The Latin America electric car market is anticipated to grow with a significant CAGR of 18.5% during the forecast period (2019-2025). In order to make electric vehicles a more viable choice for drivers and to promote more testing, Brazil is working to introduce legislation to facilitate the manufacture of electric vehicles. The government of Brazil has set up, the Brazilian Association of Electric Vehicles as well to promote the development, demonstration, trading, and use of electric vehicles in Brazil.
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In Argentina as well, the EV industry took off in 2017, when the government announced the procurement of 50 BYD electric buses as a pilot program to promote EVs on a national scale. By 2019, the development of EVs was extended to the import of passenger cars, the construction of charging infrastructure, the investment of lithium-ion batteries, and local brands after Argentina imported the first four-door electric SUV from the Chinese brand BAIC, YPF installed charging systems at 110 gas stations. Foreign companies were also invited to invest in Argentine lithium mines. This development started the EV industry in Argentina, and it is expected to grow at an immense rate in near future, which in turn will drive the Latin American electric car market as well. Other countries in the region including Chile and Mexico are also aiming to follow the footsteps of Brazil and Argentina, and are expected to take the EV initiative in coming years.
Market Coverage
o Vehicle Type
o Propulsion Technology
o Battery Type
o Latin American (Mexico, Argentina, Brazil, Chile, Colombia)
Key questions addressed by the report
o Recovery Timeline
o Deviation from the pre-COVID-19 forecast
o Most affected region
Latin America Electric Car Market Report Segment
By Vehicle Type
By Propulsion Technology
By Battery Type
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