The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Latin America Hybrid Electric Vehicle Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Latin America Hybrid Electric Vehicle Industry (2023-2028):
According to the latest report, 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. The report demonstrates the prominent factors propelling the exponential growth of the Latin America Hybrid Electric Vehicle industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2019-22
- Base Year: 2023
- Forecast Period: 2023-28
- CAGR (2023-2028): 6%
What are the major Driver the Latin America Hybrid Electric Vehicle industry?
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.
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Latin America Hybrid Electric Vehicle Market Segmentation
The Latin America Hybrid Electric Vehicle Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- 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
As per the regional aspect, the Latin America Hybrid Electric Vehicle Market is expected to be dominated by Brazil by capturing the potential market share.
Explore further details about this research report - https://www.marknteladvisors.com/research-library/latin-america-hybrid-electric-vehicle-market.html
Top Companies 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
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