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.                                   

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.

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Market Dimensions & Projections

·        Pricing Evaluation

·        Recent Strategic Moves by Companies

·        Primary Stakeholders

·        Import/Export Trend Analysis

·        Competitive Landscape Assessment

·        Emerging Opportunities

·        Market Trends and Indicators

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Latin America Hybrid Electric Vehicle Market Segmentation:

The market report categorizes the market based on different segments and geographical analysis.

Study Timeline:

-Base Year: 2022

-Historical Period: 2018 to 2021

-Forecast Period: 2023-28

•  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

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including -   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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