Latin America Hybrid Electric Vehicle Market Witness Highest Growth at a CAGR of 6% by 2028

Latin America Hybrid Electric Vehicle Market Overview and Insights:

According to MarkNtel Advisors Report, Latin America Hybrid Electric Vehicle Market projected to grow at a CAGR of around 6% during the forecast period, i.e., 2023-28.

Latin America Hybrid Electric Vehicle Market research is an ongoing process. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

Time Period Captured in the Report:

Historical Years: 2018-21

Base Years: 2022

Forecast Years: 2023-28

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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.

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

The top companies of the Latin America Hybrid Electric Vehicle market ruling the industry are:

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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What is Included in Latin America Hybrid Electric Vehicle Market Segmentation?

The report has segmented the market into the following categories:

-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. In addition, parallel hybrid vehicles provide high performance and also aid in efficient energy conservation while eliminating mechanical complexity when compared to other powertrain types. Hence, owing to the better performance and reduced dependence on charging infrastructures, the demand for parallel hybrid vehicles is estimated grow notably in Latin America over the coming years.

-By Propulsion Type

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

-By Hybridization

Full Hybrid
Micro-Hybrid
Mild Hybrid

-By Vehicle Type

Passenger Cars
Commercial Vehicles
Two Wheeler

Geographical Analysis:

-By Country

Mexico
Brazil
Argentina
Columbia
Rest of Latin America

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