Dublin, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The "Brazil Electric Vehicle and Charging Infrastructure Market Databook - 75+ KPIs Covering EV Market Size by Value and Volume, Vehicle Type, Price Point, Propulsion Type, Component, Location - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The electric vehicle market in Brazil is expected to grow by 17.1% on an annual basis to reach US$1.2 billion by end of 2024. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 21.9% during 2024-2028. The electric vehicle market in Brazil will increase from US$1 billion in 2023 to reach US$2.6 billion 2028.
Global firms, including BYD, are investing in the development of manufacturing facilities. The investment is part of the strategy to by-pass tax tariffs implemented on the import of electric vehicles in Brazil.
Firms are also entering into strategic collaborations to improve charging infrastructure in Brazil. A major Brazilian energy company Raizen, in February 2024, entered into a strategic partnership with BYD. The two firms, as part of this collaboration, aim to establish a network of 600 electric vehicle charging stations in eight major cities across Brazil.
Ahead of new tariffs, imports of Chinese electric vehicles increase in the Brazilian market in 2024
According to a report from the Ministry of Development, passenger car imports increased by 46.6% in Q1 2024, compared to the same period in Q1 2023. Chinese vehicles accounted for approximately 40% of the total imports. The flood of Chinese electric vehicles entering the Brazilian market has been largely driven by the upcoming import tariffs that are aimed at protecting local production.
Since 2015, Brazil has had zero import taxes for electric vehicles. However, President Luiz Inacio Lula da Silva is taking measures to restore the taxes later in 2024, to encourage the development of the domestic market. Full electric vehicles were subject to 10% import tax, since January 2024. This has increased to 18% in July 2024 and will reach 35% in July 2026. Hybrid vehicles, on the other hand, started attracting 15% import tax at the beginning of the year, which has further increased to 25% in July 2024 and 35% in July 2026.
Importers, therefore, have ramped up their vehicle imports ahead of the tax increase in the Brazilian market. Chinese automakers, in light of the tax increase, are also ramping up their investment in Brazil. BYD and Great Wall Motor, two of the Chinese EV firms, are building factories in Brazil. The investment in these factories will enable the firms to sell tariff-free electric vehicles across the region. BYD, notably, is planning to commence its production plans by mid-2025 at the new factory.
Auto Alliance aims to double electric vehicle fleet to 20,000 by the end of 2025 in Brazil
Ride-hailing app 99, in May 2024, announced that the group of companies are seeking to expand urban transportation in Brazil has doubled the target for electric vehicles to 20,000. This comes after performing better than expectations since launching the alliance in Brazil in 2022.
The alliance, which includes businesses such as Raizen, Movida, and BYD, initially planned to reach 10,000 electric cars connected to 99's app by the end of 2025. However, given the current situation, the alliance increased its target to 20,000 by 2025.
99, which is one of the biggest rivals for Uber in Brazil, did not disclose the amount of investment made in the alliance. However, the Senior Director of Innovation at 99, revealed that the group of companies infused US$47.34 million into the initiative. The increase in the target comes shortly after Brazil surpassed Belgium as the largest export market for Chinese electric vehicles.
Firms are forging strategic partnerships to set up charging stations across Brazil in 2024
A major Brazilian energy company Raizen, in February 2024, entered into a strategic partnership with BYD. The two firms, as part of this collaboration, aim to establish a network of 600 electric vehicle charging stations in eight major cities across Brazil. This move aims to meet the growing need for charging infrastructure in Brazil's expanding electric vehicle market.
The charging stations will be branded as Shell Recharge and will be installed over the next three years in key urban centers such as Sao Paulo, Rio de Janeiro, and six other state capitals. The Shell Recharge app is available for download on the Google Play store. Raizen, which is controlled by Shell and the Cosan conglomerate, is expected to be instrumental in the development of this charging station network, targeting a 25% share of the market.
ABB, in January 2024, also entered into a collaboration with the Graal Group to develop electric vehicle charging infrastructure in Brazil. Over 40 ABB fast and semi-fast chargers are being installed at Graal forecourts and service stations across five major states in Brazil. This includes Sao Paulo, Minas Gerais, Rio de Janeiro, Santa Catarina, and Rio Grande do Sul. These strategic partnerships are expected to further drive the adoption of electric vehicles in the Brazilian market, through improved charging infrastructure, over the medium term.
This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components in Brazil.
The electric vehicle charging infrastructure module provides market size data by number of charging stations, and number of charging points. Market opportunity is broken down by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.
Report Scope
This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in Brazil through 97 tables and 119 charts. Below is a summary of key market segments:
Brazil Overall Vehicle Market Size and Future Growth Dynamics
- Market size by value
- Market size by volume
Brazil Electric Vehicle Market Size and Forecast
- Market size by value
- Market size by volume
Brazil Electric Vehicle Market Volume By Drive Segment
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
Brazil Electric Vehicle Market Value and Volume By Car Segment
- Passenger Car
- Commercial Vehicle
Brazil Electric Vehicle Market Value and Volume By Passenger Car Segment
- Small Car
- Medium Car
- Crossover Car
- Large Car
- SUV
Brazil Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
- Light Duty Vehicle (Class 1-Class 3)
- Medium Duty Vehicle (Class 4-Class 6)
- Heavy Duty Vehicle (Class 7-Class 8)
Brazil Electric Vehicle Market Value By Vehicle Class
- Low-Priced
- Mid-Priced
- Luxury Class
Brazil Electric Vehicle Market Value By Powertrain
- Parallel Hybrid
- Series Hybrid
- Combined Hybrid
Brazil Electric Vehicle Market Value By Distance Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
Brazil Electric Vehicle Market Value By Charging Type
- Normal Charging
- Super Charging
Brazil Electric Vehicle Market Value By Propulsion Type
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
Brazil Electric Vehicle Market Value and Volume By Vehicle Type
- Two Wheelers (e2W)
- Three-Wheeler (e3W)
- Four Wheelers (e4W)
- Electric Buses
Brazil Electric Vehicle Market Value By Cities
- Tier 1 Cities
- Tier 2 Cities
- Tier 3 Cities
Brazil Electric Vehicle Market Value By Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
Brazil Electric Vehicle Infrastructure Market Value
Brazil Electric Vehicle Infrastructure Market Volume
- Number of Charging Points
- Number of Charging Stations
Brazil Electric Vehicle - Number of Charging Points By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
Brazil Electric Vehicle - Number of Charging Stations By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
Brazil Electric Vehicle - Number of Charging Points By Location
- Residential and Destination
- Streets
- Workplaces
- Flew depots
Brazil Electric Vehicle - Number of Charging Points By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
Brazil Electric Vehicle - Number of Charging Stations By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
Brazil Electric Vehicle - Number of Charging Points By Vehicle
- Passenger Cars
- Buses
- Trucks
- Light Commercial Vehicles
Brazil Electric Vehicle - Number of Charging Points By Connection Phase
- Single Phase
- Three Phase
Brazil Electric Vehicle - Number of Charging Points By Infrastructure Type
- CSS
- CHAdeMO
- GB/T
- Other
Brazil Electric Vehicle - Number of Charging Points By Connectivity
- Smart Charging Station
- Non-Connected Charging Station
For more information about this report visit https://www.researchandmarkets.com/r/cpf80i
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