Brazil Electric Vehicle Market Research Report, 2027

Brazil's electric car market is developing as a result of rising consumer awareness, backing from the government, and a growing dedication to environmentally friendly transportation. The Brazilian EV market has a lot of room to develop in the future as infrastructure and technology improve, contributing significantly to a cleaner and more sustainable mobility future. The future of the electric vehicle market in Brazil holds immense promise. With a supportive regulatory framework, evolving consumer preferences, and ongoing advancements in battery technology and charging infrastructure, the market is poised for growth. Brazil's abundance of renewable energy resources, such as hydroelectric power, provides an eco-friendly advantage for powering EVs. The electric vehicle (EV) market in Brazil offers several benefits that contribute to the country's sustainable development and the well-being of its citizens. The expansion of charging infrastructure, including public and private charging stations, helps alleviate range anxiety concerns and supports long-distance travel. According to the research report "Brazil Electric Vehicle Market Research Report, 2027," published by Actual Market Research, The Brazil Electric Vehicle market was valued at above USD 180 Million in 2027. The preference for BEVs or PHEVs in the Brazilian market depends on various factors, including driving patterns, access to charging infrastructure, pricing, and consumer priorities. While BEVs offer the advantage of zero-emissions driving and simplicity in terms of propulsion, PHEVs provide a transition option for consumers who may have concerns about charging infrastructure availability or require a greater driving range. As technology continues to advance and charging infrastructure expands, the adoption of BEVs is expected to grow in the Brazilian market. PHEVs like the Toyota Prius Plug-in Hybrid and Mitsubishi Outlander PHEV are preferred options for those seeking a blend of electric and conventional powertrain technologies.

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The Brazilian government provides tax incentives to encourage the purchase of electric vehicles. These incentives include exemptions or reductions in import taxes (IPI), excise taxes (ICMS), and annual vehicle taxes (IPVA) for electric vehicles. Such incentives aim to make EVs more affordable and competitive compared to conventional internal combustion engine vehicles. Brazil has been increasingly adopting electric buses in its public transportation systems. Major cities like São Paulo and Rio de Janeiro have introduced electric buses as part of their fleets, reducing emissions and improving air quality in urban areas. The Electric vehicles have also gained popularity in the ride-hailing and car-sharing sectors in Brazil. Companies such as Uber and 99 have introduced electric vehicle options in their fleets, providing consumers with sustainable and eco-friendly transportation choices. The National Institute of Metrology, Quality, and Technology (Inmetro) regulates the certification of electric vehicles in Brazil. Electric vehicle models must undergo certification processes to ensure compliance with safety, performance, and efficiency standards. The Alternative Fuel Infrastructure Program (PROINFRA) program aims to develop and expand the charging infrastructure network for electric vehicles in Brazil. ExpoVeículo Elétrico organized by the Brazilian Association of Electric Vehicles (ABVE), is an annual event solely focused on electric vehicles. It brings together automakers, industry experts, government representatives, and EV enthusiasts to showcase EV models, discuss market trends, and share insights into the future of electric mobility in Brazil. However, challenges such as high initial costs, limited model availability, and the need for further infrastructure development remain, necessitating collaborative efforts from various stakeholders to address these hurdles and drive the widespread adoption of electric vehicles. Considered in this report • Geography: Brazil • Historic year: 2017 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027

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Kripa Shah

Senior Analyst

Aspects covered in this report • Brazil market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Passenger Vehicle • Commercial Vehicle By population type • BEV • PHEV The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us. we have started verifying the details obtained from secondary sources.

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Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to organic food and beverage industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.