South America Electric Vehicle Market Outlook, 2027

South America Electric Vehicle Market Size, Share, Trend & Market Analysis By Type, By Distribution Channel, By End User, Competition Forecast & Opportunities.

Featured Companies

  • 1. Bentley Motors Limited
  • 2. BMW Group
  • 3. BYD Company Motors
  • 4. Citroen
  • 5. Daimler AG
  • 6. Ford Motors
  • More...

According to the report published by Bonafide Research under the title ‘South America Electric Vehicle Market Outlook, 2027,’ the region accounted for a market of USD 0.52 Billion in the year 2021, which is expected to grow with more than 22% CAGR for 2022-2027. The region contributes the least to the global market with a share of less than 1% over the period. In the recent past, factors such as achieving energy efficiency by reducing emissions, the need for addressing future energy requirements have made the OEMs start producing electric vehicles in the region. The demand for electric trucks in the South America region has been increasing, with the commercial vehicle segment expected to contribute to over 30% during the forecast period.

The region has seen numerous e-taxi and e-bus, fleet acquisition targets by logistics and utility companies, local design and manufacturing of fully electric micro-cars, car sharing, and car rental services in Brazil and Argentina. The PHEV segment has been ruling the market with Brazil stands out as a leader with the most charging stations.  In Argentina, there is a constant increase in the demand of low emission vehicles, including battery electric cars and hybrid electric vehicles. For instance, in 2021, 5,871 low-emission vehicles were sold in the country. These include battery electric vehicles and hybrid electric vehicles. 

Colombia and Costa Rica have comprehensive electric mobility laws in force, and there are several others with initiatives underway for the formulation of similar legal instruments. Tax measures taken by various national governments in South America are important tools that have helped in fuelling the demand for EVs in the region, leading to technological breakthroughs, which have further propelled the market growth. Electronic vehicles are more economical when compared to conventionally use fuel-based vehicles. The hike in the prices of petroleum products worldwide has limited their supply. Over the past few years, electric vehicles (EVs) have witnessed considerable growth in the region due to the need for addressing future energy requirements. The need to attain sustainable transportation plays a significant role in driving electric vehicle demand.

The electric vehicle market is coming up as an integral part of the automotive industry and represents a pathway towards achieving energy efficiency along with reduced emissions of pollutants and other greenhouse gasses. Apart from the industry’s slow and steady shift towards EVs pertaining to environmental issues, tax benefits, rebates and subsidies are the other factors d driving the market. But lack of adequate charging infrastructure because of the market is in its nascent stage and low gasoline cost in some countries is expected to hinder market growth over the forecast period. For instance, bus manufacturers like BYD are entering the South American market by overcoming the challenges to replace diesel buses with battery-operated ones. BYD Auto has received orders from Argentina to become a domestic auto manufacturer and will contribute to revamping the existing bus fleets with 100% electric buses.

 

 

 

Over the past few years, the demand for electric trucks in the South American region has been increasing. Factors such as achieving energy efficiency by reducing emissions, the need for addressing future energy requirements, an anticipated increase in the adoption of electric trucks for logistics and municipal applications, and investments made by OEMs to start producing of electric vehicles in the region are driving the market. Few players such as Hyundai Motor Company, Kia Motors Corporation, BYD Auto, BMW Group, and Groupe Renault dominate the South America Electric Vehicles Market. The market for electric vehicles is characterized by both established companies and small start-ups. There are also numerous regional players currently focusing on specific geographies. The national green growth policy for 2030, with one of the goals being the introduction of 600,000 electric vehicles by 2030 is taking place in Brazil. More specifically, according to this policy, it is expected to deploy 400,000 electric light-duty vehicles and 13,000 trucks.

In October 2021, BYD in collaboration with local operators Enel X and Metbus, established South America's first electric bus line in Santiago, Chile. The company has been the largest supplier of electric vehicles in the South America region. Besides electric trucks, BYD has supplied electric buses and taxis to Argentina, Chile, and Colombia. 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 public transportation and logistics sectors.
On the other hand, air pollution in Colombia is worsening at an exponential rate. Cities like Medellin and Bogota face high risks in terms of health and air quality. Following numerous studies from various national universities, researchers found that diesel vehicles are the primary source of pollution within Bogota. Hence, the government is taking incentives and subsidies to achieve an ambitious target of 600,000 EVs on road by 2030 to combat the aforementioned environmental issues. Primarily, tax benefits serve as the biggest incentive currently. Vehicle tax in the country is based on the overall valuation of the car itself, varying anywhere from 1.5% - 3.5%. However, this has been relaxed to only 1% for Electric Vehicles. In addition to tax rebates, the government is also lowering electricity tariffs that would make charging EVs even more affordable. Also, major automobile companies like Renault, BMW, Hyundai, and KIA are actively introducing their electric portfolio in Colombia.

There are also a large number of regional players currently focusing on specific geographies. For the commercial vehicle segment, BYD and Volvo are the most active companies. BMW, Kia, Renault, and Hyundai are some of the major companies which cater to passenger cars. The implementation of electric mobility has also increased the demand for charging infrastructure and players are partnering with other companies. For instance, In March 2022, Shell exclaimed to install the first EV chargers in the service station network. For that, the company is working on its e-mobility strategy for the South-American region and plans to deploy its first EV chargers in Argentina. The company is currently assessing the initiative through a partnership with Audi and Volkswagen and has recently acquired a number of chargers to install in its Argentinian service stations.

Recent Developments

In July 2022, BYD launched the compact D1, its third EV model in the Brazilian market following the seven-seat Tan SUV and the Han sedan. The electric D1 will be sold directly to large fleet owners for BRL 269,900.

In April 2022, BYD Auto received an order of 1,000 D1 electric cars which are specially developed for the ridesharing services in alliance with BYD Auto and Didi Chuxing from Vemo a Mexico-based mobility provider company.

In April 2022, Renault introduced an all-electric version of its popular hatchback, the Kwid E-TECH, in Brazil. The model is available at a price of 142,990 Brazilian Real. The new Kwid E-Tech has 26.8 kWh batteries that can provide a range of 298 km in urban use and 265 km in mixed cycle driving, which combines city and highway driving. The car can charge to a range of 190 km in about 9 hours when charged from a 20A and 220V domestic outlet.

Covid-19 Impact:
The COVID-19 pandemic has affected the automotive industry in the region as production and sales have witnessed a decline in 2020. Furthermore, the COVID-19 pandemic has a minimal effect on the South American electric vehicle market. However, in 2021, electric vehicle sales in the countries like Brazil and Argentina have helped the market recover quickly and regain momentum.

Companies Mentioned:
Bentley Motors Limited, BMW Group, BYD Company Motors, Citroen, Daimler AG, Ford Motors, General Motors, Hyundai, Irizar, Micro Mobility, Nissan Motor, SAIC, Tata Motors, Tesla, Toyota Motor Corporation, Volkswagen, Yutong, Zhejiang Geely Holding Group

Considered In the Report
• Geography: South America
• Base year: 2021
• Historical year: 2016
• Estimated Year: 2022
• Forecasted year: 2025

Countries covered:
• Brazil
• Argentina
• Chile
• Columbia

Aspects Covered In the Report
• Market Size By Value for the time period (2016-2027F)
• Market Size By Volume for the time period (2016-2027F)
• Market Share by Vehicle Type (Passenger & Light Commercial)
• Market Share by Propulsion Type (BEV & PHEV)
• Market Share by Sales Channel (2016, 2021 & 2027F)
• Market Share by Charging Type (Normal & Fast)
• Market Share by Country

Key Points Covered in this report:
• Market Evolution through value and volume CAGRs at different verticals
• Detailed discussion on the market dynamics that influence the market and the possible opportunities
• In sights on the market leader's performance including market shares, strategies, products, financial positions, etc

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report which includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the electric vehicle industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.


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Companies Mentioned

  • Bentley Motors Limited
  • BMW Group
  • BYD Company Motors
  • Citroen
  • Daimler AG
  • Ford Motors
  • General Motors
  • Hyundai
  • Irizar
  • Micro Mobility
  • Nissan Motor
  • SAIC
  • Tata Motors
  • Tesla
  • Toyota Motor Corporation
  • Volkswagen
  • Yutong
  • Zhejiang Geely

Table of Contents

  • Table of Content
  • 1. Executive Summary
  • 2. Report Methodology
  • 3. Market Structure
  • 3.1. Market Considerate
  • 3.2. Market Definition
  • 4. Economic /Demographic Snapshot
  • 5. Global Electric Vehicles Market Outlook
  • 5.1. Market Size
  • 5.1.1. By Value
  • 5.1.2. By Volume
  • 5.2. Market Share
  • 5.2.1. By Region
  • 5.2.2. By Country
  • 5.2.3. By Company
  • 5.2.4. By Vehicle Type
  • 5.2.5. By Propulsion Type
  • 5.2.6. By Charging Type
  • 5.2.7. By Vehicle Class
  • 5.3. Global BEV Market Outlook
  • 5.3.1. Market Size By Value
  • 5.3.2. Market Size By Volume
  • 5.4. Global PHEV Market Outlook
  • 5.4.1. Market Size By Value
  • 5.4.2. Market Size By Volume
  • 6. South America Electric Vehicles Market Outlook
  • 6.1. Market Size
  • 6.1.1. By Value
  • 6.1.2. By Volume
  • 6.2. Market Share
  • 6.2.1. By Country
  • 6.2.2. By Vehicle Type
  • 6.2.3. By Propulsion Type
  • 6.2.4. By Charging Type
  • 6.3. South America BEV & PHEV Market Outlook
  • 6.3.1. By Value
  • 6.3.2. By Volume
  • 6.4. Brazil Market Electric Vehicle Market Outlook
  • 6.4.1. Market Size
  • 6.4.2. Market Share
  • 6.4.2.1. By Vehicle Type
  • 6.4.2.2. By Propulsion Type
  • 6.5. Argentina Market Electric Vehicle Market Outlook
  • 6.5.1. Market Size
  • 6.5.2. Market Share
  • 6.5.2.1. By Vehicle Type
  • 6.5.2.2. By Propulsion Type
  • 6.6. Chile Market Electric Vehicle Market Outlook
  • 6.6.1. Market Size
  • 6.6.2. Market Share
  • 6.6.2.1. By Vehicle Type
  • 6.6.2.2. By Propulsion Type
  • 6.7. Columbia Market Electric Vehicle Market Outlook
  • 6.7.1. Market Size
  • 6.7.2. Market Share
  • 6.7.2.1. By Vehicle Type
  • 6.7.2.2. By Propulsion Type
  • 7. Market Dynamics
  • 7.1. Key Drivers
  • 7.2. Key Challenges
  • 8. Market Trends and Developments
  • 8.1. XXXXX
  • 8.2. XXXXX
  • 8.3. XXXXX
  • 8.4. XXXXX
  • 9. Competitive Landscape
  • 9.1. Porter's Five Forces
  • 10. Company Profile
  • 10.1. BMW Group
  • 10.2. BYD Company Motors
  • 10.3. Daimler AG
  • 10.4. Ford Motors
  • 10.5. General Motors
  • 10.6. Hyundai
  • 10.7. Nissan Motor
  • 10.8. SAIC
  • 10.9. Tesla
  • 10.10. Toyota Motor Corporation
  • 10.11. Volkswagen
  • 10.12. Zhejiang Geely Holding Group
  • 10.13. Bentley Motors Limited
  • 10.14. Citroen
  • 10.15. Irizar
  • 10.16. Micro Mobility
  • 10.17. Tata Motors
  • 10.18. Yutong
  • 11. Strategic Recommendations
  • 12. Disclaimer

List of Tables

Table 1: Top 10 Counties Economic Snapshot 2020
Table 2: Economic Snapshot of Other Prominent Countries 2020
Table 3: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 4: Global Electric Vehicle Market Share – By Region By Value (2016, 2021 & 2027F)
Table 5: Global Electric Vehicle Market Share – By Region By Volume (2016, 2021 & 2027F)
Table 6: Global Electric Vehicle Market Share – By Country By Value (2016, 2021 & 2027F)
Table 7: Global Electric Vehicle Market Share – By Country By Value (2016, 2021 & 2027F)
Table 8: Global Electric Vehicle Market Share By Company (2020)
Table 9: Global Electric Vehicle Market Share – By Type By Value (2016, 2021 & 2027F)
Table 10: Global Electric Vehicle Market Share – By Type By Volume (2016, 2021 & 2027F)
Table 11: Global Electric Vehicle Market Share – By Propulsion By Value (2016, 2021 & 2027F)
Table 12: Global Electric Vehicle Market Share – By Propulsion By Volume (2016, 2021 & 2027F)
Table 13: Global Electric Vehicle Market Share – By Vehicle Class By Value (2016, 2021 & 2027F)
Table 14: Global Electric Vehicle Market Share – By Vehicle Class By Volume (2016, 2021 & 2027F)
Table 15: Global BEV Market Size By Value 2016 to 2027F (In USD Billion)
Table 16: Global BEV Market Size By Volume 2016 to 2027F (In USD Billion)
Table 17: Global PHEV Market Size By Value 2016 to 2027F (In USD Billion)
Table 18: Global PHEV Market Size By Volume 2016 to 2027F (In USD Billion)
Table 19: South America Electric Vehicle Market Share – By Country By Value (2016, 2021 & 2027F)
Table 20: South America Electric Vehicle Market Share – By Country By Volume (2016, 2021 & 2027F)
Table 21: South America Electric Vehicle Market Share – By Type By Value (2016, 2021 & 2027F)
Table 22: South America Electric Vehicle Market Share – By Type By Volume (2016, 2021 & 2027F)
Table 23: South America Electric Vehicle Market Share – By Propulsion By Value (2016, 2021 & 2027F)
Table 24: South America Electric Vehicle Market Share – By Propulsion By Volume (2016, 2021 & 2027F)
Table 25: Brazil Electric Vehicles Market Size (Value & Volume) 2016 to 2027F
Table 26: Brazil Electric Vehicle Market Share – By Type By Value (2016, 2021 & 2027F)
Table 27: Brazil Electric Vehicle Market Share – By Type By Volume (2016, 2021 & 2027F)
Table 28: Brazil Electric Vehicle Market Share – By Propulsion By Value (2016, 2021 & 2027F)
Table 29: Brazil Electric Vehicle Market Share – By Propulsion By Volume (2016, 2021 & 2027F)
Table 30: Argentina Electric Vehicles Market Size (Value & Volume) 2016 to 2027F
Table 31: Argentina Electric Vehicle Market Share – By Type By Value (2016, 2021 & 2027F)
Table 32: Argentina Electric Vehicle Market Share – By Type By Volume (2016, 2021 & 2027F)
Table 33: Argentina Electric Vehicle Market Share – By Propulsion By Value (2016, 2021 & 2027F)
Table 34: Argentina Electric Vehicle Market Share – By Propulsion By Volume (2016, 2021 & 2027F)
Table 35: Chile Electric Vehicles Market Size (Value & Volume) 2016 to 2027F
Table 36: Chile Electric Vehicle Market Share – By Type By Value (2016, 2021 & 2027F)
Table 37: Chile Electric Vehicle Market Share – By Type By Volume (2016, 2021 & 2027F)
Table 38: Chile Electric Vehicle Market Share – By Propulsion By Value (2016, 2021 & 2027F)
Table 39: Chile Electric Vehicle Market Share – By Propulsion By Volume (2016, 2021 & 2027F)
Table 40: Columbia Electric Vehicles Market Size (Value & Volume) 2016 to 2027F
Table 41: Columbia Electric Vehicle Market Share – By Type By Value (2016, 2021 & 2027F)
Table 42: Columbia Electric Vehicle Market Share – By Type By Volume (2016, 2021 & 2027F)
Table 43: Columbia Electric Vehicle Market Share – By Propulsion By Value (2016, 2021 & 2027F)
Table 44: Columbia Electric Vehicle Market Share – By Propulsion By Volume (2016, 2021 & 2027F)
Table 45: Key Facts of BMW Group
Table 46: Key Facts of BYD Company Motors
Table 47: Key Facts of Daimler AG
Table 48: Key Facts of Ford Motors
Table 49: Key Facts of General Motors
Table 50: Key Facts of Hyundai
Table 51: Key Facts of Nissan Motor
Table 52: Key Facts of SAIC
Table 53: Key Facts of Tesla
Table 54: Key Facts of Toyota Motor Corporation
Table 55: Key Facts of Volkswagen
Table 56: Key Facts of Zhejiang Geely Holding Group
Table 57: Key Facts of Bentley Motors Limited
Table 58: Key Facts of Citroen
Table 59: Key Facts of Irizar
Table 60: Key Facts of Micro Mobility
Table 61: Key Facts of Tata Motors
Table 62: Key Facts of Yutong

List of Figures

Figure 1 : Global Electric Vehicles Market Size – By Value 2016 to 2027F (In USD Billion)
Figure 2 : Global Electric Vehicles Market Size – By Volume 2016 to 2027F (In Thousand Units)
Figure 3: Global Electric Vehicle Market Share – By Charging Type By Volume (2016, 2021 & 2027F)
Figure 4 : South America Electric Vehicles Market Size – By Value 2016 to 2027F (In USD Billion)
Figure 5 : South America Electric Vehicles Market Size – By Volume 2016 to 2027F (In Thousand Units)
Figure 6: South America Electric Vehicle Market Share – By Charging Type By Volume (2016, 2021 & 2027F)
Figure 7 : South America BEV & PHEV Market Size – By Value 2016 to 2027F (In USD Billion)
Figure 8 : South America BEV & PHEV Market Size – By Volume 2016 to 2027F (In USD Billion)
Figure 9: Porter's Five Force Model for Electric Vehicle Industry

Feed Phosphate Market Research FAQs

Hyundai Motor Company, Kia Motors, BYD Auto, BMW, Groupe Renault are the major companies operating in South America Electric Vehicles Market.

The Electric Vehicle Market is studied from 2018 - 2027.

Asia Pacific holds highest share in 2021.

Tesla only ranked eighth in the South American country, with a little over 20 units sold.
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South America Electric Vehicle Market Outlook, 2027

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