Press release
IMARC Group Predicts Latin America Electric Vehicles Market Will Hit USD 321.6 Billion by 2034
Latin America Electric Vehicles Market Overivew
The Latin America electric vehicles market size reached USD 56.4 Billion in 2025 and is expected to grow to USD 321.6 Billion by 2034, registering a CAGR of 21.34% during the forecast period 2026-2034. This growth is driven by government incentives, rising fuel prices, expanding charging infrastructure, urban air pollution concerns, automaker investments, falling battery costs, rising consumer awareness, stricter emissions regulations, technological advancements, and the growing availability of EV models.
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Study Assumption Years
Base Year: 2025
Historical Year/Period: 2020-2025
Forecast Year/Period: 2026-2034
Latin America Electric Vehicles Market Key Takeaways
Current Market Size: USD 56.4 Billion in 2025
CAGR: 21.34% (2026-2034)
Forecast Period: 2026-2034
Chinese EV manufacturers such as BYD, Geely, and Renault are expanding operations in Latin America, with production and sales targets growing significantly by 2025.
Major energy corporations, including BYD, ExxonMobil, and SLB, are investing in lithium extraction projects in the region to secure battery supply for EV production.
The market segmentation covers components, charging type, propulsion type, vehicle type, and diverse regional markets.
The market features strong government support with public-private collaborations to boost affordable EV manufacturing in Mexico and fleet expansion in Brazil.
Advances in lithium extraction and local assembly initiatives aim to reduce costs and strengthen the regional EV supply chain.
Market Growth Factors
Some of the factors which are driving electric vehicles market in Latin America include government support, urban air quality improvement targets, increasing fuel prices which are encouraging EV adoption, participation and investment from vehicle manufacturers, improved charging infrastructure, declining battery pricing, increasing environmental concerns and stringent emission regulations. All these factors are creating a favorable environment for the growth of electric vehicles (EVs) market across Latin America.
Latin America is also seen as a key growth region for Chinese car makers as they promote the position of their cheap electric vehicles. Chinese automaker BYD is projecting to sell 50,000 cars in Mexico in 2024 and double that in 2025, and plans to build a plant that could ramp up to 300,000 vehicles. Geely and Renault are working together to increase utilization rate and locally produce cars in Brazil.
Rising EV demand has led large energy companies to invest in lithium mining in the largest lithium reserves in Latin America. BYD owns mining rights to lithium from Brazil. To ensure lithium supply from clean extraction projects, companies like ExxonMobil and SLB are investing in these projects in Chile. The same supply chain focus also supports greener transport solutions.
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Market Segmentation
Component Insights:
Battery Cells & Packs: The main energy storage elements crucial for EV operation.
On-Board Charger: Devices facilitating battery charging within the vehicle.
Fuel Stack: Components related to fuel cell electric vehicles enabling power generation.
Charging Type Insights:
Slow Charging: Charging technology with lower power output, typically longer duration.
Fast Charging: Technology enabling rapid battery recharge in a shorter time frame.
Propulsion Type Insights:
Battery Electric Vehicle (BEV): Vehicles powered exclusively by electric batteries.
Fuel Cell Electric Vehicle (FCEV): Vehicles using hydrogen fuel cells for propulsion.
Plug-In Hybrid Electric Vehicle (PHEV): Vehicles combining electric and conventional engines with plug-in charging.
Hybrid Electric Vehicle (HEV): Vehicles using both electric motor and combustion engine without external charging.
Vehicle Type Insights:
Passenger Vehicles: Electric vehicles designed primarily for personal transport.
Commercial Vehicles: Electrified transport vehicles used for goods and services.
Others: Other categories of electric vehicles beyond passenger and commercial.
Regional Insights:
Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others: The major countries covered to analyze regional market dynamics.
Regional Insights
Brazil is highlighted as a dominant market within Latin America, driven by public-private collaborations and expanded EV fleet targets. For example, Brazil's auto alliance raised its electric vehicle fleet target to 20,000 by the end of 2025, surpassing expectations. The regional markets including Mexico, Argentina, Colombia, Chile, Peru, and others contribute to the overall growth trajectory. Latin America is projected to witness significant expansion supported by these country-level initiatives and investments.
Recent Developments & News
In January 2025, Mexico announced plans to build an inexpensive electric vehicle through a public-private partnership, targeting prices between $4,400 and $7,400. Mexican company Olinia will produce this vehicle, offering local alternatives to international brands. In May 2024, Brazil's auto alliance, including ride-hailing app 99, increased its EV fleet target to 20,000 by the end of 2025 after exceeding its 2022 launch goals. The alliance is composed of Raízen, Movida, and BYD, reflecting strong industry cooperation towards electrification.
Speak to an Analyst: https://www.imarcgroup.com/request?type=report&id=29108&flag=C
Key Players
BYD
Geely
Renault
ExxonMobil
SLB (formerly Schlumberger)
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
Contact Us
IMARC Group,
134 N 4th St. Brooklyn, NY 11249, USA,
Email: sales@imarcgroup.com,
Tel No: (D) +91 120 433 0800,
United States: +1-201971-6302
About Us
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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