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More than 114.7 Thousand HEVs, 23.3 Thousand BEVs and 20.3 Thousand PHEVs to be Commercialized in 2025
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The years 2018–2019 represented an inflection point for the nascent Latin American market of electric vehicles (EVs). Local governments have incorporated into their agenda the notion of "electro-mobility"; utilities companies, amongst other players, are developing charging infrastructure projects across the region; and the number of xEV models made available on the market is gradually expanding across multiple countries led by various OEMs. From merely 23.4 thousand HEVs and 3.7 thousand BEVs + PHEVs commercialized in 2018, the Latin American market will grow to more than 114.7 thousand HEVs, 20.3 thousand PHEVs and 23.3 thousand BEVs in 2025. In this research service, Frost & Sullivan has analyzed the emerging market for hybrid vehicles, plug-in hybrids and fully electric vehicles in 9 Latin American countries (Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Paraguay and Uruguay).Crucial factors impacting the market, distinctive trends, challenges and market growth opportunities for OEMs are discussed in depth. This study compares the different regulatory frameworks; public and private incentives; the impact of other potential competitive alternative powertrains in the region; the convergence between EV market and clean power generation potential in the region; the role of civil associations; major infrastructure projects in the region; and the rise of electric micro-mobility services. Key Latin American trends are analyzed, such as the rise of the electric bus market in more than 30 cities, electric taxi pilot tests, BEV fleets across the region, ICE-to-BEV retrofitting start-ups, EV carsharing initiatives, and local companies developing electric micro-cars and BEV related technology. Moreover, an in-depth analysis of each country e-mobility roadmap and forecast by technology is provided, including a discussion on existing regulations, available products in the market and infrastructure projects.
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Author: Martin Singla
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