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.

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Latin America Electric Car Market Segmentation

By Vehicle Type

• Sedan
• Hatchback
• SUV

By Propulsion Technology

• Battery Electric Car
• Plug-in Hybrid Electric Car

By Battery Type

• NiMH
• Li-Ion
• Others

Regional Analysis

• Mexico
• Brazil
• Argentina
• Colombia
• Rest of Latin America
• Company Profiles
• BMW AG
• Daimler AG
• Fiat Chrysler Automobiles N.V.
• Ford Motor Co.
• General Motor
• Groupe PSA
• Honda Motor Co.
• Hyundai Motor Co.
• Mitsubishi Motors Corp.
• Nissan Motor Co.
• Tesla, Inc.
• Toyota Motor Corp.
• Volkswagen AG,
• Zhejiang Geely Holding Group

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