An electric vehicle is propelled by electricity as opposed to gasoline. An electric motor, which runs on a continuous source of energy from batteries, powers these cars instead of internal combustion engines. These cars use a variety of batteries. These include lithium ion, zinc-air, molten salt, and other nickel-based systems. The electric car was primarily developed to replace conventional forms of transportation since they degrade the environment. Its increasing popularity is a result of numerous technical advancements. Its advantages over conventional cars include lower fuel consumption, lower maintenance costs, lower carbon emissions, easier at-home charging, smoother ride, and less engine noise.
Brazil Electric Vehicle Market Driving Factors and Challenges
There are several drivers that driving market growth. Battery technology advancements will result in longer ranges, faster charging times, and lower costs, increasing consumer trust in EVs and further boosting the market. As battery capacity rise, resulting in longer driving ranges, and charging infrastructure improves, EVs become more convenient and practical for everyday use.
Extending a dependable and accessible charging network across urban and rural areas can alleviate range anxiety and encourage more EV adoption. A well-developed charging network with readily available charging stations in both urban and rural areas will provide consumers the confidence to choose for EVs for longer travels.
The high cost of EV production has been an important challenge to their widespread acceptance. The anticipated decrease in battery prices and reduction in R&D expenses are expected to lower the overall cost of purchasing electric hatchbacks, crossovers, or SUVs to levels equivalent to ICE vehicles, resulting in greater demand for EVs. Due to the high cost of rechargeable lithium ion batteries required for these vehicles, EVs are significantly more expensive than ICE automobiles. The cathode pricing has a substantial influence on the price of the batteries.
Impact of COVID-19 on Brazil Electric Vehicle Market
The COVID-19 outbreak had an effect on the market. The pandemic had a major influence on the aviation and automobile industries. The number of cars on the road dropped significantly. However, after most countries' lockdowns were lifted in June 2020, sales of all types of EVs rose. BEV and HEV sales were extremely high following the outbreak. As OEMs prepare to launch new EV models in the next years, the decade 2023-2025 is predicted to be a boom period for EV sales. Furthermore, government incentives for vehicle electrification and a decline in battery prices are expected to keep market expansion brisk during the projection period.
Brazil Electric Vehicle Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; BMW, BYD, CAOA Chery, JAC Motors, Nissan, Renault, Volkswagen Group.
Brazil Electric Vehicle Market Segmentation:
By Type of Vehicles: Based on the Type of Vehicles, Brazil Electric Vehicle Market is segmented as; Passenger, Commercial.
By Distribution Channels: Based on the Distribution Channels, Brazil Electric Vehicle Market is segmented as; OEMs, Banks, NBFCs.
By Region: This research also includes data for West, South, East, North.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.