Latin America Hybrid Electric Vehicle Market Insights, Share & Growth Trends 2023 to 2028

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 Markntel Advisors’ report, Latin America Hybrid Electric Vehicle Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2028, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Latin America Hybrid Electric Vehicle presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.

Latin America Hybrid Electric Vehicle Market Research Report & Market Summary:

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.

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Latin America Hybrid Electric Vehicle Market Dynamics:

Key Driver-

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.

Latin America Hybrid Electric Vehicle Market Segmentation Analysis:

According to MarkNtel study the market is segmented into the following categories:

By Propulsion Type

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

Of these three, HEVs (Hybrid Electric Vehicles) are estimated to hold a considerable market share during 2023-28, owing mainly to their lower ownership costs than their counterparts. 

By Electric Powertrain Type

  • Parallel hybrid
  • Series Hybrid
  • Combined Hybrid

Here, parallel hybrid is projected to attain a considerable market share, owing primarily to the growing deployment of regenerative breaking technology in vehicles, which restores the energy of the battery at the time of breaking and thus eliminated the need for external charging infrastructure.

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. It owes to their growing demand for consumers to travel at shorter distances. 

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.

As indicated in the latest market research report published by Markntel Advisors, “Latin America Hybrid Electric Vehicle Research Report: Forecast (2023-2028)”, this report offers a detailed analysis of the industry, featuring insights into the Latin America Hybrid Electric Vehicle industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.

Browse Full Report Along with TOC and Figures - https://www.marknteladvisors.com/research-library/latin-america-hybrid-electric-vehicle-market.html

Top Companies Operating in the 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.

*Reports Delivery Format - Market research studies from MarkNtel Advisors are offered in PDF, Excel, and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address*

Other Report:

Key Report Highlights:

  • Market Dimensions & Projections
  • Pricing Evaluation,
  • Recent Strategic Moves by Companies,
  • Primary Stakeholders,
  • Analysis of Import and Export Trends,
  • Competitive Landscape Assessment,
  • Emerging Opportunities,
  • Market Trends and Indicators

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

Frequently Asked Questions (FAQs)-

  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 leading factors would propel and impede the industry across the geography?
  4. How has the industry been evolving in terms of geography & Latin America Hybrid Electric Vehicle Market adoption?
  5. How has the competition been shaping up across the geography?
  1. 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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