Mexico Electric Vehicle Market Research Report, 2030

The Mexico electric vehicle (EV) market is rapidly expanding, driven by increasing environmental awareness, supportive government policies, and advancements in EV technology. Key factors contributing to this growth include government incentives such as rebates and tax credits, the expansion of charging infrastructure, and the introduction of new EV models by both established automakers and new entrants. The market is also benefiting from growing consumer awareness of the environmental and economic benefits of EVs, including lower fuel costs and reduced emissions. As a result, EVs are becoming increasingly mainstream, with a growing share of new vehicle sales. This trend is expected to continue as more consumers and businesses adopt EVs as part of their sustainability initiatives. The history of the electric vehicle (EV) market in Mexico began to take shape in the early 2010s, with the introduction of models like the Nissan Leaf and the Zacua M2. This growth was driven by increasing environmental awareness and supportive government policies, such as tax incentives and exemptions for EV purchases. Regulatory policies have played a crucial role in promoting EV adoption, including the Federal Law on New Automobiles Taxation, which exempts EVs from certain fees, and the Income Tax Law, which offers deductions for investments in EVs. Additionally, Mexico's National Electromobility Policy aims to reduce greenhouse gas emissions and increase the share of EVs in the automotive market. The government has also recognized lithium as a strategic mineral and announced plans to manage its value chain through a new public entity. These efforts are part of a broader strategy to transition to sustainable transportation and reduce reliance on fossil fuels. According to the research report," Mexico electric vehicle Market Research Report, 2030," published by Actual Market Research, the Mexico electric vehicle Market is expected to reach a market size of more than USD3 36.18 Billion by 2030. The electric vehicle (EV) market in Mexico is experiencing significant growth, driven by increasing environmental awareness, government incentives, and advancements in EV technology. The market is projected to reach revenue of US$34.8 billion in 2025, with a steady annual growth rate (CAGR) of 8.97% from 2025 to 2030, reaching US$53.4 billion by 2030. Key drivers include Mexico's climate legislation targeting a 50% reduction in emissions by 2050 and a 35% increase in renewable energy by 2025, as well as the government's push to phase out fossil fuel vehicles by 2030. The market is segmented into battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV), with HEVs currently dominating due to their fuel efficiency and the growing infrastructure supporting hybrid vehicles. Leading players in the market include Toyota Motor Corporation, which holds a significant market share with its wide range of electric vehicle offerings and extensive dealership network, and Anhui Jianghuai Automobile (JAC), known for its affordable electric car models and strong manufacturing base. The market is also seeing a rise in hydrogen fuel cell electric vehicles (FCEV) due to investments in hydrogen fuel technology and increasing availability of hydrogen refuelling stations.

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The propulsion segment of the Mexico electric vehicle (EV) market is characterized by a diverse range of technologies aimed at enhancing vehicle performance, efficiency, and sustainability. The market is dominated by battery electric vehicles (BEVs), which rely solely on electric power stored in batteries for propulsion. BEVs are favoured for their zero emission capabilities and are supported by extensive government incentives and tax credits. Plug-in hybrid electric vehicles (PHEVs) combine an internal combustion engine with an electric motor, offering the flexibility of both electric driving and traditional fuel use. PHEVs are popular among consumers who seek the benefits of electric driving without range anxiety. Hybrid electric vehicles (HEVs), which also combine an internal combustion engine with an electric motor but cannot be plugged in for charging, provide improved fuel efficiency compared to conventional vehicles. The market is also witnessing the emergence of fuel cell electric vehicles (FCEVs), which generate electricity through a chemical reaction between hydrogen and oxygen, emitting only water vapor as a byproduct. FCEVs are gaining traction due to their potential for long-range travel and quick refuelling times. Key players in the propulsion segment include Toyota Motor Corporation, which holds a significant market share with its wide range of electric vehicle offerings and strong brand reputation, and Anhui Jianghuai Automobile (JAC), known for its affordable electric car models and strong manufacturing base. The expansion of charging infrastructure, including high-speed DC fast chargers and home charging solutions, is further driving the adoption of EVs across the country. As consumer awareness of environmental impact grows, the propulsion segment is expected to continue evolving, with a focus on improving energy density, reducing charging times, and enhancing overall vehicle performance. Mexico's electric vehicle (EV) market is undergoing considerable expansion, with growing interest in passenger cars, commercial vehicles, and two-wheelers. The advancement of each category is impacted by government policies, increased environmental awareness, and enhanced technology. The passenger EV market in Mexico represents the largest and the most rapidly expanding segment. Although the uptake of electric cars remains quite low when compared to traditional gasoline vehicles, there has been a significant rise in demand. This increase is fuelled by government incentives, including tax rebates and waivers from vehicle registration fees, alongside growing consumer consciousness regarding the environmental effects of internal combustion engine vehicles. Major international automakers such as Nissan, BMW, and Tesla have launched electric models in Mexico, with well-liked choices like the Nissan Leaf and Tesla Model 3. The presence of more economical EVs and advancements in charging infrastructure have further made electric cars more accessible to the Mexican population, particularly in major cities like Mexico City and Monterrey. The commercial electric vehicle industry in Mexico is still developing but holds considerable promise. Electric buses, trucks, and delivery vans are gaining popularity, propelled by the demand for cleaner transportation alternatives in urban settings. Firms such as BYD and Tesla have started providing electric buses and trucks to both public and private fleets. Mexico’s commercial sector is placing more emphasis on lowering emissions and operational expenses, and electric commercial vehicles present a compelling option due to reduced fuel and maintenance expenses. Government backing, comprising incentives for fleet electrification, is also aiding the growth of this sector. Electric two-wheelers, which include e-bikes and e-scooters, are increasingly favoured in Mexico, especially in urban locales. As cities like Mexico City and Guadalajara encounter traffic congestion and pollution, electric motorcycles and scooters present a convenient, low-cost, and environmentally friendly option for short-distance journeys. Mexico's electric vehicle (EV) market is expanding, with the evolution of charging infrastructure being a vital aspect in fostering this growth. The market for EV charging is categorized into two main types: fast charging and normal (or standard) charging. Both forms of charging infrastructure are essential in satisfying the requirements of EV owners and promoting broader acceptance. Fast charging, often referred to as DC fast charging, is crucial for delivering rapid recharging options, particularly for long travels or urban regions with significant EV uptake. Fast chargers are capable of replenishing an EV battery to 80% in approximately 30 minutes, making them a favoured option for commercial and highway systems. In Mexico, the fast charging infrastructure remains at a nascent stage, yet it is rapidly growing. Major cities such as Mexico City, Monterrey, and Guadalajara are experiencing a rise in the establishment of fast-charging stations, frequently located along highways or in commercial hubs. Key players like Tesla, Iberdrola, and Enel have been spearheading the growth of fast charging networks, and the Mexican government has begun to fund this infrastructure to uphold the nation's electric mobility objectives. As EV adoption increases, the need for fast-charging stations is expected to persistently elevate. Normal charging, or Level 2 charging, utilizes a 240V outlet and typically requires several hours to completely charge an EV, generally overnight. This charging method is more prevalent in residential neighbourhoods, workplaces, and public areas. It is less costly to set up compared to fast charging stations and is suitable for EV owners with a regular daily commute. In Mexico, standard charging stations are being more frequently incorporated into residential projects, shopping centres, and commercial facilities. Businesses like Oxo, a well-known convenience store chain, alongside other retail locations, have commenced installing Level 2 charging points in their parking areas to accommodate the requirements of EV drivers.

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Nikita Jabrela

Business Development Manager

Considered in this report • Geography: Mexico • Historic Year: 2019 • Base year: 2024 • Estimated year: 2025 • Forecast year: 2030 Aspects covered in this report • Electric vehicle Market with its value and forecast along with its segments • Region & country wise electric vehicle Market analysis • Application wise electric vehicle marker distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Propulsion • Battery Electric Vehicle (BEV) • Fuel Cell Electric Vehicle (FCEV) • Plug-In Hybrid Electric Vehicle (PHEV) • Hybrid Electric Vehicle (HEV)

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By Vehicle Type • Passenger • Commercial • Two Wheelers By charging type • Fast • Normals 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, analysing 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. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture 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.