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South America Electric Vehicles Market Size, Share, Trends: By Propulsion Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle; By Vehicle Drive Type: Front Wheel Drive (FWD), Others; By Vehicle Type; By Top Speed; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
South America Electric Vehicles Market Outlook
The South America electric vehicles market size is projected to grow at a CAGR of 22.5% between 2024 and 2032. The market is being aided by the introduction of favourable government initiatives aimed at phasing out internal combustion engine vehicles (ICEVs).
Key Trends in the Market
An electric vehicle (EV) can be defined as a vehicle that is powered by an electric motor that uses battery power. Meanwhile, a plug-in hybrid electric vehicle refers to a vehicle that can be powered by both an internal combustion engine and an electric motor using battery power. Electric vehicles boast lower maintenance and running costs and have zero CO2 emissions.
- One of the key South America electric vehicles market trends includes the introduction of favourable government initiatives aimed at promoting sales of zero-emission vehicles (ZEVs) and the phase-out of internal combustion engines (ICEs). For instance, Colombia aims to increase zero-emission urban bus sales to 10% by 2025 and 100% by 2035.
- Similarly, in Costa Rica, by 2050, 100% of new light vehicle sales and buses and taxis are anticipated to be zero-emission. Governments in the region are also offering financial incentives to reduce costs associated with purchasing, operating, and maintaining electric vehicles, batteries, and equipment.
- Growing consumer awareness regarding sustainability, coupled with the rising concerns regarding greenhouse gas emissions from the transportation sector, propels the South America electric vehicles market demand. Besides, surging investments in electric vehicle production by leading automotive companies in the region are further fuelling the market expansion.
- Approximately 65% of the world's lithium reserves are found in Latin American countries like Bolivia, Chile, and Argentina, among others. Hence, the increasing manufacturing and export activities of EVs and lithium batteries are expected to positively influence the South America electric vehicles market growth in the forecast period.
Market Analysis
Based on propulsion type, the market is segmented into battery electric vehicle, hybrid electric vehicle, plug-in electric vehicle, and fuel cell electric vehicle. On the basis of vehicle drive type, the market can be divided into front wheel drive (FWD), rear wheel drive (RWD), and all wheel drive (AWD).
Based on vehicle type, the South America electric vehicles market segmentation includes two-wheeler, passenger cars, and commercial vehicle. On the basis of top speed, the market can be bifurcated into less than 125 mph, and more than 125 mph. The major regional markets for electric vehicles in South America are Brazil, Mexico, and Argentina, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South America electric vehicles market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- General Motors Company
- BMW AG
- Audi AG
- Volkswagen AG
- Ford Motor Co.
- Mercedes Benz Group AG
- Groupe Renault
- Stellantis NV
- Hyundai Motor Co.
- Toyota Motor Corp.
- Others
Market Share by Vehicle Type
As per the South America electric vehicles market analysis, the rising focus on sustainability and carbon neutrality contributes to the surging demand for commercial electric vehicles. A significant portion of passengers in Latin America are dependent on public transport, which offers the possibility of the deployment of electric public transport fleets in an economically feasible manner.
For instance, the capital of Chile, Santiago, is attempting to completely electrify its transit network, and offer incentives for electric buses in the bus tenders through initiatives such as Euro VI. Meanwhile, Colombia aims to electrify its entire mass transportation systems and mandate that local governments provide funding for electrification projects by 2035. Such initiatives and government policies drive the commercial electric vehicle market demand in South America.
Market Share by Region
Brazil holds a significant portion of the South America electric vehicles market share due to the rising focus on decarbonisation in the country. Brazil has also established its position as a leading automotive manufacturer in the region, boosting EV production activities.
The Brazilian government is also attempting to support the production of electric vehicles and shift towards cleaner vehicles. The growing trend towards electrification, coupled with the rising sales of electrified cars and the expansion of charging infrastructure, is also aiding the market expansion in Brazil.
Meanwhile, Global Environment Facility (GEF), United Nations (UN), National Geographic Society, and other international financial institutions and development organisations have provided Latin American countries such as Argentina and Mexico, among others, with financial and technical help for EV transitions, creating opportunities for the South America electric vehicles market expansion.
Competitive Landscape
General Motors Company is a leading global automotive manufacturer that is engaged in designing, producing, and marketing automobiles, trucks, and auto parts. Through General Motors Financial Company, Inc., the company also offers financing services for the automotive sector. Chevrolet, Buick, GMC, and Cadillac are some of its renowned brands.
BMW AG is one of the leading premium auto and motorcycle manufacturers in the world. The BMW Group is known for its three brands: BMW, MINI, and Rolls-Royce. It is a leading supplier of luxury financial and mobility services. It has more than 30 production and assembly facilities in addition to a global sales network.
Audi AG, Volkswagen AG's subsidiary, is a car manufacturer that is headquartered in Wolfsburg, Germany. It creates, develops, produces, and markets high-end automobiles. The Audi Group consists of Audi, Bentley, Audi Sport GmbH, and the three classic Italian brands Lamborghini, Ducati, and Italdesign.
Other players operating in the South America electric vehicles market include Volkswagen AG, Ford Motor Co., Mercedes Benz Group AG, Groupe Renault, Stellantis NV, Hyundai Motor Co., and Toyota Motor Corp. among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Propulsion Type |
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| Breakup by Vehicle Drive Type |
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| Breakup by Vehicle Type |
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| Breakup by Top Speed |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Electric Vehicles Market Overview
8.1 Key Industry Highlights
8.2 Global Electric Vehicles Historical Market (2018-2023)
8.3 Global Electric Vehicles Market Forecast (2024-2032)
8.4 Global Electric Vehicles Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 South America
8.4.5 Middle East and Africa
9 South America Electric Vehicles Market Overview
9.1 Key Industry Highlights
9.2 South America Electric Vehicles Historical Market (2018-2023)
9.3 South America Electric Vehicles Market Forecast (2024-2032)
10 South America Electric Vehicles Market by Propulsion Type
10.1 Battery Electric Vehicle
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Hybrid Electric Vehicle
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Plug-In Hybrid Electric Vehicle
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Fuel Cell Electric Vehicle
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
11 South America Electric Vehicles Market by Vehicle Drive Type
11.1 Front Wheel Drive (FWD)
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Rear Wheel Drive (RWD)
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 All Wheel Drive (AWD)
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
12 South America Electric Vehicles Market by Vehicle Type
12.1 Two-Wheeler
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Passenger Cars
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Commercial Vehicle
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
13 South America Electric Vehicles Market by Top Speed
13.1 Less Than 125 MPH
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 More Than 125 MPH
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 South America Electric Vehicles Market by Country
14.1 Brazil
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Mexico
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Argentina
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 Others
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators of Demand
15.4 Key Indicators of Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 General Motors Company
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 BMW AG
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Audi AG
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Volkswagen AG
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Ford Motor Co.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Mercedes Benz Group AG
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Groupe Renault
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Stellantis NV
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Hyundai Motor Co.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Toyota Motor Corp.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Vehicles Market: Key Industry Highlights, 2018 and 2032
2. South America Electric Vehicles Market: Key Industry Highlights, 2018 and 2032
3. South America Electric Vehicles Historical Market: Breakup by Propulsion Type (USD Million), 2018-2023
4. South America Electric Vehicles Market Forecast: Breakup by Propulsion Type (USD Million), 2024-2032
5. South America Electric Vehicles Historical Market: Breakup by Vehicle Drive Type (USD Million), 2018-2023
6. South America Electric Vehicles Market Forecast: Breakup by Vehicle Drive Type (USD Million), 2024-2032
7. South America Electric Vehicles Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
8. South America Electric Vehicles Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
9. South America Electric Vehicles Historical Market: Breakup by Top Speed (USD Million), 2018-2023
10. South America Electric Vehicles Market Forecast: Breakup by Top Speed (USD Million), 2024-2032
11. South America Electric Vehicles Historical Market: Breakup by Country (USD Million), 2018-2023
12. South America Electric Vehicles Market Forecast: Breakup by Country (USD Million), 2024-2032
13. South America Electric Vehicles Market Structure
Key Questions Answered in the Report
The market is assessed to grow at a CAGR of 22.5% between 2024 and 2032.
The market is being driven by the growing consumer awareness towards sustainability and government incentives promoting clean vehicles to reduce CO2 emissions.
The key trends aiding the market include the rapid adoption of commercial electric vehicles for transportation and manufacturing and exports of lithium batteries.
The major regions in the market are Brazil, Mexico, and Argentina, among others.
The different propulsion types of electric vehicle are battery electric vehicle, hybrid electric vehicle, plug-in electric vehicle, and fuel cell electric vehicle.
Less than 125 mph, and more than 125 mph are the various segments based on top speeds of electric vehicle.
The major vehicle types considered in the market report include two-wheeler, passenger cars, and commercial vehicle.
The major players in the market are General Motors Company, BMW AG, Audi AG, Volkswagen AG, Ford Motor Co., Mercedes Benz Group AG, Groupe Renault, Stellantis NV, Hyundai Motor Co., and Toyota Motor Corp., among others.
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