South America Electric Mobility Market Report 2027

South America Electric Mobility Market Report 2027

South America Electric Mobility Market Report Forecast till 2027

Market Overview

As per MRFR analysis, the South America electric mobility market has been proliferating in the last couple of years and is expected to reach USD 1,134.0 million by 2027, at a CAGR of 8.2% during the forecast period, 2021¬¬–2027.

The South America electric mobility market has experienced a high growth potential over the past couple of years and is expected to grow at a robust rate of 8.2% during the forecast period. The electric mobility market in South America looks promising during the projected timeframe owing to the factors such as increasing fuel prices, government initiatives, and expansion of electric mobility manufacturers into new emerging markets. However, this market growth is hampered by the high prices of electric vehicles, concerns over battery life, insufficient charging infrastructure network, and underdeveloped aftermarket services. Moreover, emerging economies such as Brazil present more opportunities for electric mobility due to a rise in awareness of zero-emission vehicles.

Market Segmentation

The South America electric mobility market has been segmented based on type, battery type, voltage, and country. Based on type, the South America electric mobility market is segmented into electric scooters, electric bicycles, electric tricycles, electric skateboards, and electric motorcycles. Based on battery type, the South America electric mobility market is segmented into lead acid, Li-ion, and others. By voltage, the market is segmented into 24V, 36V, 48V, and more than 48V. By country, the electric mobility market is categorized into Brazil, Argentina, Chile, Colombia, Peru, Uruguay, Ecuador, Paraguay, Venezuela, and the rest of South America.

Regional Market

The South American market is predicted to grow at an exponential rate for electric mobility. The regional market comprises Brazil, Argentina, Chile, Colombia, Peru, Uruguay, Ecuador, Paraguay, Venezuela, and the rest of South America. Some of the factors responsible for the market's growth are government initiatives encouraging electric vehicle adoption, lesser carbon footprint, cleaner emission, and low maintenance than conventional fuel engine vehicles. Furthermore, cost-effectiveness due to the reduced wear and tear of parts due to highly durable materials used in the designing process will contribute to growth.

The South America electric mobiAmericanrket reported revenue generation of USD 679.5 million in 2020 and is expected to reach a market value of USD 1,134.0 million by 2027 growing at a CAGR of 8.2%. Brazil accounted for 39.1% of the market share in the electric mobility market in South America in 2020, owing to the increasing fuel prices, government initiatives, and expansion of electric and mobility manufacturers into new emerging regional markets. The expansion of the manufacturing sector and the advancement of infrastructure in developing countries have opened new opportunities for automotive manufacturers.

Major Players

The key market players of the South America Electric Mobility Market include Yadea Technology Group Co., Ltd., Gemopai, China Zhongneng Vehicle Group Co., Ltd., EV Rider LLC, Scott Sports SA, Giant Bicycles, Zero Motorcycles, Inc., Vmoto Limited, Trek Bicycle Corporation, and Kona.

Companies Mentioned

Yadea Technology Group Co.
Ltd.
Gemopai
China Zhongneng Vehicle Group Co.
Ltd.
EV Rider LLC
Scott Sports SA
Giant Bicycles
Zero Motorcycles
Inc.
Vmoto Limited
Trek Bicycle Corporation
and Kona

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