Mexico Electric Vehicle Market Overview, 2027

An electric vehicle operates on electricity unlike its counterpart, which runs on fuel. Instead of internal combustion engine, these vehicles run on an electric motor that requires constant supply of energy from batteries to operate. There are a variety of batteries used in these vehicles. These include lithium ion, molten salt, zinc-air, and various nickel-based designs. The electric vehicle was primarily designed to replace conventional ways of travel as they lead to environmental pollution. It has gained popularity, owing to numerous technological advancements. It outperforms conventional vehicles providing higher fuel economy, low carbon emission & maintenance, convenience of charging at home, smoother drive, and reduced sound from engine. There are three types of electric vehicles batteries, hybrid, and plug-in hybrid electric vehicles. In addition, electric vehicles require no engine oil changes but are slightly expensive than their gasoline equivalents.

According to the report, “Mexico Electric Vehicle Market Overview, 2027” the market is anticipated to witness prominent market growth during the forecast period. One of the advanced technology Electric Vehicles with the latest features brings rapid evolution in the automotive sector. The electric vehicle market has good support from the government as favourable policies and subsidies to electric vehicle industry car manufacturers to reduce emission rates. Tax rebates, non-financial benefits like new car registration, and carpool lane access, increasing vehicle range, active participation of OEMs, providing charging infrastructure in regular areas, etc., factors can increase the growth of the EV market trends. Further, factors such as growing demand for low emission commuting and governments supporting long range, zero emission vehicles through subsidies & tax rebates have compelled the manufacturers to provide electric vehicles around the world. This has led to a growing demand for electric vehicles in the market. Countries around the world have set up targets for emission reductions according to their own capacity.

In addition, solar panels can be installed at home to power the electric vehicle. As electric vehicles do not use gas engines, they don’t need oil, which means no oil changes. Hence, the maintenance and repairs associated with the use of gas engines can be reduced by the use of electric vehicles. Several government initiatives such as deduction on interest paid on loans, electric vehicles tax credits, and incentives for the use of plug-in electric vehicles are estimated to generate huge growth opportunities across the country. All these factors are estimated to generate huge growth opportunities during the forecast period. In addition to that, the awareness initiatives that have been taken to promote the use of electric vehicles, and the rising number of electric vehicle production plants have also contributed to the growth of the electric vehicle market.

According to the report, the market is segmented into two major vehicle types including passenger vehicle and light commercial vehicle. Among these types, passenger vehicle is projected to dominate the market during the forecast period owing to increased demand and sales for passenger cars across the country. These factors will help promote the growth of this segment during the forecast period. Further, the commercial vehicle segment is estimated to experience growth in the coming years owing to the ever-increasing innovations in the battery of EVs to improve the load capacity of the commercial vehicle. Further, the market is segmented into two propulsion type vehicles including BEV (battery electric vehicle) and PHEV (Plug-in hybrid electric vehicle). Among these types, BEV is anticipated to lead the market during the upcoming timeframe. However, PHEV can act as both electric and fuel-based driving ranges. It is helpful when insufficient charging infrastructure available. For increasing the demand for battery electric vehicles, the government and private entities are planning to arrange a charging infrastructure all over the world to reduce the emission and keep the environment green. The plug-in hybrid electric vehicles are helping to decrease these vehicles prices that boost the demand further.

Covid-19 impacts:

The COVID-19 pandemic has had an adverse effect on the overall automotive industry and thereby electric vehicle industry as well. In addition, amid pandemic many different players are trying to devise different approaches in order to keep up with the condition by using electric vehicles for medical supplies as it provides affordable transportation with excellent manoeuvrability. Change in consumer preference and higher penetration of technology across the country is anticipated to propel higher market growth during the forecast period.

Considered In the Report

• Geography: Mexico
• Base year: 2021
• Historical year: 2016
• Estimated Year: 2022
• Forecasted year: 2027

Aspects Covered In the Report

• Market Size By Value for the time period (2016-2027F)
• Market Size By Volume for the time period (2016-2027F)
• Market Share by Vehicle Type (Passenger & Light Commercial)
• Market Share by Propulsion Type (BEV & PHEV)
• Market Share by Sales Channel (2016, 2021 & 2027F)
• Market Share by Charging Type (Normal & Fast)

Key Points Covered in this report:

• Market Evolution through value and volume CAGRs at different verticals
• Detailed discussion on the market dynamics that influence the market and the possible opportunities
• In sights on the market leader's performance including market shares, strategies, products, financial positions, etc

Intended Audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the electric vehicle industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.