Electric Vehicles - Uruguay | Statista Market Forecast

The projected revenue in the Electric Vehicles market in Uruguay is expected to reach US$101.0m in 2024.
It is anticipated that there will be an annual growth rate (CAGR 2024-2029) of 10.22%, leading to a projected market volume of US$164.3m by 2029.
The unit sales of Electric Vehicles market in Uruguay are expected to reach 2.63k vehicles in 2029.
Furthermore, the volume weighted average price of Electric Vehicles market in Uruguay is projected to be US$63.7k in 2024.
From an international perspective, China is expected to generate the highest revenue in the Electric Vehicles market, with US$376bn in 2024.
Uruguay's electric vehicle market is experiencing a steady growth driven by government incentives and a growing infrastructure of charging stations.

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

The Electric Vehicles market in Uruguay has been experiencing steady growth in recent years. Customer preferences for environmentally friendly transportation options, government incentives, and improvements in charging infrastructure have all contributed to the increasing popularity of electric vehicles in the country.

Customer preferences: Uruguayans are becoming more conscious of the environmental impact of traditional gasoline-powered vehicles and are increasingly opting for electric vehicles as a greener alternative. The lower emissions and reduced carbon footprint of electric vehicles are major selling points for environmentally conscious consumers. Additionally, the lower operating costs of electric vehicles, including lower fuel and maintenance expenses, make them an attractive option for cost-conscious buyers.

Trends in the market: One of the key trends in the Electric Vehicles market in Uruguay is the increasing availability and variety of electric vehicle models. As more automakers introduce electric vehicle options to their lineup, consumers have a wider range of choices when it comes to electric vehicles. This increased competition in the market is driving innovation and pushing automakers to develop more affordable and technologically advanced electric vehicles. Another trend in the market is the expansion of the charging infrastructure. The government and private companies have been investing in the installation of charging stations across the country, making it easier for electric vehicle owners to charge their vehicles. This expansion of the charging network is crucial for the widespread adoption of electric vehicles, as it addresses one of the main concerns of potential buyers - range anxiety.

Local special circumstances: Uruguay has a relatively small population and a compact geography, which makes it well-suited for the adoption of electric vehicles. The average daily commute in Uruguay is relatively short, and the country has a well-developed road network, making it easier for electric vehicle owners to travel within the country. Additionally, the government has implemented several incentives to promote the adoption of electric vehicles, including tax breaks and subsidies for electric vehicle purchases.

Underlying macroeconomic factors: Uruguay has been experiencing steady economic growth in recent years, which has contributed to the increasing affordability of electric vehicles. As the economy continues to grow, more consumers are able to afford electric vehicles, driving demand in the market. Additionally, the government's commitment to renewable energy and sustainability aligns with the growing global trend towards electric vehicles, further supporting the development of the market in Uruguay. In conclusion, the Electric Vehicles market in Uruguay is growing due to customer preferences for environmentally friendly transportation options, the increasing availability and variety of electric vehicle models, improvements in charging infrastructure, and underlying macroeconomic factors such as economic growth and government incentives. With these factors in place, the future of the Electric Vehicles market in Uruguay 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).

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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.