Mexico Electric Vehicle Market Overview, 2027

The electric vehicle (EV) market in Mexico is rapidly evolving and gaining momentum as the country embraces the transition to cleaner and more sustainable transportation. Mexico, renowned for its vibrant automotive industry, is now experiencing a profound shift towards electric mobility, driven by a combination of government initiatives, environmental awareness, and technological advancements. Nissan has been a pioneer in the Mexican EV market, manufacturing the Nissan Leaf in its Aguascalientes plant. The Leaf has been one of the most popular EVs in Mexico, offering a balance of affordability and practicality. The Mexico electric vehicle market is bifurcation in as, battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV). The battery electric vehicle (BEV) segment was dominant and also known as a pure electric vehicle, only-electric vehicle, fully electric vehicle, or all-electric vehicle, is an electric vehicle that relies solely on chemical energy stored in rechargeable battery packs for propulsion (e.g., hydrogen fuel cell, internal combustion engine, etc.). According to the research report "Mexico Electric Vehicle Market Overview, 2027," published by Bonafide Research, The Mexico Electric Vehicle market was valued at above USD 60 Million in 2021. In Mexico, the passenger type vehicle are prominently preferred more by the Mexican consumer. And in the passenger vehicle type, the BEV propulsive type is more used. The Electric buses are also gaining momentum in the public transportation sector in Mexico. Cities like Mexico City, Guadalajara, and Monterrey have introduced electric buses to their fleets, promoting cleaner and more sustainable public transportation options. Mexican automakers have increasingly embraced the production of electric vehicles, contributing to the diversity of offerings in the market. Companies such as Mastretta, Zacua, and Giant Motors have introduced their own electric vehicle models tailored to the Mexican market. International automakers have also recognized the potential of the Mexican EV market and have introduced a variety of models to cater to consumer preferences. Companies like Nissan, General Motors, Volkswagen, BMW, Audi, and Tesla offer a range of electric vehicle options in Mexico. These include sedans, SUVs, hatchbacks, and even luxury electric vehicles, providing choices for various segments and budgets.

Plug-in Hybrid Electric Vehicles (PHEVs) have also gained traction in the Mexican market. PHEVs offer a combination of electric driving and a backup internal combustion engine, providing flexibility for longer trips. Models like the Mitsubishi Outlander PHEV and Volvo XC60 Recharge are popular choices in this category. Compact and subcompact EVs are also popular choices in Mexico due to their affordability, efficiency, and suitability for urban commuting. Models such as the Nissan Leaf, Chevrolet Bolt EV, and Renault Zoe fall into this category. There is a growing market for electric commercial and delivery vehicles in Mexico, driven by environmental concerns and cost savings. Electric vans and trucks, such as the Nissan e-NV200 and Renault Kangoo Z.E., are popular choices for businesses looking to reduce emissions and operating costs. The Mexican government provides financial incentives and tax benefits to encourage EV adoption. These include exemption from the Impuesto sobre Automóviles Nuevos (ISAN), a tax on new vehicles, which reduces the purchase price of EVs. Additionally, EV owners may benefit from lower annual circulation taxes and reduced import tariffs on EVs and EV components. In Mexico, electric vehicles (EVs) are subject to specific certification requirements to ensure safety, compliance with regulations, and quality standards. The main certification required for EVs in Mexico is the NOM (Norma Official Mexicana) certification, which is a set of official standards established by the Mexican government. Expo Eléctrico is a major trade show and exhibition focused on electric vehicles, renewable energy, and sustainable technologies. The event features a wide range of EV models, charging infrastructure solutions, and related products and services. It attracts industry professionals, government officials, and the general public interested in exploring the latest advancements in electric mobility. Considered in this report • Geography: Mexico • Historic year: 2017 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027

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Manmayi Raval

Research Consultant

Aspects covered in this report • Mexico market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Passenger Vehicle • Commercial Vehicle By population type • BEV • PHEV The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us. we have started verifying the details obtained from secondary sources.

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Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to organic food and beverage 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.