MEXICO ELECTRIC CAR MARKET - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028

 The market for electric vehicles in Mexico is anticipated to grow at a CAGR of 6.20%. With the entry of numerous models into the US market in 2016, the demand for electric vehicles rapidly increased. The entry of big brands like Tesla's sedan models into the US electric industry has significantly impacted sales. Hatchbacks and sedans were the first vehicles produced by companies during this era.

Following the impact of COVID-19 in 2021, many OEMs were considering expanding their production capacity in order to meet the market's growing demand for electric vehicles. 

The Mexican government has been compelled to look into alternative technologies to enhance urban transport because of concerns about traffic and pollution. Customers in Mexico are purchasing more hybrid and electric cars, which normally produce no pollution. Due to the Mexican government's announcement that it would ban internal combustion engines and solely allow the sale of electric vehicles starting in 2035, EV passenger car manufacture has begun. During the forecast period, it is anticipated that the aforementioned legislation will lead to an increase in EV sales.

Major Players: AB Volvo, JAC MEXICO, Porsche, Renault Group and Tesla Inc.

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