Study Period | 2017 - 2029 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2029 |
Market Size (2025) | USD 0.69 Billion |
Market Size (2029) | USD 4.11 Billion |
CAGR (2025 - 2029) | 56.07 % |
Market Concentration | High |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Mexico Electric Car Market Analysis
The Mexico Electric Car Market size is estimated at 0.69 billion USD in 2025, and is expected to reach 4.11 billion USD by 2029, growing at a CAGR of 56.07% during the forecast period (2025-2029).
Mexico's electric vehicle industry is experiencing an unprecedented transformation through significant manufacturing investments and facility expansions. Toyota's Guanajuato plant, with its impressive 100,000-unit annual production capacity, exemplifies the scale of automotive manufacturing capabilities being established in the country. Major automakers are strategically positioning themselves in the Mexican market, with Nissan announcing a substantial USD 700 million investment to modernize its manufacturing facilities and enhance automation processes. These investments are reshaping the industrial landscape and establishing Mexico as a crucial hub for electric vehicle production in North America.
The country is witnessing a remarkable surge in automotive manufacturing capabilities and technological advancement. BMW's announcement to commence EV production at its San Luis Potosi plant by 2027 demonstrates the long-term commitment of global manufacturers to Mexico's EV sector. This industrial evolution is accompanied by significant investments in automation, advanced manufacturing processes, and workforce development. The integration of cutting-edge technology and sustainable manufacturing practices is positioning Mexico as a competitive force in the global electric vehicle supply chain.
The Mexican electric vehicle market has demonstrated exceptional growth momentum, evidenced by a striking 1090% increase in electric car sales in 2022 compared to 2017. This dramatic surge reflects the market's rapid maturation and increasing consumer acceptance of electric vehicles. Automotive manufacturers are responding to this growth by diversifying their product offerings and establishing robust distribution networks throughout the country. The industry is witnessing a shift toward more sophisticated and technologically advanced vehicle models, catering to evolving consumer preferences and sustainability requirements.
The market is characterized by strategic collaborations and partnerships between automotive manufacturers, technology providers, and infrastructure developers. These alliances are facilitating knowledge transfer, technological innovation, and the development of comprehensive electric mobility solutions. The passenger car market's stabilization, with volumes reaching 504,754 units in 2023, indicates a healthy recovery and provides a strong foundation for electric vehicle adoption. The industry's collaborative approach is creating an ecosystem that supports sustainable growth and innovation in the electric vehicle sector, while addressing challenges related to manufacturing efficiency and market penetration.
Mexico Electric Car Market Trends
A significant surge in electric vehicle sales is driven by government initiatives and environmental concerns in Mexico
- Over the past few years, Mexico has witnessed a remarkable surge in the adoption of electric vehicles (EVs). This growth can be attributed to several factors: a mounting concern for the environment, heightened awareness of EV benefits, and the Mexican government's proactive stance on deploying green vehicles. In a significant move, in 2016, the Mexican government announced plans to ban diesel vehicles by 2025, replacing them with their eco-friendly counterparts. This policy shift has already yielded impressive results, with electric car sales in the country skyrocketing by 1090% in 2022, compared to 2017 figures.
- Mexico is also witnessing a steady increase in the demand for electric commercial vehicles (ECVs). This surge is propelled by the expanding e-commerce landscape, the need for efficient logistics, and the government's push for sustainable cargo transportation. In a notable move, the Mexican Ministry of Economy, in 2020, introduced tax exemptions on the import of electric vehicles, including passenger cars and trucks. This initiative has played a pivotal role in raising awareness and driving the adoption of ECVs across the nation. As a result, sales of electric commercial vehicles surged by a notable 260% in 2022, compared to 2020.
- In major metropolitan areas, the rising vehicle usage is exacerbating pollution levels. To combat this environmental challenge, the Mexican government has implemented several measures, including mandates for cleaner vehicles. Under Mexico's climate legislation, the government aims to slash carbon emissions by up to 50% by 2050. These proactive steps are expected to further bolster the sales of electric vehicles in Mexico, particularly during 2024-2030.
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Mexico's population is on the rise, underlining the importance of strategic planning to accommodate growth and seize opportunities while addressing challenges
- The CVP is projected to continue growing steadily, driven by factors such as technological advancements, a focus on sustainable transportation, and improved economic conditions
- Mexico's auto interest rate has seen significant fluctuations, reflecting the complex interplay between monetary policies, domestic lending practices, and broader economic conditions
- Mexico sees 82% increase in slow charging stations, poised for EV infrastructure growth
- New product launches and the expansion of electric vehicle production drive the demand for battery packs in Mexico
- The Mexican government implemented tax subsidies to tackle inflation, resulting in a USD 4.51 billion loss in 2022
- Mexico's GDP per capita reflects its economic dynamism and recovery capacities, poised to reach USD 13,097.79 in 2024, and reaffirms its position as a burgeoning economic powerhouse in North America
- Mexico's inflation, influenced by global and domestic factors, is set to stabilize for sustained economic progress
- Mexico's MaaS market: A resilient sector with promising growth and future prospects in shared mobility
- Mexico's efforts in reducing emissions and promoting local battery production are expected to drive electric vehicle development
- The Mexican used car sales market is witnessing consistent growth due to key influencing factors
- In 2022, Kia dominated, BMW remained strong in the Mexican hybrid/EV car market, Nissan declined, and JAC emerged
Segment Analysis: Vehicle Configuration
SUV Segment in Mexico Electric Car Market
The Sports Utility Vehicle (SUV) segment dominates the Mexican electric car market, commanding approximately 51% market share in 2024. This significant market position is driven by Mexican consumers' strong preference for electric SUVs due to their versatility, higher ground clearance, and ability to handle diverse road conditions. The segment's leadership is further strengthened by continuous technological advancements in electric SUV offerings, improved battery ranges, and enhanced charging capabilities. Major automotive manufacturers have strategically expanded their electric SUV portfolios in Mexico, introducing models across various price points to cater to different consumer segments. The segment also benefits from growing environmental consciousness among Mexican consumers who seek sustainable electric transportation options without compromising on space and utility.

MPV Segment in Mexico Electric Car Market
The Multi-Purpose Vehicle (MPV) segment is emerging as the fastest-growing category in Mexico's electric car market, projected to experience remarkable growth between 2024 and 2029. This explosive growth trajectory is supported by increasing demand for family-oriented electric automobiles that offer superior space utilization and flexibility. The segment's rapid expansion is driven by technological advancements in electric powertrains that make MPVs more efficient and affordable. Manufacturers are introducing innovative features and improved battery technologies specifically designed for MPVs, making them more attractive to both private consumers and commercial fleet operators. The segment's growth is further accelerated by the rising adoption of new energy vehicles in the shared mobility sector, where MPVs serve as ideal candidates for ride-sharing and shuttle services.
Remaining Segments in Vehicle Configuration
The hatchback and electric sedan segments continue to play vital roles in Mexico's electric car market, each catering to distinct consumer preferences and use cases. The hatchback segment appeals to urban dwellers seeking compact, efficient electric passenger cars for city navigation, while offering practical cargo space and maneuverability. Meanwhile, the sedan segment maintains its appeal among business users and luxury car buyers, with manufacturers focusing on aerodynamic designs and premium features. Both segments contribute to market diversification by offering various price points and features, helping accelerate the overall adoption of electric vehicles in Mexico.
Segment Analysis: Fuel Category
HEV Segment in Mexico Electric Car Market
The Hybrid Electric Vehicle (HEV) segment dominates the Mexican electric car market, commanding approximately 63% market share in 2024. This significant market position is attributed to several factors, including the segment's ability to offer a practical transition solution between conventional and fully electric vehicles. HEVs have gained substantial traction among Mexican consumers due to their optimal balance of fuel efficiency and performance, without the range anxiety associated with pure electric vehicles. The segment's success is further bolstered by a wider variety of model offerings from major automotive manufacturers, competitive pricing strategies, and the relatively lower infrastructure requirements compared to fully electric alternatives. Additionally, government initiatives promoting cleaner transportation options and increasing environmental awareness among consumers have contributed to the segment's market leadership.
FCEV Segment in Mexico Electric Car Market
The Fuel Cell Electric Vehicle (FCEV) segment is emerging as the fastest-growing category in Mexico's electric car market, with projections indicating a remarkable growth rate of approximately 83% between 2024 and 2029. This explosive growth trajectory is being driven by significant technological advancements in hydrogen fuel cell technology, increasing investments in hydrogen infrastructure, and growing recognition of FCEVs as a viable zero-emission alternative for long-range applications. The segment's growth is further supported by strategic partnerships between automotive manufacturers and energy companies to develop hydrogen refueling infrastructure across major Mexican transportation corridors. Additionally, government initiatives promoting hydrogen as a clean energy source and increasing corporate commitments to sustainable transportation solutions are creating a favorable environment for FCEV adoption.
Remaining Segments in Fuel Category
The Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV) segments represent significant components of Mexico's electric car market, each offering unique value propositions to consumers. BEVs are gaining momentum as the primary zero-emission solution, supported by expanding charging infrastructure and increasing model availability from various manufacturers. Meanwhile, PHEVs serve as an attractive intermediate option, offering the flexibility of both electric and conventional driving modes, making them particularly appealing to consumers who require longer range capabilities but still want to reduce their environmental impact. Both segments are benefiting from technological improvements, decreasing battery costs, and supportive government policies aimed at reducing carbon emissions in the transportation sector.
Mexico Electric Car Industry Overview
Top Companies in Mexico Electric Car Market
The Mexican electric car market is witnessing significant product innovation across manufacturers, with companies introducing new models featuring advanced battery technology, improved range capabilities, and enhanced electric vehicle charging solutions. Companies are demonstrating operational agility by rapidly adapting their production facilities to accommodate electric vehicle manufacturing, with several players establishing dedicated EV production lines in Mexico. Strategic moves in the market include partnerships for developing charging infrastructure, collaborations for battery technology advancement, and joint ventures to strengthen market presence. Major players are expanding their footprint through dealership network growth, investment in local manufacturing facilities, and development of service centers. The industry is also seeing increased focus on research and development, particularly in areas of battery efficiency, autonomous driving capabilities, and sustainable manufacturing practices.
Market Dominated by Global Automotive Giants
The Mexican electric automobile market exhibits a consolidated structure dominated by established global automotive manufacturers who have successfully leveraged their brand reputation and extensive distribution networks. These major players, including both traditional automotive giants and specialized electric vehicle manufacturers, have established a strong local presence through manufacturing facilities and strategic partnerships. The market shows a high degree of concentration, with the top five players controlling a significant portion of the Mexico EV market share, indicating substantial entry barriers for new entrants. The competitive landscape is characterized by a mix of traditional automotive conglomerates diversifying into electric vehicles and pure-play EV manufacturers establishing their presence.
The market is witnessing active merger and acquisition activities, with established players acquiring technology startups and forming strategic alliances to enhance their electric vehicle capabilities. Companies are increasingly focusing on vertical integration, particularly in critical areas such as battery production and charging infrastructure development. Local partnerships and joint ventures are becoming increasingly common as global players seek to strengthen their market position and navigate regulatory requirements. The industry is also seeing collaboration between automotive manufacturers and technology companies to develop advanced features and improve vehicle connectivity.
Innovation and Localization Key to Success
Success in the Mexican electric car market increasingly depends on companies' ability to innovate while adapting to local market conditions and consumer preferences. Incumbent players are focusing on expanding their product portfolio with models specifically designed for Mexican market conditions and price points. Companies are investing in local research and development facilities to better understand and respond to market needs. The development of comprehensive after-sales service networks and charging infrastructure has become crucial for maintaining EV market share. Manufacturers are also emphasizing the importance of local content in their production to benefit from trade agreements and reduce costs.
For contenders looking to gain ground, the focus needs to be on developing competitive advantages through technological innovation and strategic partnerships. New entrants are finding opportunities in specialized market segments and through the introduction of innovative business models such as electric mobility services. The regulatory environment is becoming increasingly supportive of electric vehicle adoption, creating opportunities for companies that can align their strategies with government initiatives. Success also depends on companies' ability to manage supply chain risks and establish strong relationships with local suppliers. The market shows potential for growth in various segments, from premium to mass-market vehicles, offering opportunities for different competitive strategies.
Mexico Electric Car Market Leaders
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Anhui Jianghuai Automobile (JAC)
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Bayerische Motoren Werke AG
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Daimler AG (Mercedes-Benz AG)
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Ford Motor Company
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Toyota Motor Corporation
- *Disclaimer: Major Players sorted in no particular order
Mexico Electric Car Market News
- September 2023: The totally new JAC Sei6 Pro, an avant-garde, technological SUV with world-class security, arrives in Mexico.
- September 2023: Daimler AG's subsidiary, Mercedes-Benz Research & Development North America Inc. and Xtelligent entered a partnership with the City of Long Beach to develop transportation technology systems.
- September 2023: Volvo Cars is preparing for a USD 20 billion IPO before the end of the year.
Free With This Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
Mexico Electric Car Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Shared Rides
- 4.7 Impact Of Electrification
- 4.8 EV Charging Station
- 4.9 Battery Pack Price
- 4.10 New Xev Models Announced
- 4.11 Used Car Sales
- 4.12 Fuel Price
- 4.13 Oem-wise Production Statistics
- 4.14 Regulatory Framework
- 4.15 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
-
5.1 Vehicle Configuration
- 5.1.1 Passenger Cars
- 5.1.1.1 Hatchback
- 5.1.1.2 Multi-purpose Vehicle
- 5.1.1.3 Sedan
- 5.1.1.4 Sports Utility Vehicle
-
5.2 Fuel Category
- 5.2.1 BEV
- 5.2.2 FCEV
- 5.2.3 HEV
- 5.2.4 PHEV
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
-
6.4 Company Profiles
- 6.4.1 Anhui Jianghuai Automobile (JAC)
- 6.4.2 Audi AG
- 6.4.3 Bayerische Motoren Werke AG
- 6.4.4 Daimler AG (Mercedes-Benz AG)
- 6.4.5 Ford Motor Company
- 6.4.6 Groupe Renault
- 6.4.7 Honda Motor Co. Ltd.
- 6.4.8 Jaguar Land Rover Limited
- 6.4.9 Kia Corporation
- 6.4.10 Tesla Inc.
- 6.4.11 Toyota Motor Corporation
- 6.4.12 Volvo Car AB
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
-
8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- POPULATION TRENDS, VOLUME IN UNITS, MEXICO, 2017 - 2030
- Figure 2:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, MEXICO, 2017 - 2030
- Figure 3:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, MEXICO, 2017 - 2030
- Figure 4:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, MEXICO, 2017 - 2030
- Figure 5:
- AUTO LOAN INTEREST RATES, PERCENTAGE, MEXICO, 2017 - 2022
- Figure 6:
- USED CAR MARKET, REVENUE IN USD, MEXICO, 2017 - 2030
- Figure 7:
- ELECTRIC VEHICLE MARKET PENETRATION RATE, BY VEHICLE TYPE, PERCENTAGE OF VOLUME, MEXICO, 2017 - 2030
- Figure 8:
- CHARGING STATION DEPLOYMENT, BY TYPE, VOLUME IN UNITS, MEXICO, 2017 - 2022
- Figure 9:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, MEXICO, 2017 - 2030
- Figure 10:
- ANNOUNCEMENT OF NEW XEV MODELS, BY VEHICLE TYPE, VOLUME IN UNITS, MEXICO, 2023 - 2027
- Figure 11:
- USED CAR MARKET, REVENUE IN USD, MEXICO, 2017 - 2030
- Figure 12:
- FUEL PRICE, BY FUEL TYPE, USD/LITER, MEXICO, 2017 - 2022
- Figure 13:
- OEM-WISE PRODUCTION STATISTICS, VOLUME IN UNITS, MEXICO, 2017 - 2022
- Figure 14:
- MEXICO ELECTRIC CAR MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 15:
- MEXICO ELECTRIC CAR MARKET, VALUE IN USD, 2017 - 2030
- Figure 16:
- MEXICO ELECTRIC CAR MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 17:
- MEXICO ELECTRIC CAR MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 18:
- MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 19:
- MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 20:
- MEXICO ELECTRIC CAR MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 21:
- MEXICO ELECTRIC CAR MARKET, BY HATCHBACK, BY VALUE IN USD, 2017 - 2030
- Figure 22:
- MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 23:
- MEXICO ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 24:
- MEXICO ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 25:
- MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 26:
- MEXICO ELECTRIC CAR MARKET, BY SEDAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 27:
- MEXICO ELECTRIC CAR MARKET, BY SEDAN, BY VALUE IN USD, 2017 - 2030
- Figure 28:
- MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 29:
- MEXICO ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 30:
- MEXICO ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 31:
- MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 32:
- MEXICO ELECTRIC CAR MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 33:
- MEXICO ELECTRIC CAR MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 34:
- MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 35:
- MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 36:
- MEXICO ELECTRIC CAR MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 37:
- MEXICO ELECTRIC CAR MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 38:
- MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 39:
- MEXICO ELECTRIC CAR MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 40:
- MEXICO ELECTRIC CAR MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 41:
- MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 42:
- MEXICO ELECTRIC CAR MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 43:
- MEXICO ELECTRIC CAR MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 44:
- MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 45:
- MEXICO ELECTRIC CAR MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 46:
- MEXICO ELECTRIC CAR MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 47:
- MEXICO ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 48:
- MEXICO ELECTRIC CAR MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 49:
- MEXICO ELECTRIC CAR MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 50:
- MEXICO ELECTRIC CAR MARKET SHARE(%), BY MAJOR PLAYERS
Mexico Electric Car Industry Segmentation
Passenger Cars are covered as segments by Vehicle Configuration. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category.Vehicle Configuration | Passenger Cars | Hatchback |
Multi-purpose Vehicle | ||
Sedan | ||
Sports Utility Vehicle | ||
Fuel Category | BEV | |
FCEV | ||
HEV | ||
PHEV |
Market Definition
- Vehicle Type - The category includes passenger cars.
- Vehicle Body Type - This include various body types such as Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
Keyword | Definition |
---|---|
Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.