Future of Latin America Hybrid Electric Vehicle Market: Key Dynamics, Size & Share Analysis

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.

Top Impacting the Latin America Hybrid Electric Vehicle Market Growth

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.

Understanding the Core Segments in the Latin America Hybrid Electric Vehicle Market

Latin America Hybrid Electric Vehicle Market Size, Share & Industry Trends Analysis- 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.

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Geographical Analysis of the Latin America Hybrid Electric Vehicle Market

  • Mexico
  • Brazil
  • Argentina
  • Columbia
  • Rest of Latin America

Of all countries, Mexico acquired a significant share of the Hybrid Vehicle Market across Latin America.

Who Dominates the Latin America Hybrid Electric Vehicle Market Insights on Key Industry Players?

Companies are strengthening their presence in the consumer electronics market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.d

  • 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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