Quadintel’s recent global “ Latin America Hybrid Electric Vehicle Market “ research report gives detailed facts with consideration to market size, cost revenue, trends, growth, capacity, and forecast till 2030. In addition, it includes an in-depth analysis of This market, including key factors impacting the market growth.
This study offers information for creating plans to increase the market’s growth and effectiveness and is a comprehensive quantitative survey of the market.
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Definition of the Market
Hybrid automobiles run on a combination of an internal combustion engine (ICE) and one or more electric motors that use energy stored in batteries. They join the advantages of high efficiency and low tailpipe emanations, alongside the power and scope of customary vehicles. Hybrid vehicles, which can be used for both passenger and commercial transportation, are increasingly being produced in a number of regions around the world in an effort to lessen the harmful emissions that are produced by vehicles that run on fossil fuels.
Insights into the Market During the Forecast Period (from 2023 to 28), the Latin America Hybrid Electric Vehicle Market is anticipated to expand at a CAGR of approximately 6%. It is due to the increasing number of stringent emission standards that are being imposed by the governments of various nations around the world and the rising prices of fossil fuels. Due to decreasing crude oil and natural gas reserves, conventional fuel prices have been rising annually.
Governments and OEMs in the automotive industry are increasingly concerned about finding a sustainable, cost-effective alternative to vehicles powered by fossil fuels due to the same factor. In response to the ever-increasing costs of fossil fuels and the alarming levels of harmful carbon emissions, automakers are increasingly producing hybrid vehicles. The introduction of incentive programs by the governments of Brazil, Mexico, and Columbia is also contributing to the rapid growth in hybrid vehicle sales throughout Latin America.
The government of Brazil announced in 2018 that it would reduce the tax on mass-produced electric and hybrid vehicles from 25% to 18%. In the country, a growing number of businesses, including BYD, Volvo, and Ford, are establishing manufacturing facilities for hybrid vehicles.
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In Brazil, BYD introduced two SUV models in November 2022: the all-electric Yuan and the hybrid Song, both of which are priced around USD50,540. These automakers are offering a wide range of fuel-efficient hybrid vehicles with advanced features, which is attracting more and more customers across the country and encouraging the overall expansion of the Latin American hybrid vehicle market.
Recent Changes In 2021, BMW announced that it would introduce a variety of Plug-in Hybrid Electric Vehicles (PHEV) to Columbia, including the BMW 330e/330e xDrive Sedan, BMW 530e/530e xDrive Sedan, and other models.
The plug-in hybrid (PHEV) version of the XC40 SUV was introduced by Volvo in Brazil in 2020. Additionally, the business anticipates selling between 500 and 550 units by the end of the same year.
Key Pattern in the Latin America Cross breed Electric Vehicle Market
Improvement of Ethanol-based Crossover Vehicles
Because of the continuous innovative work in cross breed vehicles, automakers are effectively zeroing in on tracking down imaginative answers for lessen fossil fuel byproducts. OEMs like Stellantis and CAOA are working on developing hybrid vehicles that use electric motors and ethanol to significantly reduce emissions. In Brazil, CAOA introduced five new models in 2022, four of which were ethanol-based hybrids and one that was entirely electric. The Latin American Hybrid Electric Vehicle Market is anticipated to benefit from this trend in the coming years.
Segmentation of the Market by Type of Propulsion:
Module Half and half Electric Vehicle (PHEV)
Half and half Electric Vehicle (HEV)
Gaseous petrol Vehicle (NGV)
Of these three, HEVs (Half and half Electric Vehicles) are assessed to hold an extensive portion of the overall industry during 2023-28, owing essentially to their lower possession costs than their partners. Due to the high degree of product hybridization, other vehicle types, such as plug-in hybrid vehicles (PHEVs) and fully electric vehicles, have higher prices.
In addition, the absence of charging stations in the region would further boost HEV sales in the future because these vehicles can use regenerative braking systems, which use energy lost during braking to charge the batteries later. Consequently, HEVs are supposed to observe the quickest developing deals in Latin America during the gauge time frame by virtue of the absence of bother related with finding charging stations and investing extra energy driving up.
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Based on the type of electric powertrain:
The growing use of regenerative breaking technology in automobiles, which restores the energy of the battery at the time of breaking and eliminates the need for external charging infrastructure, is primarily responsible for the parallel hybrid’s projected growth in this market. When compared to other types of powertrains, parallel hybrid vehicles not only offer superior performance but also aid in the efficient conservation of energy and eliminate mechanical complexity. Thus, attributable to the better presentation and diminished reliance on charging frameworks, the interest for equal cross breed vehicles is assessed fill quite in Latin America throughout the next few years.
Based on the Kind of Car:
Passenger cars, commercial vehicles, medium and large commercial vehicles, and light and medium-sized commercial vehicles. Of these, passenger cars dominated the Latin America hybrid electric vehicle market. It’s because they’re getting more and more customers who want to travel less. Buses and trucks frequently travel long distances, necessitating frequent recharging.
As a result, there is less demand for commercial hybrid vehicles in Latin America due to the limited availability of EV charging infrastructure. Another factor that is anticipated to increase the demand for passenger hybrid vehicles throughout Latin America in the coming years is the fact that automakers are increasingly focusing on hybridizing passenger vehicles due to the lower production costs associated with commercial vehicles.
The Latin American Hybrid Electric Vehicle Market spans the following regions geographically:
Brazil, Argentina, Columbia, and the rest of Latin America Mexico took the largest share of the Latin American Hybrid Vehicle Market out of all the countries. It is due to the substantial presence of automakers such as Diamler, Volvo, and Ford, which are increasingly producing hybrid automobiles for both domestic and international markets. Furthermore, the flood in the discretionary cashflow of Mexicans, combined with tough unofficial laws for lessening fossil fuel byproduct, are likewise advancing the deals of half breed vehicles in the country.
Customers in Mexico are taking advantage of government incentives like free local taxes and verifications of emission control. Mexico reported a 68% increase in EV sales in 2018, and hybrid vehicle sales reached over 17,800 units compared to 2017. Furthermore, the rising improvement of crossover and electric vehicle charging foundation in the nation is one more conspicuous viewpoint projected to drive the Mexico Half breed Vehicle Market through 2028.
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Trends in the Market:
Key Factor:
Sales of hybrid vehicles in Latin America have steadily increased, primarily as a result of the imposition of stringent emission-related regulations by governments in countries like Brazil, Mexico, Chile, and others. to cut down on CO2 emissions from the automotive industry. For instance, the government of Brazil implemented PROCONVE L-7 in 2022 and announced that PROCONVE L-8 emission standards would be implemented in 2025.
These standards for automobile emissions place a significant emphasis on reducing harmful gases like carbon monoxide, hydrocarbons, and nitrogen oxides, among others. from the automotive sector, which is why regional OEMs like Toyota, Volvo, and others have been gradually moving toward producing hybrid electric vehicles.
The German automobile association (ADAC) claims that hybrid vehicles have reduced harmful gas emissions by 15 to 25 percent by effectively reducing fuel consumption. Additionally, consumers have been more receptive to the use of hybrid vehicles due to their fuel efficiency, which will further propel the market over the forecast period.
Possible Limitation:
One of the main growth restraints for the Hybrid Vehicle Market through 2028 would be the development and commercialization of fully electric vehicles in Latin America. Growing penetration of fully electric vehicles Hybrid vehicles can only control about 30% of carbon emissions, whereas fully electric vehicles can effectively control all of them. The sale of fully electric vehicles is increasing, while the sale of hybrid vehicles will eventually be limited as a result of the rise in carbon emission standards and various goals for achieving zero-carbon economies.
In addition, the region is moving toward fully electric vehicles thanks to Volkswagen, BYD, and Tesla’s increasing investments in R&D and production of electric vehicles. advantages such as a long driving range, rapid refueling, silent operation, and so on, are increasing the demand for fully electric vehicles in a positive way. In addition, active government efforts to promote battery-based and fuel-cell electric vehicles would hinder the expansion of the hybrid vehicle market in the coming years and further increase demand for fully electric vehicles in countries like Mexico, Brazil, and Columbia.
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