The electric vehicle market in Latin America is expected to grow by 18.7% on an annual basis to reach US$1.7 billion in 2024.
The Latin American electric vehicle market is expected to record strong growth over the medium term. The influx of new firms is driving the competitive landscape and investment in the fast-growing market. Gogoro, the Taiwan-based electric two-wheeler firm, announced its foray into the Latin American market. The firm, in February 2024, announced its entry into the Chile and Colombian markets.
Chinese electric vehicle manufacturer, who are facing a slowdown in their home market and a higher tariff threat in the United States, are also focusing on markets in the Latin American region. BYD and Great Wall Motor, two of the Chinese EV firms, are building factories in Brazil. Overall, the publisher maintains a positive growth outlook for the sector over the next three to four years.
The medium to long term growth story of the electric vehicle market in Latin America remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 21.7% during 2024-2028. The electric vehicle market in the region will increase from US$1.4 billion in 2023 to reach US$3.8 billion 2028.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components.
The electric vehicle charging infrastructure module provides market size data by number of charging stations, and number of charging points. Market opportunity is broken down by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
2. Brazil Electric Vehicle Business and Investment Opportunities Databook
3. Chile Electric Vehicle Business and Investment Opportunities Databook
4. Mexico Electric Vehicle Business and Investment Opportunities Databook
The Latin American electric vehicle market is expected to record strong growth over the medium term. The influx of new firms is driving the competitive landscape and investment in the fast-growing market. Gogoro, the Taiwan-based electric two-wheeler firm, announced its foray into the Latin American market. The firm, in February 2024, announced its entry into the Chile and Colombian markets.
Chinese electric vehicle manufacturer, who are facing a slowdown in their home market and a higher tariff threat in the United States, are also focusing on markets in the Latin American region. BYD and Great Wall Motor, two of the Chinese EV firms, are building factories in Brazil. Overall, the publisher maintains a positive growth outlook for the sector over the next three to four years.
Asia-based two-wheeler electric firms are making a push into the Latin American market in 2024
The electric vehicle market is poised to record strong growth over the medium term in Latin America. The shift towards sustainable mobility solutions is driving the market growth and the trend is projected to continue further in 2024. To tap into the potential growth of the market, global firms are making a foray into the regional market.- Gogoro, the Taiwan-based electric two-wheeler firm, announced its foray into the Latin American market. The firm, in February 2024, announced its entry into the Chile and Colombian markets. Gogoro entered into a strategic partnership with Copec, the Latin American energy firm. The firm is expected to commence operations in the region in Q2 2024.
- Gogoro has announced plans to introduce its smart scooters and battery-swapping technology to Latin America. In collaboration with Copec, Gogoro aims to establish a strong foothold in Latin America. This move aligns with the increasing global demand for electrification and positions Gogoro ahead of the curve in the fast-growing market in 2024. Initially, Gogoro is targeting the thriving last-mile delivery industry in the region.
Chinese EV firms are increasing investment in the Brazilian market after US tariff setback
Chinese electric vehicle manufacturer, who are facing a slowdown in their home market and a higher tariff threat in the United States, are now focusing on markets in the Latin American region.- BYD and Great Wall Motor, two of the Chinese EV firms, are building factories in Brazil. The investment in these factories will enable the firms to sell tariff-free electric vehicles across the region. BYD, notably, is planning to commence its production plans by mid-2025 at the new factory.
- To drive the adoption of its electric vehicles in the region, these Chinese firms are also forging strategic partnerships to develop charging infrastructure. BYD, for instance, has entered into a strategic partnership with Vemo in 2023. More such strategic collaborations are expected between regional firms and Chinese manufacturers.
Stellantis announced an investment of €5.6 billion in the Latin American market in 2024
Stellantis, in March 2024, announced an investment of €5.6 billion from 2025 to 2030. This marks the largest investment ever in the automotive industry of Brazil and Latin America. The investment will be deployed towards the launch of more than 40 new products and to develop new Bio-Hybrid technologies. Furthermore, investment will be made in innovative decarbonization methods throughout the automotive supply chain, and strategic new business opportunities.- This investment will enhance Stellantis's ability to design, develop, and produce modern cars in Latin America while growing its business operations. For instance, Stellantis acquired a 19.9% stake in Argentina Litio y Energia S.A., which is a crucial move towards creating a sustainable battery materials cluster to support its global electrification goals. Furthermore, by acquiring Norauto and DPaschoal, Stellantis has become the largest auto parts distributor in South America and plans to further strengthen its presence in the aftermarket segment.
The medium to long term growth story of the electric vehicle market in Latin America remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 21.7% during 2024-2028. The electric vehicle market in the region will increase from US$1.4 billion in 2023 to reach US$3.8 billion 2028.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components.
The electric vehicle charging infrastructure module provides market size data by number of charging stations, and number of charging points. Market opportunity is broken down by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
This title is a bundled offering, combining the following 4 reports (388 tables and 476 charts):
1. Latin America Electric Vehicle Business and Investment Opportunities Databook2. Brazil Electric Vehicle Business and Investment Opportunities Databook
3. Chile Electric Vehicle Business and Investment Opportunities Databook
4. Mexico Electric Vehicle Business and Investment Opportunities Databook
Scope
This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in through 97 tables and 119 charts. Below is a summary of key market segments:Overall Vehicle Market Size and Future Growth Dynamics
- Market size by value
- Market size by volume
Electric Vehicle Market Size and Forecast
- Market size by value
- Market size by volume
Electric Vehicle Market Volume By Drive Segment
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
Electric Vehicle Market Value and Volume By Car Segment
- Passenger Car
- Commercial Vehicle
Electric Vehicle Market Value and Volume By Passenger Car Segment
- Small Car
- Medium Car
- Crossover Car
- Large Car
- SUV
Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
- Light Duty Vehicle (Class 1-Class 3)
- Medium Duty Vehicle (Class 4-Class 6)
- Heavy Duty Vehicle (Class 7-Class 8)
Electric Vehicle Market Value By Vehicle Class
- Low-Priced
- Mid-Priced
- Luxury Class
Electric Vehicle Market Value By Powertrain
- Parallel Hybrid
- Series Hybrid
- Combined Hybrid
Electric Vehicle Market Value By Distance Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
Electric Vehicle Market Value By Charging Type
- Normal Charging
- Super Charging
Electric Vehicle Market Value By Propulsion Type
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
Electric Vehicle Market Value and Volume By Vehicle Type
- Two Wheelers (e2W)
- Three-Wheeler (e3W)
- Four Wheelers (e4W)
- Electric Buses
Electric Vehicle Market Value By Cities
- Tier 1 Cities
- Tier 2 Cities
- Tier 3 Cities
Electric Vehicle Market Value By Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
Electric Vehicle Infrastructure Market Value
Electric Vehicle Infrastructure Market Volume
- Number of Charging Points
- Number of Charging Stations
Electric Vehicle - Number of Charging Points By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
Electric Vehicle - Number of Charging Stations By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
Electric Vehicle - Number of Charging Points By Location
- Residential and Destination
- Streets
- Workplaces
- Flew depots
Electric Vehicle - Number of Charging Points By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
Electric Vehicle - Number of Charging Stations By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
Electric Vehicle - Number of Charging Points By Vehicle
- Passenger Cars
- Buses
- Trucks
- Light Commercial Vehicles
Electric Vehicle - Number of Charging Points By Connection Phase
- Single Phase
- Three Phase
Electric Vehicle - Number of Charging Points By Infrastructure Type
- CSS
- CHAdeMO
- GB/T
- Other
Electric Vehicle - Number of Charging Points By Connectivity
- Smart Charging Station
- Non-Connected Charging Station
Reasons to buy
The report provides a comprehensive overview of the Latin America electric vehicle market and infrastructure in Latin America, covering the following key aspects:- Market size by value and volume: This report provides detailed market size and forecast data for electric vehicles in Latin America, by value and volume. This data is essential for understanding the current and future potential of the market.
- Detailed EV market opportunity: This report segments the electric vehicle market by drive segment, car segment, commercial vehicle segment, passenger car segment, commercial vehicle segment, vehicle class, powertrain, distance range, charging type, propulsion type, vehicle type, and cities. This segmentation provides a granular view of the market and helps to identify key growth areas.
- EV infrastructure: This report also provides a comprehensive overview of the Latin America electric vehicle infrastructure market, including market size and forecast data, along with detailed market segmentation. This information is essential for businesses that are looking to invest in the Latin America electric vehicle infrastructure market.
- Assess risks: Granular segment level information helps in identifying new business opportunities and risks in the Latin America electric vehicle and infrastructure market.
Table of Contents
This title is a bundled offering, combining the following 4 reports (388 tables and 476 charts):
1. About this Report
2. Overall Vehicle Market Size and Future Growth Dynamics
3. Electric Vehicle Market Size and Forecast
4. Electric Vehicle Market Size and Forecast by Vehicle Drive Type Segment
5. Electric Vehicle Market Size and Forecast by Vehicle Type Segment
6. Electric Vehicle Type Market Size and Forecast by Passenger Car Segment
7. Electric Vehicle Type Market Size and Forecast by Commercial Vehicle Segment
8. Electric Vehicle Market Size and Forecast by Vehicle Class Segment
9. Electric Vehicle Market Size and Forecast by Powertrain Segment
10. Electric Vehicle Market Size and Forecast by Distance Range Segment
11. Electric Vehicle Market Size and Forecast by Charging Type Segment
12. Electric Vehicle Market Size and Forecast by Propulsion Type Segment
13. Electric Vehicle Penetration Market Size and Forecast by Segment
14. Electric Vehicle Market Size and Forecast by City Type
15. Electric Vehicle Market Size and Forecast by Components
16. Electric Vehicle Infrastructure Market Size and Forecast
17. Electric Vehicle Infrastructure - Number of charging stations by charging type, 2019-2028
18. Electric Vehicle Infrastructure - Number of charging points by charging type, 2019-2028
19. Electric Vehicle Infrastructure - Number of charging points by location, 2019-2028
20. Electric Vehicle Infrastructure - Number of charging points by charging speed, 2019-2028
21. Electric Vehicle Infrastructure - Number of charging stations by charging speed, 2019-2028
22. Electric Vehicle Infrastructure - Number of charging points by vehicle type, 2019-2028
23. Electric Vehicle Infrastructure - Number of charging points by connection phase, 2019-2028
24. Electric Vehicle Infrastructure - Number of charging points by charging infrastructure type, 2019-2028
25. Electric Vehicle Infrastructure - Number of charging points by connectivity, 2019-2028
26. Further Reading
This bundled offering has 119 figures across 4 regional and country reports. All regional and country reports will have the following figures:
This bundled offering has 97 tables across 4 regional and country reports. All regional and country reports will have the following tables: