Electric Vehicles - Argentina | Statista Market Forecast

Argentina is expected to witness significant growth in the Electric Vehicles market, with projected revenue reaching US$22.0m by 2024.
This is expected to be driven by an annual growth rate of 10.64% from 2024 to 2029, resulting in a projected market volume of US$36.5m by 2029.
The unit sales of Electric Vehicles market in Argentina are expected to reach 739.00vehicles by 2029.
Moreover, the volume weighted average price of Electric Vehicles market in Argentina is anticipated to be US$50.5k in 2024.
It is worth noting that among various countries, China is expected to generate the highest revenue in the Electric Vehicles market, with US$376bn in 2024.
Argentina is experiencing a surge in electric vehicle adoption as the government offers attractive incentives and builds a robust charging infrastructure.

CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.

The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.

Battery electric vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
Road electric vehicles
Passenger Cars

Electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs
Rail electric vehicles
Surface and underwater vessels
Electric aircraft or spacecraft
Motorcycles, scooters, mopeds, buses, vans, and trucks

Argentina, like many other countries, is experiencing a significant growth in the Electric Vehicles (EVs) market. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the development of this market.

Customer preferences in Argentina are shifting towards more sustainable and environmentally friendly transportation options. With increasing awareness of climate change and the need to reduce carbon emissions, many consumers are opting for EVs as a greener alternative to traditional gasoline-powered vehicles. Additionally, the rising cost of fuel and the potential for savings on maintenance and operating costs are also driving the demand for EVs.

Trends in the market show that the EV industry in Argentina is growing rapidly. The government has implemented policies and incentives to promote the adoption of EVs, such as tax breaks, subsidies, and the installation of charging infrastructure. These initiatives have encouraged automakers to introduce more electric models into the market, leading to a wider variety of options for consumers.

As a result, the sales of EVs have been steadily increasing in recent years. Local special circumstances also play a role in the development of the EV market in Argentina. The country has a significant renewable energy potential, particularly in wind and solar power.

This provides an opportunity for the integration of renewable energy sources into the charging infrastructure for EVs, further enhancing their environmental benefits. Additionally, Argentina has a well-developed automotive industry, with several domestic manufacturers producing electric vehicles. This local production capability helps to stimulate the growth of the EV market and create jobs in the country.

Underlying macroeconomic factors also contribute to the development of the EV market in Argentina. The government is actively promoting the transition to cleaner energy sources as part of its commitment to reducing greenhouse gas emissions. This commitment aligns with global efforts to combat climate change and creates a favorable environment for the growth of the EV market.

Furthermore, the country's growing middle class and increasing urbanization are driving the demand for personal transportation, making EVs an attractive option for many consumers. In conclusion, the Electric Vehicles market in Argentina is experiencing significant growth due to shifting customer preferences, favorable market trends, local special circumstances, and underlying macroeconomic factors. As the country continues to prioritize sustainability and reduce carbon emissions, the adoption of EVs is expected to continue to increase in the coming years.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

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For the first time in the past decade, lithium-ion battery pack costs increased in 2022 due to the raw material and battery component soaring price inflation. However, this increase in production cost has not slowed down the global electric vehicle (EV)market. Electric vehicle sales have increased tremendously over the past decade.