Battery Electric Vehicles - Chile

Chile

Highlights

In 2024, the projected revenue in the Battery Electric Vehicles market in Chile is estimated to reach US$26.4m.
It is expected that the revenue will experience an annual growth rate of 11.78% from 2024 to 2029, resulting in a projected market volume of US$46.1m by 2029.
By 2029, it is anticipated that the unit sales of Battery Electric Vehicles market in Chile will reach 730.00vehicles.
The volume weighted average price of Battery Electric Vehicles market in Chile in 2024 is expected to be US$63.1k.
When comparing international markets, it is evident that the highest revenue is projected to be generated China, with US$211bn in 2024.
Chile's growing focus on renewable energy and favorable government policies have led to an increasing demand for Battery Electric Vehicles in the country.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Battery Electric Vehicles market in Chile has been steadily growing in recent years, driven by increasing customer preferences for sustainable transportation options, favorable government policies, and advancements in technology.

Customer preferences: Customers in Chile are increasingly opting for Battery Electric Vehicles (BEVs) due to their numerous advantages. BEVs are seen as a more environmentally friendly alternative to traditional gasoline-powered vehicles, as they produce zero tailpipe emissions. Additionally, BEVs are known for their lower operating costs and reduced reliance on fossil fuels. These factors have led to a growing demand for BEVs among environmentally conscious consumers in Chile.

Trends in the market: One of the key trends in the Battery Electric Vehicles market in Chile is the increasing availability of charging infrastructure. As the adoption of BEVs grows, there is a greater need for charging stations across the country. In response to this demand, both public and private entities have been investing in the development of charging infrastructure, making it more convenient for BEV owners to charge their vehicles. Another trend in the market is the expanding range of BEV models available in Chile. As global automakers recognize the potential of the Chilean market, they are introducing more BEV models to cater to the increasing demand. This has led to a wider selection of options for consumers, allowing them to choose a BEV that best suits their needs and preferences.

Local special circumstances: Chile has unique geographical characteristics that make it an ideal market for BEVs. The country has a long coastline, which provides ample opportunities for the development of renewable energy sources such as wind and solar power. This renewable energy potential makes it easier for BEV owners to charge their vehicles using clean energy, further enhancing the environmental benefits of owning a BEV in Chile.

Underlying macroeconomic factors: The Chilean government has implemented several policies to promote the adoption of BEVs. These include tax incentives, subsidies, and exemptions from certain import duties. These measures have made BEVs more affordable and attractive to consumers, stimulating the growth of the market. Furthermore, advancements in technology have contributed to the growth of the Battery Electric Vehicles market in Chile. The increasing range of BEVs, improved battery technology, and the development of fast-charging capabilities have addressed some of the concerns that consumers may have had regarding the limitations of BEVs, such as range anxiety and long charging times. In conclusion, the Battery Electric Vehicles market in Chile is experiencing steady growth due to increasing customer preferences for sustainable transportation options, favorable government policies, advancements in technology, and unique geographical characteristics. The availability of charging infrastructure, expanding range of BEV models, and the use of renewable energy sources further contribute to the growth of the market. With ongoing advancements and support from the government, the future of the Battery Electric Vehicles market in Chile looks promising.

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).