Market Insights: Latin America Hybrid Electric Vehicle Industry Size, Share, and Growth Forecasts for 2028

Quick Overview of the Latin America Hybrid Electric Vehicle Market Analysis

The  Latin America Hybrid Electric Vehicle Market Analysis, research report provides an in-depth market study with qualitative and quantitative research of the continuing industry trends, opportunities, growth areas, drivers, and challenges, which would enable stakeholders to align their market strategies according to the present & future market dynamics.

Detailed Analysis of Latin America Hybrid Electric Vehicle Industry (2023-28): Reveals Further Growth &Market Expansion

According to the most recent study, the Latin America Hybrid Electric Vehicle Market is projected to grow at a CAGR of around 6% during the forecast period, i.e., 2023-28. The report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data. These include the widespread segmentation, regional landscape, and recent developments, entailing information on the fluctuation in the demand, sales, revenue, and other parameters experienced and expected in the industry for the forecasting year i.e. 2023-28.

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Possible Restraint: Growing Penetration of Fully Electric Vehicles

The development and commercialization of the fully electric vehicles in Latin America would act as one of the main growth restraints for the Hybrid Vehicle Market through 2028. Fully electric vehicles are efficient in controlling 100% of carbon emissions, whereas hybrid vehicles can only control around 30%. The rise in carbon emission norms and various targets set for achieving zero-carbon economies are boosting the sales of fully electric vehicles, eventually limiting the sale of hybrid vehicles.

In addition, the rising research & development and investments by automakers like Volkswagen, BYD, & Tesla toward EV production are also leading to the adoption of fully electric vehicles across the region. Advantages like high driving range, fast refueling, noiseless operations, etc., are positively impacting the demand for fully electric vehicles. Furthermore, active government efforts for promoting battery-based & fuel-cell electric vehicles would further boost the demand for fully electric vehicles in countries like Mexico, Brazil, & Columbia, and, consequently, hamper the hybrid vehicle market expansion in the coming years.

Latin America Hybrid Electric Vehicle Market Segmentation Analysis

-By Propulsion Type

  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Hybrid Electric Vehicle (HEV)l
  • Natural Gas Vehicle (NGV)

-By Electric Powertrain Type

  • Parallel hybrid
  • Series Hybrid
  • Combined Hybrid

-By Hybridization

  • Full Hybrid
  • Micro-Hybrid
  • Mild Hybrid

-By Vehicle Type

  • Passenger Cars
  • Commercial Vehicles
  • Two Wheeler

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Geographical Analysis:

-By Countries

  • Mexico
  • Brazil
  • Argentina
  • Columbia
  • Rest of Latin America

Of all countries, Mexico acquired a significant share of the Hybrid Vehicle Market across Latin America. It owes to the extensive presence of automakers like Diamler, Volvo, & Ford, which are increasingly manufacturing hybrid vehicles for both domestic & international markets. In addition, the surge in the disposable income of Mexicans, coupled with stringent government regulations for reducing carbon emission, are also promoting the sales of hybrid vehicles in the country.

More & more Mexican consumers are availing government incentives like exemption of local taxes & emission control verifications. In 2018, Mexico reported a 68% growth in EV sales, and hybrid vehicle sales compared with 2017 touched over 17,800 units. In addition, the increasing development of hybrid & electric vehicle charging infrastructure in the country is another prominent aspect projected to drive the Mexico Hybrid Vehicle Market through 2028.

Key Players and Competitive Strategies in the Latin America Hybrid Electric Vehicle Market

The report provides a study that looks at the requirements for manufacturing and processing, project expenses, finance, and economics, as well as projected profit margins and returns on investment. This also helps in identifying the major market players in the market such as:

  • Hyundai Motor Company
  • General Motors
  • BYD Company Limited
  • BMW AG
  • Groupe Renault
  • Volvo Group
  • Nissan Motor Company Limited
  • Ford Motor Company
  • Toyota Motor Corporation
  • Others

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Key Report Highlights

  • Market Dimensions & Projections
  • Pricing Evaluation,
  • Recent Strategic Moves by Companies,
  • Competitive Landscape Assessment,
  • Emerging Opportunities,
  • Market Trends and Indicators

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the globe?
  4. How has the industry been evolving in terms of geography and product adoption?
  5. How has the competition been shaping up across various regions?
  6. How have buying behaviour, customer inclination, and expectations from product manufacturers been evolving during 2023-28?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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