Jul 28, 2021 (Market Insight Reports) -- Selbyville, Delaware. Latin America Electric Vehicle Market report provides key statistics on the market status of the Latin America Electric Vehicle Industry and is a valuable source of guidance and direction for companies and individuals interested in the Latin America Electric Vehicle Market. Latin America Electric Vehicle Market Report covers the companies' data, including Growth potential analysis, Executive Summary, Data sources, Industry segmentation, Porter's analysis, Business trends, Growth drivers, Price trend analysis, Industry pitfall and challenges, Industry impact forces, Competitive landscape
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The electric vehicle market in Latin America has been projected to depict growth in terms of revenue and expand with a CAGR of 18.81% during the forecast years 2019-2027, according to a report by Triton Market Research. Brazil, Mexico and the countries combining to form rest of Latin America together constitute the market for electric vehicles in Latin America. Tax measures taken by various national governments in Latin America are important tools that have helped in fueling the demand for EVs in the region, thereby leading to technological breakthroughs which have further propelled the market growth. Electronic vehicles are more economical when compared to conventionally used fuel-based vehicles. The hike in the prices of petroleum products worldwide has limited their supply. Governments all over the globe are implementing guidelines and incentive programs to promote the sales of EVs. However, certain factors challenge the EV market growth. According to the International Council for Clean Transport, the annual sales of electric vehicles have shown only marginal growth worldwide. This could be attributed to factors such as the high cost of the new technology, long charge times of the vehicles and limited consumer understanding regarding the viability and availability of the technology. This lack of public awareness is one of the critical factors challenging the growth of the electric vehicle market. Low performance of electric vehicles as compared to their traditional counterparts is a major challenge faced by the Latin American electric vehicle market
. The reason for the low performance of electric vehicles can be attributed to the batteries used in electric vehicles. EVs make use of batteries to store electrical energy which powers the motors. These batteries are charged by plugging the vehicle into an electric power source and the time required to charge those depleted batteries can range from less than 30 minutes to almost a full day depending on the size, charging equipment used and the type of the batteries which are used in the electric vehicles. Fuel-based vehicles are a feasible option in this case, as fuel tank can be refilled in a matter of minutes.
Some of the key players operating in the electric vehicle market are Hyundai Motors, Zhejiang Geely Holding Group, Groupe PSA, Mitsubishi, Fiat Chrysler Automobiles N.V., Honda Motor Company, BYD Company, Ltd., Tesla Motors, Inc., General Motors Company, Bayerische Motoren Werke AG, Volkswagen AG, Nissan Motor Co., Ltd., Ford Motor Company, Daimler AG and Toyota Industries Corporation.
What will you get in this report?
An exhaustive analysis of the global Latin America Electric Vehicle market with detailed studies on different topics that will help key players to create effective development strategies and strengthen a strong position in the Latin America Electric Vehicle industry.
It gives a complete mapping of the behaviors of Latin America Electric Vehicle market contributors and the vendor landscape. Existing companies could use the report to prepare themselves well to face future market challenges and strongly compete in the global Latin America Electric Vehicle market.
Also, the analysts have provided a thorough assessment of the impact of these strategies on Latin America Electric Vehicle market growth and competition and many more
A competitive portfolio of Latin America Electric Vehicle market in the different regions including their growth factors, pitfall challenges, investment structure, advancement in all aspects, customer base etc.
Read Full Report at: Latin America Electric Vehicle Market
Major Highlights from Table of contents are listed below for quick lookup into Latin America Electric Vehicle Market report
Chapter 1. Competitive Landscape
Company market share
Latin America Electric Vehicle Market Competitive analysis of key market players
Competitive analysis of other prominent vendors
Chapter 2. Company Profiles
Chapter 3. Methodology & Scope