Latin America Hybrid Electric Vehicle Market Size & Insights

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. It owes to the rising prices of fossil fuels and increasing number of stringent emission norms being imposed by governments of various countries worldwide. The prices of conventional fuels have been increasing year-on-year due to declining number of crude oil & natural gas reserves.

The same aspect has increased concerns among governments & automotive OEMs to find a cost-efficient & sustainable alternative to fossil fuel-based vehicles. As a result, automakers are increasingly manufacturing hybrid vehicles in order to reduce the alarming levels of harmful carbon emissions, and address the ever-rising fossil fuel prices. In addition, the launch of incentive schemes by governments of countries like Brazil, Mexico, & Columbia is also contributing to the surging sales of hybrid vehicles across Latin America.

What are the Key DROs in the Latin America Hybrid Electric Vehicle Market??

Ever-Increasing Deployment of Stringent Emission & Fuel Economy Norms- Hybrid vehicle sales have been growing steadily in Latin America, mainly due to the imposition of strict emission-related norms by governments of countries like Brazil, Mexico, Chile etc., in order to lower CO2 emissions from the automotive sector. For instance, in 2022, the Brazilian government implemented PROCONVE L-7 and further announced the implementation of PROCONVE L-8 emission norms in 2025. These automotive emission norms extremely focus on lowering harmful gasses like carbon monoxide, hydrocarbons, nitrogen oxides, etc., from automotive due to which, the OEMs like Toyota, Volvo, and others across the region have been gradually shifting towards the manufacturing of hybrid electric vehicles.

According to the German automobile association (ADAC) the hybrid vehicles has been efficient in saving fuel consumption by 15-25%, eventually leading to a slowdown in the emission of harmful gasses. Additionally, consumers have been more comfortable with the adoption of hybrid vehicles owing to their fuel economy feature which would further drive the market during the forecast period.

What are the Key Segments in the Latin America Hybrid Electric Vehicle Market?

The Latin America Hybrid Electric Vehicle Market is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

• 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
• Light Commercial Vehicle (LCV)
• Medium & High Commercial Vehicle (MHCV)
• Two Wheeler

Of both, passenger cars acquired a significant share of the Latin America Hybrid Electric Vehicle Market.

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How does geographical analysis highlight in the Latin America Hybrid Electric Vehicle market?

By Country

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

Of all countries, Mexico acquired a significant share of the Hybrid Vehicle Market across Latin America.

Who are the Key Players in Latin America Hybrid Electric Vehicle Market?

• 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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