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Electric Vehicles - LATAM

LATAM
  • Revenue in the Electric Vehicles market is projected to reach US$44.7bn in 2025.
  • Revenue is expected to show an annual growth rate (CAGR 2025-2029) of 8.56%, resulting in a projected market volume of US$62.0bn by 2029.
  • Electric Vehicles market unit sales are expected to reach 150.21k vehicles in 2029.
  • The volume weighted average price of Electric Vehicles market in 2025 is expected to amount to US$408.0k.
  • From an international perspective it is shown that the most revenue will be generated China (US$378bn in 2025).

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.

In-Scope
  • Battery electric vehicles (BEVs)
  • Plug-in hybrid electric vehicles (PHEVs)
  • Road electric vehicles
  • Passenger Cars
Out-Of-Scope
  • 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
Electric Vehicles: market data & analysis - Cover

Market Insights report

Electric Vehicles: market data & analysis
CONTENTBOX_CAPTION_STUDY_DETAILS

    Unit Sales

    MOST_RECENT_UPDATE: Nov 2024

    SOURCE: Statista Market Insights

    MOST_RECENT_UPDATE: Nov 2024

    SOURCE: Statista Market Insights

    Units

    MOST_RECENT_UPDATE: Nov 2024

    SOURCE: Statista Market Insights

    Revenue

    NOTES: Data was converted from local currencies using average exchange rates of the respective year.

    MOST_RECENT_UPDATE: Nov 2024

    SOURCE: Statista Market Insights

    NOTES: Data was converted from local currencies using average exchange rates of the respective year.

    MOST_RECENT_UPDATE: Nov 2024

    SOURCE: Statista Market Insights

    MOST_RECENT_UPDATE: Nov 2024

    SOURCE: Statista Market Insights

    NOTES: Data was converted from local currencies using average exchange rates of the respective year.

    MOST_RECENT_UPDATE: Nov 2024

    SOURCE: Statista Market Insights

    NOTES: Data was converted from local currencies using average exchange rates of the respective year.

    MOST_RECENT_UPDATE: Nov 2024

    SOURCE: Statista Market Insights

    Price

    MOST_RECENT_UPDATE: Nov 2024

    SOURCE: Statista Market Insights

    Global Comparison

    MOST_RECENT_UPDATE: Nov 2024

    SOURCE: Statista Market Insights

    Methodology

    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).

    Mobility

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    Electric Vehicles: market data & analysis - BackgroundElectric Vehicles: market data & analysis - Cover

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    Electric vehicles worldwide - Statistics & facts

    After years of steep market expansion, electric vehicles are slowing down. Since 2022, many European countries have started to roll back the financial incentives provided to consumers purchasing EVs, which has the potential to create a negative demand shock in various domestic markets. However, while growth rates are lower than in previous years, the market is still developing. In Europe, the region the most affected by the end of EV subsidies, sales were up by 17 percent between 2022 and 2023, and other regions recorded even higher growth rates.
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