By Propulsion Type (Plug-in Hybrid Electric Vehicle [PHEV], Hybrid Electric Vehicle [HEV], 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), By Countries (Mexico, Brazil, Argentina, Columbia, Rest of Latin America), By Company (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) Read more
- Automotive
- Jan 2023
- 167
- PDF, Excel, PPT
Market Definition
Hybrid Vehicles are powered both by an ICE (Internal Combustion Engine) and one or more electric motors that consume energy stored in batteries. They combine the benefits of high fuel economy & low tailpipe emissions, along with the power & range of conventional vehicles. In order to curb the harmful emissions released from fossil fuel-based vehicles, hybrid vehicles are being increasingly manufactured in several regions worldwide for both passenger & commercial purposes.
Market 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.
- In 2018, the Brazil government announced to reduce the tax on mass produced electric & hybrid vehicles from 25% to 18%. Various companies like BYD, Volvo, & Ford are increasingly setting up manufacturing units of hybrid vehicles in the country.
- In November 2022, BYD launched two SUV models in Brazil, viz., the hybrid Song and the all-electric Yuan, both priced at around USD50, 540.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 6% |
| Country Covered | Mexico, Brazil, Argentina, Columbia, Rest of Latin America |
| Key Companies Profiled | 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 |
| Unit Denominations | USD Million |
These automakers are offering a wide range of fuel-efficient hybrid vehicles with advanced features, which, in turn, is attracting more & more customers across the country, thereby stimulating the overall expansion of the hybrid vehicle market in Latin America.
Recent Developments
- In 2021, BMW announced to launch various Plug-in Hybrid Electric Vehicles (PHEV) such as BMW 330e /330e xDrive Sedan, BMW 530e/530e xDrive Sedan and other model cars in Columbia.
- In 2020, Volvo launched the plug-in hybrid (PHEV) version of XC40 SUV in Brazil. The company also has forecasted to sell around 500-550 units at the end of same year.
Key Trend in the Latin America Hybrid Electric Vehicle Market
- Development of Ethanol-based Hybrid Cars
Due to the ongoing research and development in hybrid vehicles, automakers are actively focusing on finding innovative solutions to reduce carbon emissions. OEM’s like Stellantis and CAOA are into the development of hybrid vehicles based on ethanol & electric motors in order to lower emission levels to much more extent. In 2022 CAOA launched five new models – four ethanol-based hybrids and one fully electric model in Brazil. This trend is projected to bode well for the Latin America Hybrid Electric Vehicle Market in the coming years.
- Market Segmentation
- Introduction
- Research Process
- Assumption
- Market Definition
- Executive Summary
- Latin America Hybrid Electric Vehicle Market Trends & Development
- Latin America Hybrid Electric Vehicle Market Dynamics
- Growth Drivers
- Challenges
- Latin America Hybrid Electric Vehicle Market Supply Chain Analysis
- Latin America Hybrid Electric Vehicle Market Policies, Regulations, and Standards
- Latin America Hybrid Electric Vehicle Market Hotspot and Opportunities
- Latin America Hybrid Electric Vehicle Market Outlook, 2018-2028F
- Market Size and Analysis
- By Revenues (USD Million)
- By Unit Sold (Thousand Units)
- Market Share and 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
- Light Commercial Vehicle (LCV)
- Medium & High Commercial Vehicle (MHCV)
- Two Wheeler
- By Countries
- Mexico
- Brazil
- Argentina
- Columbia
- Rest of Latin America
- By Company
- Competition Characteristics
- Market Share & Analysis
- By Propulsion Type
- Market Size and Analysis
- Mexico Hybrid Electric Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues (USD Million)
- By Unit Sold (Thousand Units)
- Market Share and Analysis
- By Propulsion Type
- By Electric Powertrain Type
- By Hybridization
- By Vehicle Type
- Market Size & Analysis
- Brazil Hybrid Electric Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues (USD Million)
- By Unit Sold (Thousand Units)
- Market Share and Analysis
- By Propulsion Type
- By Electric Powertrain Type
- By Hybridization
- By Vehicle Type
- Market Size & Analysis
- Argentina Hybrid Electric Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues (USD Million)
- By Unit Sold (Thousand Units)
- Market Share and Analysis
- By Propulsion Type
- By Electric Powertrain Type
- By Hybridization
- By Vehicle Type
- Market Size & Analysis
- Columbia Hybrid Electric Vehicle Market Outlook, 2018-2028F
- Market Size & Analysis
- By Revenues (USD Million)
- By Unit Sold (Thousand Units)
- Market Share and Analysis
- By Propulsion Type
- By Electric Powertrain Type
- By Hybridization
- By Vehicle Type
- Market Size & Analysis
- Latin America Hybrid Electric Vehicle Market Key Strategic Imperatives for Success and Growth
- Competitive Outlook
- Competition Matrix
- Material Type Portfolio
- Brand Specialization
- Target Markets
- Target Material Types
- Research & Development
- Strategic Alliances
- Strategic Initiatives
- Company Profiles (Business Description, Material Type Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
- 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
- Competition Matrix
- Disclaimer
MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:
1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.
2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.
3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.
4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making
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