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. 

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. 

Research Methodology

The market study of the Latin America Electric Vehicle market 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. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis 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. Primary research brings authenticity to our reports.

Secondary Sources Include

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

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

The Report Covers

• Comprehensive research methodology of the Latin America Electric Vehicle 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 Vehicle market.
• Insights about market determinants which are stimulating the Latin America Electric Vehicle market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.