Market Size of brazil alternative fuel vehicles Industry
| Icons | Lable | Value |
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Study Period | 2016 - 2029 |
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Market Size (2024) | USD 585 |
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Market Size (2029) | USD 931 |
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Largest Share by Vehicle Type | Commercial Vehicles |
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CAGR (2024 - 2029) | 9.74 % |
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Fastest Growing by Vehicle Type | Commercial Vehicles |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Brazil Alternative Fuel Vehicles Market Analysis
The Brazil Alternative Fuel Vehicles Market size is estimated at USD 585 in 2024, and is expected to reach USD 931 by 2029, growing at a CAGR of 9.74% during the forecast period (2024-2029).
- Largest Segment by Vehicle Type - Commercial Vehicles : Growth in fossil fuel prices and government subsidies had an impact on the increase in sales of electric and hybrid cars in Brazil, making passenger vehicles the largets segment over other vehicles.
- Fastest-growing Segment by Vehicle Type - Light Commercial Vans : Brazil is a potential market in South America, and governmental efforts in terms of rebates and subsidies are promoting electric transportation, further increasing the electric buses in Brazil.
- Largest Segment by Fuel Type - BEV : In 2021, around 2,132 units of PHEV units were sold in Brazil. The increase in sales was due to the rise of fossil fuel prices, leading OEMs to move toward alternatives such as PHEVs.
