Latin American Hybrid and Electric Vehicles Growth Opportunities

Latin American Hybrid and Electric Vehicles Growth Opportunities

Competitive Intensity Driven by the Entry of New Participants Stimulates Electrified Vehicle Sales

The electrified vehicle (xEV) industry in Latin America is at an emerging stage, in terms of vehicle sales, charging infrastructure, and regulations. However, it has been growing at a fast pace, primarily because of the entry of new models and the launch of purchase incentives. For example, in 2022, almost 157,000 electrified units were sold in the region, 32.6% more than the previous year. Currently, Colombia and Uruguay are the countries with the highest penetration rate of xEVs in total light vehicle sales in the region, reaching shares of 11.9% and 6.9%, respectively.

'Latin American Hybrid and Electric Vehicles Growth Opportunities' examines the qualitative and quantitative aspects of the xEV market by evaluating its performance and identifying the various trends that impact demand for this technology. This study focuses on passenger cars and light commercial vehicles from eight countries: Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, and Uruguay). These countries were selected according to their relevance in the region and the size of their EV parcs. The base year for analysis is 2022, and the forecast period is from 2023 to 2035. The forecasts included in this report are related to total electrified vehicle sales, sales by technology (BEV, PHEV and HEV), total electrified vehicle parc, and vehicle parc by technology.

This growth analytics will provide a comprehensive outlook on the electrified vehicle market in Latin America and meaningful insights for automotive participants wishing to explore this growing and competitive industry.