South America Automotive High Performance Electric Vehicles Market Size

South America Automotive High Performance Electric Vehicle Market Analysis

The South America automotive high-performance electric vehicles market is anticipated to register a CAGR of more than 20%, during the forecast period, 2020-2025.

• Some of the major factors driving the growth of the market are growing environmental concerns (owing to rising exhaust emissions), enactment of stringent emissions and fuel economy norms, and increasing government initiatives, in terms of subsidies and benefits for increasing the adoption rate of electric vehicles, are expected to propel the demand for and growth of the high-performance electric vehicles market.
• The average commute time of people across the globe has increased tremendously over the past decade. In the United States, the average one way commuting per person has gone up from 25.2 minutes in 2010 to 27.1 minutes in 2018. The share of US workers with more than 60 minutes of one way commute time increased from 8% in 2010 to 10% in 2018. The population of workers with 90 minutes or more of one way commute timing was 4.3 million in 2018 compared to 3.3 million in 2010. Owing to the fact that an average american travelling by car uses 1.28 gallons of fuel (average one way commute distance in United states is 16 miles) per day, almost 25.6 lbs of carbon dioxide is released into the atmosphere per day by per commuter. The market for high performance electric cars are being driven by the aforementioned facts.
• Governments of developed economies across the world are providing monetary benefits such as zero to very less registration fee and exemption in import tax, purchase tax, and road tax. Apart from providing subsidies, governments are also making favorable policies for the development of charging infrastructure.