future. Latin America electric car market is estimated to grow at a CAGR of more than 18.0% during the forecast period. Government targets to increase the electric fleet, rebates on the vehicle purchase and increasing awareness related to electric vehicles are some of the major factors augmenting the market. For instance, Mexico has set a target to sell 5% electric vehicle of the total vehicle fleet by 2030, 50% by 2040 and 100% by 2050. As per this, around 500,000 light-duty electric vehicles will be sold in the country between 2019 and 2030. 

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Latin America electric car market is segmented on the basis of vehicle type, propulsion technology, and battery type. On the basis of vehicle type, the market is further studied into hatchback, sedan, and SUV. On the basis of propulsion technology, the market is sub-segmented into battery-electric cars and plug-in hybrid electric cars. The region is expected to show significant growth in the battery-electric cars sales in the near future. On the basis of battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion battery-electric cars market is projected to cover a major share in the near future. On the basis of geography, the market is segmented into Mexico, Brazil, Argentina, Colombia and the Rest of Latin America. Mexico is expected to have a major market share in the region during the forecast period. As per the International Energy Agency, around 1,800 electric cars were sold in the country in 2019 as compared to 1,200 in 2018. 

The companies which are contributing significantly in the market include Nissan Motor Co., BMW AG, Daimler AG, Fiat Chrysler Automobiles N.V., Ford Motor Co., Hyundai Motor Co., Mitsubishi Motors Corp., Tesla, Inc., Toyota Motor Corp., Volkswagen AG, Zhejiang Geely Holding Group and others. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market. 

Research Methodology

The market study is incorporated by extensive primary and secondary research conducted by the research team.  Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts to brings authenticity to the reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.
• Government Websites

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Latin America Electric Car Market Research and Analysis by Vehicle Type 
2. Latin America Electric Car Market Research and Analysis by Propulsion Technology
3. Latin America Electric Car Market Research and Analysis by Battery Type

The Report Covers

• Comprehensive research methodology of the Latin America Electric Car Market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Latin America Electric Car Market.
• Insights about market determinants which are stimulating the Latin America Electric Car Market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.