Mexico Electric Car Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

Mexico Electric Car Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The Mexico Electric Car Market is projected to register a CAGR of 6.20%

Key Highlights

• Largest Segment by Vehicle Type - Sports Utility Vehicle : The growth of sedans increased with the launch of Tesla models and major electric cars are produced in sedans as of now, making sedans the best-selling segment in passenger car sales in the Mexico.
• Largest Segment by Fuel Type - HEV : The rebates provided by the government are highest on BEV and stringent norms are encouraging people to invest in clean fuel vehicles, which makes BEV the largest fuel type in Mexico e-car sales.
• Fastest-growing Segment by Fuel Type - PHEV : Better fuel efficiency, and no range anxiety issues with a combination of traditional fuel and battery-powered engines are making PHEV the fastest-growing segment in passenger car sales in Mexico.

Key Market TrendsSports Utility Vehicle is the largest segment by Sub Body Type.

• The demand for electric vehicles increased gradually in 2016 with the introduction of many models into the US market. Sales have been majorly affected due to the introduction of major brands such as Tesla's sedan models in the US electric market. Companies started with hatchbacks and sedans during the historical period.
• In 2021, post the COVID-19 impact, many OEMs were interested in increasing their production capacity to meet the new demand for electric vehicles in the market. The government policy of banning ICE engines helped to boost the sales of electric vehicles in 2021. The increase in the price of gasoline and diesel due to various global factors also made it easy for EV companies to boost their sales by attracting customers.
• Due to worries about traffic and pollution, the Mexican government has been forced to investigate alternative technologies to improve metropolitan mobility. Mexican customers are buying more electric and hybrid vehicles, which typically emit no pollutants. The Mexican government has revealed its intention to outlaw internal combustion engines and sell only electric cars from 2035, which prompted automakers to start EV passenger car production for continued sales. EV sales are anticipated to increase as a result of the aforementioned legislation during the forecast period.

Competitive Landscape

The Mexico Electric Car Market is fragmented, with the top five companies occupying 20.08%. The major players in this market are AB Volvo, JAC MEXICO, Renault Group, Tesla Inc. and Tesla Inc. (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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