Market Trends of mexico electric car Industry
This section covers the major market trends shaping the Mexico Electric Car Market according to our research experts:
Sports Utility Vehicle is the largest segment by Sub Body Type.
- The demand for electric vehicles increased gradually in 2016 with the introduction of many models into the US market. Sales have been majorly affected due to the introduction of major brands such as Tesla's sedan models in the US electric market. Companies started with hatchbacks and sedans during the historical period.
- In 2021, post the COVID-19 impact, many OEMs were interested in increasing their production capacity to meet the new demand for electric vehicles in the market. The government policy of banning ICE engines helped to boost the sales of electric vehicles in 2021. The increase in the price of gasoline and diesel due to various global factors also made it easy for EV companies to boost their sales by attracting customers.
- Due to worries about traffic and pollution, the Mexican government has been forced to investigate alternative technologies to improve metropolitan mobility. Mexican customers are buying more electric and hybrid vehicles, which typically emit no pollutants. The Mexican government has revealed its intention to outlaw internal combustion engines and sell only electric cars from 2035, which prompted automakers to start EV passenger car production for continued sales. EV sales are anticipated to increase as a result of the aforementioned legislation during the forecast period.
Understand The Key Trends Shaping This Market
Download Sample
