South America Electric Vehicles Market | Growth, Trends, and Forecast (2018 - 2023)
South America Electric Vehicles Market – Segmented by Type (Plug-in Hybrid and Pure Electric), Vehicle Type (Passenger Cars and Commercial Vehicles), End-usage, and Country - Growth, Trends and Forecast (2018 - 2023)

PUBLISHED

OCT 2018

South America Electric Vehicles Market – Segmented by Type (Plug-in Hybrid and Pure Electric), Vehicle Type (Passenger Cars and Commercial Vehicles), End-usage, and Country - Growth, Trends and Forecast (2018 - 2023)

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South America Electric Vehicles Market

The South American electric vehicle (EV) market is expected to register a CAGR close to 35%, during the forecast period (2018-2023).

Initiatives taken by the governments of various countries, to increase the adoption of electric vehicles, like that of building convenient charging stations, have added to the growth of the electric vehicle market in the region. EVs are also exempted from excise tax, in countries like Argentina. Growing awareness about vehicle emissions, lower operating and maintenance costs, along with increasing government initiatives to encourage the use of electric vehicles, will also help in driving the growth of high-performance electric vehicles significantly. Manufacturers, like Nissan, BYD, etc., are entering into the region.

Companies, like ABB, Nissan, Renault, BMW, and Volkswagen are active players in the electric vehicle charging infrastructure and electric vehicle industry. The aforementioned firms are planning to establish domestic manufacturing facilities rather than exporting the vehicles. However, the high cost of ownership, coupled with lack of adequate charging infrastructure in many countries, is one of the challenges that the market studied will face in the forecast period.

Inadequate Charging Infrastructure hindering the growth of the Market

A shortage of EV charging stations has hindered the adoption of these vehicles, which further has restricted the usage of electric motors for electric vehicles. As the EV industry does not have any overall set standards on the charging power output, companies are increasingly involved in building charging equipment based on their standards. The costs associated with charging technology are high and thereby, the OEMs are providing automobiles integrated with the wireless charging technology. But however, the cost of ownership and affordability issues also hinder the demand for the wireless charging integrated electric vehicle market.

EV face intense competition from gasoline-based vehicles regarding the initial costs and the total cost of ownership. Additionally, EVs create a huge load on the power grid. The pure electric vehicle usually draw the energy for motion from the on-board Li-ion batteries. To keep the EVs running, the batteries require to be frequently charged. The batteries installed in EV have a high power rating, ranging from 7 kWh to 85 kWh, due to which the growing number of EVs on the road create a challenge for providing standard charging ports at multiple places.

However, several enhancements and new launches are in progress to meet the product associated affordability issue, as well as solve the issues associated with charging stations. During the second quarter of 2018. BMW Group Brazil and EDP have entered into an agreement to launch largest electric highway with six fast charging stations between the two megacities in Brazil, Sao Paulo and Rio de Janeiro, which are 430 km apart. In Chile, as part of the sustainable mobility plan, the Municipality of Vitacura incorporated 15 100% electric cars so that its employees can move around without CO 2 emissions. By the first quarter of 2017, nearly 300 electric vehicles were on road in Chile and the country is aiming to achieve 5 million electric vehicle sales by 2050 inclusive of public, private, and commercial vehicle fleet.

Argentina, Peru and Bolivia, currently are in nascent stages of electric vehicle charging infrastructure, as Argentina has recently launched its first electric vehicle charging station in the last quarter of 2017.

Commercial Vehicles – Upcoming Segment

Bus manufacturers, such as, BYD, etc., are racing to overcome the challenges of replacing diesel engines with batteries, as regulators improvised regulations on carbon dioxide and soot pollution. BYD Auto has received orders from Argentina to become a domestic auto manufacturer and will contribute in revamping the existing bus fleets with 100% electric buses. The company has signed a MoU with Argentinian ministry of industry and transportation in 2011 to launch the electric vehicle initiative. BYD is planning to launch USD 60 million into the upcoming new facility and the factory has a production capacity of 300 full electric buses per annum. The same company has leased 30 electric buses to the Brazilian Municipal Civil Guard for 36 months, post experimenting leasing 6 buses from October 2017 to March 2018.

In addition, Volkswagen has received an order for 1600 electric trucks from a logistics company, in Brazil in a move to electrify its fleet by 2023. Apart from Volkswagen, the company is also enquiring Volvo, Mercedes, etc., firms to check for cost competitiveness. The demand for electric commercial vehicles is poised to grow at a faster pace owing to the rising trend toward the adoption of electric vehicles, especially from the municipal and logistics sectors.

Major Players: Some of the major companies includes BMW, Nissan, BYD, Renault, and Volvo among others.

Key Development

  • March 2018 - Toyota Motor Corporation presented a prototype of the world’s first hybrid flexible-fuel vehicle (Hybrid FFV) in Brazil. The new powertrain system in Hybrid FFV is capable to be powered by both gasoline and alternative fuels, such as ethanol.

Report Scope

Attribute

Details

Base Year for Estimation

2017

Forecast Period

2018 – 2023

Market Representation

Revenue in USD million and CAGR from 2018 – 2023

Report Coverage

Revenue forecast, market share analysis, and market dynamics

Reasons to Purchase this Report

  • Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis
  • Detailed analysis on the segment that is expected to register the highest growth rate
  • Identifying the latest developments, market shares and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate Sheet (in Excel)

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1. INTRODUCTION

1.1 Scope of the Market

1.2 Executive Summary

2. RESEARCH METHODOLOGY

2.1 Study Deliverables

2.2 Study Assumptions

2.3 Research Phases

3. MARKET INSIGHTS

3.1 Current Market Scenario

3.2 Industry Attractiveness - Porters Five Forces Analysis

3.2.1 Bargaining Power of Suppliers

3.2.2 Bargaining Power of Consumers

3.2.3 Threat of New Entrants

3.2.4 Threat of Substitute Products and Services

3.2.5 Degree of Competition

4. MARKET DYNAMICS

4.1 Drivers

4.1.1 Favorable Governmental Policies

4.2 Restraints

4.2.1 Inadequate Charging Infrastructure

4.3 Opportunities

5. SOUTH AMERICA ELECTRIC VEHICLE MARKET, BY TYPE (MARKET SIZE, GROWTH, AND FORECAST)

5.1 Plug-in Hybrid

5.2 Pure Electric

6. SOUTH AMERICA ELECTRIC VEHICLE MARKET, BY VEHICLE (MARKET SIZE, GROWTH, AND FORECAST)

6.1 Passenger Vehicle

6.2 Commercial Vehicle

7. SOUTH AMERICA ELECTRIC VEHICLE MARKET, BY END USAGE (MARKET SIZE, GROWTH, AND FORECAST)

7.1 Public Transportation

7.2 Taxi and Rental Service

7.3 Direct Buyers (Passengers)

7.4 Others (Logistics and Municipal Industry)

8. SOUTH AMERICA ELECTRIC VEHICLE MARKET, BY COUNTRY (GOVERNMENT INITIATIVES, REGULATIONS AND INCENTIVES, ELECTRIC VEHICLE CHARGING STATIONS AND INFRASTRUCTURE, MARKET SIZE, GROWTH, AND FORECAST)

8.1 Brazil

8.2 Argentina

8.3 Chile

8.4 Peru

8.5 Rest of South America

9. COMPETITIVE LANDSCAPE

9.1 Introduction

9.2 Market Share Analysis

10. COMPANY PROFILES

10.1 BMW

10.2 Nissan

10.3 BYD

10.4 Renault

10.5 Volvo

10.6 Toyota

*List Not Exhaustive

11. FUTURE OF THE MARKET

12. DISCLAIMER

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