Dublin, Aug. 21, 2024 (GLOBE NEWSWIRE) -- The "Latin America Electric Vehicle and Charging Infrastructure Market Databook - 75+ KPIs Covering EV Market Size by Value and Volume, Vehicle Type, Price Point, Propulsion Type, Component, Location - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
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 2024-2028. The electric vehicle market in the region will increase from US$1.4 billion in 2023 to reach US$3.8 billion in 2028.
The Latin American electric vehicle market is expected to record strong growth over the medium term. The influx of new firms is driving the competitive landscape and investment in the fast-growing market. Gogoro, the Taiwan-based electric two-wheeler firm, announced its foray into the Latin American market. The firm, in February 2024, announced its entry into the Chile and Colombian markets.
Chinese electric vehicle manufacturer, who are facing a slowdown in their home market and a higher tariff threat in the United States, are also focusing on markets in the Latin American region. BYD and Great Wall Motor, two of the Chinese EV firms, are building factories in Brazil. Overall, the publisher maintains a positive growth outlook for the sector over the next three to four years.
Asia-based two-wheeler electric firms are making a push into the Latin American market in 2024
The electric vehicle market is poised to record strong growth over the medium term in Latin America. The shift towards sustainable mobility solutions is driving the market growth and the trend is projected to continue further in 2024. To tap into the potential growth of the market, global firms are making a foray into the regional market.
- Gogoro, the Taiwan-based electric two-wheeler firm, announced its foray into the Latin American market. The firm, in February 2024, announced its entry into the Chile and Colombian markets. Gogoro entered into a strategic partnership with Copec, the Latin American energy firm. The firm is expected to commence operations in the region in Q2 2024.
- Gogoro has announced plans to introduce its smart scooters and battery-swapping technology to Latin America. In collaboration with Copec, Gogoro aims to establish a strong foothold in Latin America. This move aligns with the increasing global demand for electrification and positions Gogoro ahead of the curve in the fast-growing market in 2024. Initially, Gogoro is targeting the thriving last-mile delivery industry in the region.
Chinese EV firms are increasing investment in the Brazilian market after US tariff setback
Chinese electric vehicle manufacturer, who are facing a slowdown in their home market and a higher tariff threat in the United States, are now focusing on markets in the Latin American region.
- BYD and Great Wall Motor, two of the Chinese EV firms, are building factories in Brazil. The investment in these factories will enable the firms to sell tariff-free electric vehicles across the region. BYD, notably, is planning to commence its production plans by mid-2025 at the new factory.
- To drive the adoption of its electric vehicles in the region, these Chinese firms are also forging strategic partnerships to develop charging infrastructure. BYD, for instance, has entered into a strategic partnership with Vemo in 2023. More such strategic collaborations are expected between regional firms and Chinese manufacturers.
The rapid expansion of Chinese firms in the Latin American region is expected to drive the adoption of electric vehicles over the medium term. This will not only aid the competitive landscape but will also drive the industry growth over the next three to four years.
Stellantis announced an investment of €5.6 billion in the Latin American market in 2024
Stellantis, in March 2024, announced an investment of €5.6 billion from 2025 to 2030. This marks the largest investment ever in the automotive industry of Brazil and Latin America. The investment will be deployed towards the launch of more than 40 new products and to develop new Bio-Hybrid technologies. Furthermore, investment will be made in innovative decarbonization methods throughout the automotive supply chain, and strategic new business opportunities.
- This investment will enhance Stellantis's ability to design, develop, and produce modern cars in Latin America while growing its business operations. For instance, Stellantis acquired a 19.9% stake in Argentina Litio y Energia S.A., which is a crucial move towards creating a sustainable battery materials cluster to support its global electrification goals. Furthermore, by acquiring Norauto and DPaschoal, Stellantis has become the largest auto parts distributor in South America and plans to further strengthen its presence in the aftermarket segment.
- The firm is the market leader in three major Latin American nations, including Brazil, Argentina, and Chile. Stellantis, in 2023, sold over 878,000 vehicles in Latin America, capturing a 23.5% market share. The firm leads the market in Brazil with a 31.4% share and dominates the light commercial vehicle segment in South America with a 28.6% share. Fiat is the top-selling brand in both Brazil and South America, with the Fiat Strada pickup being the best-selling vehicle in the region. The investment, in the region, is expected to support the growth of the electric vehicle industry too over the medium term.
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.
Report 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
For more information about this report visit https://www.researchandmarkets.com/r/46mgyv
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