Latin America Automotive High Performance Electric Vehicle Market

Latin America Automotive High Performance Electric Vehicle Market is expected to reach US$ 1.15 Bn by 2027, at a CAGR of 20.25% during the forecast period.

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Latin America Automotive High Performance Electric Vehicle Market:

Automotive High Performance Electric Vehicle can be distinguished from other electric vehicle on aspects, containing longer range of distance i.e., over 150 miles in a single charge, high acceleration, & their ability to attain a speed of over 90 miles/ hour with faster acceleration of 0 to 60 miles/hour. However purely electric vehicles have some limitations, usually counting with lower range & higher weight.

Latin America Electric Vehicle Market Overview:

It’s been a game changing year for the EV market. In Europe, electric cars sales are a whopping 85 % higher than last year. The electric vehicle revolution this year is taking place not in eco-friendly Europe, nor in technology-hungry China, but in Latin America, where EV sales for 2018 are up by a staggering 90 %.

Mexico accounted for nearly half the evolution together with a strong showing from Colombia & Costa Rica. While the Latin America Electric vehicle market is far smaller than APAC, Europe & North America, accounting for less than 1 Percent of global electric vehicle sales in 2018, it is starting to grow thanks to a handful of incentives & targets by the government. Over two million electric vehicles were sold in 2018 up from only a few thousand less than a decade ago. The MMR report says, we expect annual passenger EV sales to rise to 10 Mn in 2025, 28 Mn in 2030 & 56 Mn by 2040.

Battery values remain a problem, as does the materials supply for those batteries. Yet values continue to fall & if they follow the trend of wind & solar technologies, battery values will continue to fall. There is a lot of variation between various geographies & many types of vehicle. In the UK for example, policy has been set to see 50 Percent of all new car sales being hybrid or electric by 2040. It has roughly 1 percent of its passenger vehicles as electric, while the US stands at 2 percent of the overall market. The electric vehicle fleet constitutes roughly half a percent of the global vehicle fleet & it will take time for the changeover to happen.

The ICE market will continue to climb to 2030. This progress will be driven by increasing populations & a growing global middle class, but the implementation of new models like ride-hailing, car-sharing & technologies such as autonomous vehicles are set to transform the market. Companies are also growing their activity. BYD Co. now sells electric buses across the region & Tesla Inc. recently launched its best-selling Model 3 in Latin America. Latin America will continue to grow steadily as electric vehicle prices come down, automakers introduce new models & governments ramp up e-bus production.

The Incentives:

In Latin America, government incentives to fight pollution in large cities like Latin America City coupled with the sheer size of the country is why the region’s second largest automobile market is leading in electric vehicle sales. Despite tax incentives in Brazil, the occurrence of ethanol along with the high price of electric vehicles some US$51,000 on average is impeding growth in the country. Meanwhile, Colombia’s ambitious target to get 600,000 electric vehicles on its roads by 2030 is helping to push its sales.

Costa Rica one of the smallest automobile markets in Latin America actually sold nearly double that of Brazil & this is owing to some tax exemptions on electric vehicles in the country. Further development in EV sales depends on several factors. Among them is the development of longer range EV batteries, the implementation of more recharging infrastructure, the offering of extra electric vehicle models, & the gradual reduction in prices urged by increased economies of scale. MMR anticipates to see price parity between EV & internal combustion engines by the mid-2020’s in most markets around the world.

Auto manufacturers, worldwide, have made assurances to electrification & are expected to invest around US$300 Bn in electric vehicles over the next five to ten years. While 2 Mn electric vehicles were sold globally in 2018, annual passenger electric vehicle sales is estimated to reach 10 Mn by 2025, some 28 Mn by 2030, and 56 Mn by 2040.

The objective of the report is to present a comprehensive analysis of the Latin America Automotive High Performance Electric Vehicle Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Latin America Automotive High Performance Electric Vehicle Market dynamics, structure by analyzing the market segments and project the Latin America Automotive High Performance Electric Vehicle Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Latin America Automotive High Performance Electric Vehicle Market make the report investor’s guide.

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Latin America Automotive High Performance Electric Vehicle Market, By Drive Type

• Plug-in Hybrid
• Pure Electric

Latin America Automotive High Performance Electric Vehicle Market, By Vehicle Type

• Passenger Car
• Commercial Vehicle

Latin America Automotive High Performance Electric Vehicle Market Key Players

• BMW
• Daimler
• General Motors
• Nissan
• Ford
• Renault
• Rimac
• Tesla Motors
• Kia
• Mitsubishi
• Peugeot
• Volkswagen
• Venturi.
• Hyundai Motors