Report Description

According to ConsTrack360, the electric vehicle market in the region is expected to grow by 18.7% on an annual basis to reach US$1.7 billion in 2023.

The medium to long term growth story of the electric vehicle market in Latin America remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 21.7% during 2023-2027. The electric vehicle market in the region will increase from US$1.4 billion in 2022 to reach US$3.8 billion by 2027.

The Latin American electric vehicles market is gaining strong traction among global EV automakers, especially from the Chinese firms, who have announced multi-billion-dollar investment in the region. The presence of a growing number of players in the sector is aiding the competitive landscape and innovation in the Latin American electric vehicles industry in 2023.

However, for the market to thrive and EV penetration to grow at a rapid pace in the region, investment in related infrastructure, including charging stations, will play pivotal role over the next three to four years. Private as well as public investment is expected to increase over the next few quarters. Overall, ConsTrack360 has maintained an upbeat outlook for the Latin American electric vehicles market from the short to medium-term perspective.

Global players are setting up electric vehicle manufacturing facilities in the Latin American region

The shift towards electric vehicles is picking up momentum in the region in 2023 and the trend is expected to further accelerate over the next five years. Consequently, to tap into the growth market, global firms are setting up manufacturing facilities in Latin America.

  • Tesla, the leading player in the global electric vehicles market, announced that the firm is planning to build an EV factory in Mexico, involving an investment of US$5 billion over the next few years. The presence of Tesla and its manufacturing in the region is expected to drive the electric vehicle adoption among vehicle owners over the next three to four years.
  • BYD, the Chinese rival of Tesla, has also announced an investment in the Brazilian market in July 2023. The firm, notably, is planning to invest US$624 million to build its first electric-car plant outside of Asia. The investment is part of the firm’s strategy to expand its presence in the global market, and compete with Tesla in the fast-growing segment.



Going forward, ConsTrack360 expects more global players to invest and set up manufacturing plants in the Latin American region. These investments projects will keep aiding the growth of the regional market over the next three to four years.

Firms are increasing their investment toward electric vehicle charging infrastructure in Latinn America

One of the major concerns hindering the adoption of electric vehicles among consumers is the availability of charging points across major highways and road networks. Consequently, to boost the adoption and EV penetration rate, firms are increasing their investment in the development of EV charging infrastructure.

  • Blink Charging Co., the global provider of EV charging equipment and services, also announced that the firm is planning to expand its footprint in the Latin American markets, including Brazil, Argentina, and Peru. Since its presence in the region, in 2020, the firm has deployed more than 2,100 EV chargers across eight countries. The announcement, made in August 2023, will further strengthen its position in the regional market.
  • General Motors has also entered into strategic collaborations to expand the electric vehicle charging solutions in Brazil. The firm partnered with WEG and Eletricus, the companies that specialize in electric vehicle charging technologies.



From the short to medium-term perspective, ConsTrack360 expects more such firms to increase their investment towards the development of EV charging infrastructure, thereby supporting higher adoption.

Automakers are launching hybrid and all-electric options in the Mexican market amid growing competition

With several new players entering the Mexican electric vehicles industry, automakers are planning to launch new hybrid and all-electric options to garner market share in the Mexican industry.

  • MG Motor, in April 2023, announced the launch of its plug-in hybrid SUV vehicle in Mexico. The firm, which initially entered the Mexican market in 2020, is eyeing to claim 5.5% of the market share in Mexico. By the end of 2023, MG Motor aims to launch two more models, including an all-electric and hybrid option. This will further strengthen the product line in the country while driving the competitive landscape in the fast-growing sector.



From the short to medium-term perspective, ConsTrack360 expects more such product launches in the Mexican market from global automakers, supporting the growth of the industry.

This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.

This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Electric vehicle further breaks down market opportunity by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components.

The electric vehicle charging infrastructure provides market size data by number of charging stations, and number of charging points. It breaks down market opportunity by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.

ConsTrack360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.

This title from ConsTrack360 is a bundled offering, combining the following 4 reports (388 tables and 476 charts):

1. Latin America Electric Vehicle Business and Investment Opportunities Databook
2. Brazil Electric Vehicle Business and Investment Opportunities Databook
3. Chile Electric Vehicle Business and Investment Opportunities Databook
4. Mexico Electric Vehicle Business and Investment Opportunities Databook


Scope

This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in through 97 tables and 119 charts. Below is a summary of key market segments:

Overall Vehicle Market Size and Future Growth Dynamics

  • Market size by value
  • Market size by volume




Electric Vehicle Market Size and Forecast

  • Market size by value
  • Market size by volume



Electric Vehicle Market Volume By Drive Segment

  • Front Wheel Drive
  • Rear Wheel Drive
  • All-Wheel Drive



Electric Vehicle Market Value and Volume By Car Segment

  • Passenger Car
  • Commercial Vehicle



Electric Vehicle Market Value and Volume By Passenger Car Segment

  • Small Car
  • Medium Car
  • Crossover Car
  • Large Car
  • SUV



Electric Vehicle Market Value and Volume By Commercial Vehicle Segment

  • Light Duty Vehicle (Class 1-Class 3)
  • Medium Duty Vehicle (Class 4-Class 6)
  • Heavy Duty Vehicle (Class 7-Class 8)



Electric Vehicle Market Value By Vehicle Class

  • Low-Priced
  • Mid-Priced
  • Luxury Class



Electric Vehicle Market Value By Powertrain

  • Parallel Hybrid
  • Series Hybrid
  • Combined Hybrid



Electric Vehicle Market Value By Distance Range

  • Up to 150 Miles
  • 151-300 Miles
  • Above 300 Miles



Electric Vehicle Market Value By Charging Type

  • Normal Charging
  • Super Charging



Electric Vehicle Market Value By Propulsion Type

  • Plug-In Hybrid Electric Vehicles (PHEVs)
  • Battery Electric Vehicles (BEVs)
  • Hybrid Electric Vehicles (HEVs)
  • Fuel Cell Electric Vehicles (FCEVs)



Electric Vehicle Market Value and Volume By Vehicle Type

  • Two Wheelers (e2W)
  • Three-Wheeler (e3W)
  • Four Wheelers (e4W)
  • Electric Buses



Electric Vehicle Market Value By Cities

  • Tier 1 Cities
  • Tier 2 Cities
  • Tier 3 Cities



Electric Vehicle Market Value By Components

  • Battery Cells & Packs
  • On-Board Charge
  • Motor
  • Reducer
  • Power Control Unit
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier



Electric Vehicle Infrastructure Market Value

Electric Vehicle Infrastructure Market Volume

  • Number of Charging Points
  • Number of Charging Stations



Electric Vehicle - Number of Charging Points By Charging Type

  • Level 1 – 240 (V)
  • Level 2 – 120 (V)
  • Direct Current (DC)



Electric Vehicle - Number of Charging Stations By Charging Type

  • Level 1 – 240 (V)
  • Level 2 – 120 (V)
  • Direct Current (DC)



Electric Vehicle - Number of Charging Points By Location

  • Residential and Destination
  • Streets
  • Workplaces
  • Flew depots



Electric Vehicle - Number of Charging Points By Charging Speed

  • Slow
  • Fast
  • Rapid
  • Ultrarapid



Electric Vehicle - Number of Charging Stations By Charging Speed

  • Slow
  • Fast
  • Rapid
  • Ultrarapid



Electric Vehicle - Number of Charging Points By Vehicle

  • Passenger Cars
  • Buses
  • Trucks
  • Light Commercial Vehicles



Electric Vehicle - Number of Charging Points By Connection Phase

  • Single Phase
  • Three Phase



Electric Vehicle - Number of Charging Points By Infrastructure Type

  • CSS
  • CHAdeMO
  • GB/T
  • Other



Electric Vehicle - Number of Charging Points By Connectivity

  • Smart Charging Station
  • Non-Connected Charging Station




Reasons To Buy

The report provides a comprehensive overview of the Latin America electric vehicle market and infrastructure, covering the following key aspects:

  • Market size by value and volume: This report provides detailed market size and forecast data for electric vehicles in Latin America, by value and volume. This data is essential for understanding the current and future potential of the market.
  • Detailed EV market opportunity: This report segments the electric vehicle market by drive segment, car segment, commercial vehicle segment, passenger car segment, commercial vehicle segment, vehicle class, powertrain, distance range, charging type, propulsion type, vehicle type, and cities. This segmentation provides a granular view of the market and helps to identify key growth areas.
  • EV infrastructure: This report also provides a comprehensive overview of the Latin America electric vehicle infrastructure market, including market size and forecast data, along with detailed market segmentation. This information is essential for businesses that are looking to invest in the Latin America electric vehicle infrastructure market.
  • Assess risks: Granular segment level information helps in identifying new business opportunities and risks in the Latin America electric vehicle and infrastructure market.