Strategic Analysis of the Electric Vehicle Market in Latin America
NEW YORK, Jan. 14, 2016 /PRNewswire/ --
Executive Summary—Key Findings
From current market conditions, moderate EV growth is expected in LATAM In 2023, LATAM will account for more than % of the total global EV market sales, amounting to approximately thousand vehicles. In an optimistic scenario, this share is expected to be about %.
Brazil will lead the market; Mexico and Chile will follow In 2023, Brazil is expected to become the largest EV market in LATAM, accounting for an annual sale of about thousand vehicles. It is likely to be followed by Chile and Mexico, cumulatively accounting for over thousand vehicles.
Global OEM EV volume growth will include LATAM Renault-Nissan and Mitsubishi Motors Corporation (Mitsubishi) are expected to lead EV growth in LATAM, with a cumulative share of about % in 2023. The recent launch of the BMW i3 and the i8 in a number of LATAM markets, including Mexico and Brazil, along with future PHEV plans from Toyota, is expected to drive market growth.
Use cases for EVs – B2B is the current bedrock for EV uptake in LATAM The EV market in a number of LATAM countries is focused on pilot tests (such as taxi programs) and B2B corporate fleets (such as city municipalities, company delivery fleets, and postal fleets). In the short term, uses like carsharing mobility solutions are also anticipated. From 2017/2018 onward, the B2C market is expected to gain more impetus.
In future, LATAM is likely to become a manufacturing base At present, all global OEMs import EVs into various LATAM markets. However, in future, Mexico, Paraguay, and Ecuador may emerge as EV assembly and component manufacturing bases. If supported by conducive regulations, Brazil can also become an EV manufacturing hub for LATAM.
Government incentives and country programs LATAM countries are at various stages of EV planning and introductions. A significant number of the initiatives are at the city and the municipality levels. The widespread inclusion of EVs as a viable vehicle purchase option will be strongly dependent on tax and purchase incentives aimed at reducing the cost of vehicle ownership, indirect benefits, consumer education, stable country economies, and win-win partnerships between various stakeholders.
Read the full report: http://www.reportlinker.com/p03562165-summary/view-report.html
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