Mexico Electric Car Market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at XX% from 2020 to 2027, reaching US$ XX Mn.
Mexico Electric Car Market Overview:
The Mexican Electric Car Marketis currently at a very initial stage of its growth. EVs only started to be commercialized in 2014, although tax incentives & other measures to raise their use have been implemented, the number of EVs in the country remains low. As a developing market, Mexico has important room for investment, for example in the development of Electric Vehicle charging infrastructure to help customers cope with the low distance ranges offered by today’s Electric Vehicle batteries.
Due to Mexico’s significant polygonal trading agreements, it has become Centre of attention for investment capital from big manufacturing countries, like China, looking to set up electric automobile spare parts plants. International & domestic companies have also been introducing electric vehicles to México & are planning to improve charging centers & other infrastructure. Mexican regulation, federal & local, provides different incentives or supports for the use of electric vehicles. The federal taxation law contains some important measures. The Federal Law on New Automobiles Taxation excuses vehicles propelled by electric rechargeable batteries, as well as hybrid vehicles, from fees regarding their sale or import. The Income Tax Law grants benefits, in the form of higher amounts for permissible deductions, to persons who invest in electric & hybrid vehicles or acquire their provisional use.
A further fiscal incentive takes the form of a tax credit of 30 percent of the investment made in public power supply facilities for electric vehicles. The Comisión Federal de Electricidad (CFE), the largest electricity supply company in México, endorses the use of electric vehicles through the installation of an independent light meter. This avoids the applicable electricity tariff range from growing, keeping the electric vehicle user’s fee within the domestic standard spectrum instead of the great consumption rate.
The CFE, along with the vehicle industry, is working to increase the recharging infrastructure in the country. Charging facilities have been installed in many states &, according to statistics published by the Federal Government, in February 2017 there were 699 in residence, 68 percent of which is civic. During the Mexico Energy Forum 2018, the CFE said that there are currently 900 charging facilities in the country, which means a rise of 201 charging centres, backed through a trust for Energy Transition & Sustainable Energy Use. In Mexico City, local regulation offers electric vehicles with eye-catching aids to endorse their purchase & use. Electric & hybrid vehicles are barred from the vehicle verification proceedings & can circulate daily without limitation, unlike other urban vehicles subjected to “no-circulation” packages. Parking lots, whether public & privately operated, must contain exclusive parking spots for electric & hybrid vehicles.
Mexico City also has the Eco TAG, a special type of prepaid card used to transit over the city’s city highways. The Eco TAG is wholly for electric & hybrid vehicle holders & grants them a 20 percent discount on the regular fee. Supports are available for providers of supportable public transportation. In Mexico City, public or private workers of public transportation EVs are excused from the renovation of their fleet every ten years as the renewal cycle is linked to the technical guidelines of each vehicle. Providers of public transportation using supportable technology are also given superior credit.
The key entities involved in activities with electric vehicle commercialization, regulation, or manufacture range from experts to government institutions, private corporations & civil associations. The Ministry of Environment & Natural Resources is one of the central mediators regarding electric vehicle dynamics in Mexico. The Ministry emphasizes public policy geared towards environmental conservation & development. The Federal Electricity Commission is a key player. It is responsible for the commercialization of electric energy, for example, which establishes the main input for electric vehicles. It has taken measures to promote the widespread use of electric & hybrid vehicles, like supplying independent light meters & installing charging services.
The Ministry of Economics is performing a vital role. It has issued standards about vehicle security measures, though not specifically aimed at electric vehicles, must be considered by electric vehicle developers & retailers. Leading private organizations highly involved in supporting & providing the market information on electric vehicles contain the Mexican Automotive Industry Association & the Mexican Automotive Distributors Association. These associations have conducted studies of electric vehicles & their presence in Mexico.
The objective of the report is to present a comprehensive analysis of the Mexico Electric Car Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Mexico Electric Car Market dynamics, structure by analyzing the market segments and project the Mexico Electric Car Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Mexico Electric Car Market make the report investor’s guide.
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Mexico Electric Car Market, By Technology
• BEV
• PHEV
• HEV
Mexico Electric Car Market, By Product
• Hatchback
• Sedan
• SUV
• Others
Mexico Electric Car Market, By Battery
• LFP
• Li-NMC
• Others
Mexico Electric Car Market, By Battery Capacity
• >201 Ah
• <201 Ah
Mexico Electric Car Market, By End-User
• Shared mobility providers
• Government organizations
• Personal users
• Others
Mexico Electric Car Market Key Players
• BMW
• Mercedes Benz
• Renault
• Mistubishi
• Nissan
• Peugeot
• Smart
• Tesla
• ABB
• Eaton
• AVL
• Alfen
• Delphi Automotive
• Volkswagen.
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