Battery Electric Vehicles - Argentina

Argentina

Highlights

In Argentina, the revenue in the Battery Electric Vehicles market is projected to reach US$18.5m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 11.68%, resulting in a projected market volume of US$32.1m by 2029.
By 2029, unit sales in the Battery Electric Vehicles market are expected to reach 683.00vehicles.
The volume weighted average price of Battery Electric Vehicles market in 2024 is expected to amount to US$18.5m.
From an international perspective, it is shown that the most revenue will be generated China, with US$211bn in 2024.
Argentina is experiencing a surge in demand for Battery Electric Vehicles, driven by government incentives and increasing environmental consciousness.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in Argentina is experiencing significant growth and development.

Customer preferences: Customers in Argentina are increasingly showing a preference for Battery Electric Vehicles (BEVs) due to their environmental benefits and cost savings. BEVs produce zero emissions, which aligns with the growing global concern for reducing carbon footprint. Additionally, the cost of fuel in Argentina has been rising steadily, making BEVs an attractive alternative as they offer lower operating costs.

Trends in the market: The BEV market in Argentina is witnessing a surge in demand as more automakers introduce electric vehicle models to the market. This increase in supply has led to greater consumer awareness and interest in BEVs. Additionally, the government has implemented policies and incentives to promote the adoption of electric vehicles, such as tax breaks and subsidies. These initiatives have further fueled the growth of the BEV market in Argentina.

Local special circumstances: Argentina has a well-established automotive industry, which has played a significant role in the development of the BEV market. The country has a strong manufacturing base and expertise in automotive production, making it easier for automakers to introduce and produce electric vehicles. Additionally, Argentina has a well-developed charging infrastructure, with an increasing number of charging stations being installed across the country. This infrastructure development has alleviated concerns about range anxiety and has contributed to the growing acceptance of BEVs among consumers.

Underlying macroeconomic factors: Argentina's commitment to reducing greenhouse gas emissions and transitioning towards a more sustainable transportation sector has been a driving force behind the growth of the BEV market. The government has set ambitious targets for the adoption of electric vehicles, which has created a favorable environment for automakers to invest in the production and promotion of BEVs. Additionally, the country has abundant renewable energy resources, such as wind and solar power, which can be harnessed to charge electric vehicles. This energy independence further supports the development of the BEV market in Argentina. In conclusion, the Battery Electric Vehicles market in Argentina is experiencing significant growth and development due to customer preferences for environmentally-friendly and cost-effective transportation options. The introduction of new electric vehicle models, government incentives, a well-established automotive industry, and a supportive charging infrastructure have all contributed to the growth of the market. Furthermore, Argentina's commitment to reducing emissions and the availability of renewable energy resources have created a favorable environment for the adoption of electric vehicles.

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).