The years 2018–2019 represented an inflection point for the nascent Latin American market of electric vehicles (EVs). Local governments have incorporated into their agenda the notion of "electro-mobility"; utilities companies, amongst other players, are developing charging infrastructure projects across the region; and the number of xEV models made available on the market is gradually expanding across multiple countries led by various OEMs. From merely 23.4 thousand HEVs and 3.7 thousand BEVs + PHEVs commercialized in 2018, the Latin American market will grow to more than 114.7 thousand HEVs, 20.3 thousand PHEVs and 23.3 thousand BEVs in 2025. In this research service, Frost & Sullivan has analyzed the emerging market for hybrid vehicles, plug-in hybrids and fully electric vehicles in 9 Latin American countries (Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Paraguay and Uruguay).

Crucial factors impacting the market, distinctive trends, challenges and market growth opportunities for OEMs are discussed in depth. This study compares the different regulatory frameworks; public and private incentives; the impact of other potential competitive alternative powertrains in the region; the convergence between EV market and clean power generation potential in the region; the role of civil associations; major infrastructure projects in the region; and the rise of electric micro-mobility services. Key Latin American trends are analyzed, such as the rise of the electric bus market in more than 30 cities, electric taxi pilot tests, BEV fleets across the region, ICE-to-BEV retrofitting start-ups, EV carsharing initiatives, and local companies developing electric micro-cars and BEV related technology. Moreover, an in-depth analysis of each country e-mobility roadmap and forecast by technology is provided, including a discussion on existing regulations, available products in the market and infrastructure projects.

Key Issues Addressed
  • What is the current xEV market scenario in Latin American countries? Which players are currently active and what are the overall market sales by country and technology (HEV, PHEV and BEV)?
  • What is the current regulatory scenario regarding xEV incentives and their promotion in Latin American countries? Which countries present the most advanced legislations or pilot initiatives?
  • Are there any region-specific trends that may help understand how the EV market will develop in upcoming years (e.g., ICE-to-EV retrofitting initiatives or the e-bus market)?
  • How is the electromobility trend converging with other growing new mobility solutions and services being introduced in the region (e.g., carsharing or micro-mobility services)?
  • What’s the forecast market size for xEV technologies in Latin America towards 2025?