Region:Central and South America
Author(s):Jyoti
Product Code:KROD249
The Brazil Electric Vehicle Market is characterized by a growing demand for EVs in urban centers, where factors like congestion and pollution are leading to the adoption of clear mobility option. Brazil’s commitment to reducing greenhouse gas emission is driving regulatory support and polices that promote EV adoption, such as tax incentives, subsidies, and reduced import tariffs.
As Battery technology improves, EVs will become more affordable and practical for consumers, resulting in increased consumer interest and awareness. The expansion of charging infrastructure is also an important component, alleviating range anxiety and promoting wider adoption. Established automotive manufactures and new comers alike are entering the market, offering a range of electric models to cater to diverse consumers preference. Overall, Brazil electric vehicle market is growing, and with a projected CAGR of 17% during the forecast period (2022-2028), it is driven by a convergence of policy incentives, technological advancement, environmental consciousness and urban mobility needs.
The Brazil EV Market is streamlined with some of the largest players, having major influence in the market. This ecosystem comprises EV manufacturers, charging infrastructure providers, battery manufacturing companies, and technology/software firms Battery advancements impact vehicle design, charging infrastructure requirements influence vehicle usage patterns, and software solutions enhance the overall EV experience. Government incentives and policies further shape the ecosystem, influencing investments, market adoption, and regulatory frameworks.
By Type of Vehicles: On Type of Vehicle, the Passenger vehicle is the dominant segment in 2022 because of their broader consumer base, daily commuting suitability, and increasing environmental awareness. Consumers opt for EVs as personal transportation, driven by lower emissions, cost savings, and urban mobility advantages. Government incentives often target passenger EVs, further boosting adoption. These factors collectively position passenger EVs as the preferred choice for individuals seeking sustainable and efficient mobility solutions.
By Distribution Channels: The market segmented by Distribution Channels into Banks, NBFCs and OEMs. OEMs sector dominate the market in 2022. Due to their manufacturing expertise, brand recognition, diverse product range, research investment and global partnership. These factors enable them to produce high-quality EVs, offer various models, innovate in technology, and ensure reliable after-sales support, making them key drivers in shaping the industry's growth and consumer adoption.
By Regional Split: The most dominant region is the South region of Brazil, The South region has a higher population density compared to other regions, which can drive higher demand for transportation solutions, including electric vehicles. Urban centers like São Paulo have a larger concentration of potential EV consumers. due to Availability of charging infrastructure is crucial for EV adoption. The South region has invested significantly in building a robust charging network, that contribute immensely to the market share.
The competitive landscape of the Brazilian electric vehicle (EV) market is characterized by a diverse array of players spanning various segments. Established global automotive giants such as Tesla, Nissan, and Chevrolet have a significant presence, offering a range of EV models that cater to different consumer preferences. These companies drive innovation in EV technology, design, and performance, setting industry benchmarks. Battery manufacturing companies such as Samsung SDI and local producers contribute to technological advancements, enhancing the efficiency and capabilities of EV batteries. Charging infrastructure companies play a crucial role, with international names like EVgo and Electrify America making their mark alongside local entities like EDP and Green Mobility. Their expanding charging networks address the critical concern of charging accessibility, facilitating widespread EV adoption.
Brazil Electric Vehicle Market is showing considerable growth over the years, moving forward with an expected CAGR of ~17% within a time period of 2022 to 2028. This rise is in the wake of New Technology globally, which is pushing this market to rise up to the newer challenges.
Brazil Electric Vehicle Market Segmentation |
|
By type of Vehicles |
Passenger Commercial |
By Distribution Channels |
OEMs Banks NBFCs |
By Region |
West South East North |
2.1 Taxonomy of the Market
2.2 Industry Value Chain
2.3 Ecosystem
2.4 Government Regulations/Initiatives for the Market
2.5 Growth Drivers of the Brazil EV Market
2.6 Issues and Challenges of the Brazil EV Market
2.7 Impact of COVID-19 on the Brazil EV Market
2.8 SWOT Analysis
4.1 By Type of Vehicles, 2017 - 2022
4.2 By Distribution Channels, 2017 - 2022
4.3 By Regional Split (North/East/West/South), 2017 - 2022
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players
5.3 Company Profiles Comparison
5.3.1 BYD
5.3.2 Volkswagen Group
5.3.3 Renault
5.3.4 Nissan
5.3.5 BMW
5.3.6 JAC Motors
5.3.7 CAOA Chery
7.1 By Type of Vehicles, 2022 – 2028
7.2 By Distribution Channels, 2022 - 2028
7.3 By Regional Split (North/East/West/South), 2022 - 2028
Strict regulatory control creation for all the major entities and referring to multiple secondary and relevant databases to perform desk research around market to assemble industry level information.
Gathering statistics on electric Vehicles in Brazil over the years, penetration of marketplaces and service provider’s ratio to compute revenue generated for analytical services. Reviewing of service quality statistics to understand revenue generated which can ensure accuracy behind the data points shared.
Building market hypothesis and conducting CATIs with industry exerts belonging to different companies to validate statistics and seek operational and financial information from company representatives.
Our team has approached multiple Electric vehicle companies providing channels and understood nature of product segments and sales, consumer preference and other parameters, which supported us with validate statistics derived through bottom to top approach from onboarding and screening providers.
As per the Brazilian Electric Vehicle Association, or ABVE, sales of electrified automobiles, which include electrics, plug-in hybrids, and hybrid models, totalled 49,245 vehicles in 2022.
Brazil has 401 registered charging stations across the nation as of July 2023, Brazil had the most electric vehicle charging stations in all of Latin America. Mexico and Chile came next, with 340 and 316 stations, respectively.
Brazil imports electricity from neighbouring countries like Paraguay, Argentina, and Uruguay.
The market value of the Brazilian electric vehicle market was valued at $566 Mn in 2022.
The Brazil electric vehicle market is anticipated to reach a market value of $1.2 Bn by the end of 2028.
By 2030 battery-electric vehicles will capture 7% market of total light vehicles sold in Brazil.
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