Brazil Alternative Fuel Vehicles Market Size
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 18.25 Billion |
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Market Size (2030) | USD 43.45 Billion |
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Largest Share by Vehicle Type | Commercial Vehicles |
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CAGR (2024 - 2030) | 15.56 % |
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Fastest Growing by Vehicle Type | Commercial Vehicles |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Brazil Alternative Fuel Vehicles Market Analysis
The Brazil Alternative Fuel Vehicles Market size is estimated at 18.25 billion USD in 2024, and is expected to reach 43.45 billion USD by 2030, growing at a CAGR of 15.56% during the forecast period (2024-2030).
18.25 Billion
Market Size in 2024 (USD)
43.45 Billion
Market Size in 2030 (USD)
32.95 %
CAGR (2017-2023)
15.56 %
CAGR (2024-2030)
Largest Segment by Vehicle Type
100 %
value share, Commercial Vehicles, 2023
Commercial Vehicles dominate due to their essential role in logistics, high demand for transporting goods over long distances, and industrial growth driving the need for robust vehicles in Brazil.
Fastest-growing Segment by Vehicle Body Type
67.48 %
Projected CAGR, Medium-duty Commercial Trucks, 2024-2030
Medium-Duty Commercial Trucks are rapidly growing due to increasing demand for efficient urban deliveries, advancements in electric truck technology, and supportive government policies.
Largest Segment by Fuel Category
47.22 %
value share, BEV, 2023
BEVs dominate due to technological advancements, extensive government support, and growing consumer preference for zero-emission vehicles in Brazil.
Leading Market Player
86 %
market share, BYD Auto Co. Ltd., 2023
BYD Auto Co. Ltd. leads the market with its innovative alternative fuel vehicle technology, extensive product range, and strong focus on sustainability and eco-friendly transportation solutions in Brazil.
Second leading Market Player
3.97 %
market share, Bayerische Motoren Werke AG, 2023
Many brand acquisitions, a wide product range of commercial vehicles, a strong brand reputation, and strong revenue growth is making Volkswagen a 2nd leader in Brazil alternative fuel vehicle market.
Brazil's leadership in the Latin American alternative fuel vehicles market is driven by its longstanding commitment to ethanol and recent moves toward electrification
- Due to its diverse range of EV technologies that cater to various consumer needs and environmental goals, Brazil is emerging as a significant player in the global shift toward electrification. Among these technologies, BEVs stand out as the prominent form of electric driving, solely relying on electric batteries rather than internal combustion engines. In Brazil, the BEV market is witnessing growth, propelled by rising consumer awareness, government incentives, and the expanding charging infrastructure. Notably, urban areas are at the forefront of this trend, driven by a shared goal of curbing pollution and enhancing air quality. Yet, challenges such as high import taxes and the upfront costs of BEVs hinder their widespread adoption.
- HEVs are seen as an appealing option for consumers looking to improve fuel efficiency and reduce emissions without the need for charging infrastructure. The Brazilian market for HEVs is expanding, with several automakers offering hybrid models across different segments. While the potential for FCEVs in Brazil is significant, especially considering the country's commitment to clean energy, the development of hydrogen infrastructure and the high costs associated with fuel cell technology are significant barriers to immediate growth.
- PHEVs are becoming increasingly popular as a transitional technology, offering a practical solution for consumers concerned about the range and the availability of charging stations. Government incentives, such as reduced IPI (tax on industrialized products) for hybrid and electric vehicles, are supporting this trend.
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Brazil Alternative Fuel Vehicles Market Trends
Growing demand and government incentives drive electric vehicle market in Brazil
- Brazil has great potential for the automobile market, and the South American vehicle industry has experienced substantial growth over the past few years. In recent years, the demand for electric vehicles, primarily passenger cars, has increased in the region owing to rising awareness of electric vehicles, growing environmental concerns, and governmental push towards adopting electric vehicles. These factors are gradually shifting consumers to electric vehicles, and the sales of EVs grew from 2022 to 2021.
- Brazil holds potential demand for electric buses as the country is focusing on adopting more renewable power generation, which may utilize the country’s large niobium and lithium reserves, a crucial factor for EV batteries’ development. Moreover, in December 2022, Sao Paulo banned purchasing diesel buses and announced the deployment of 2600 electric buses by the end of 2024. Similar factors in other countries are expected to boost the electrification of vehicles during the forecast period.
- Brazil's approach to growing its EV market indicates a larger regional movement in South America toward electrification of transportation. As countries across the continent implement comparable incentives, a collaborative push toward reducing carbon emissions is evident. These concerted efforts will likely foster a significant increase in EV sales, contributing to a greener and more sustainable future for transportation in South America. This regional dynamism, spearheaded by Brazil's initiatives, showcases the potential for integrated strategies that combine resource utilization, policy incentives, and technological innovation to address global environmental challenges.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Brazil's population grows steadily, driven by a young demographic and cultural diversity, requiring strategic planning
- In Brazil, the consumer spending for vehicle purchase (CVP) was projected to increase from USD 130.3 million in 2022 to USD 141 million in 2023, indicating a revival of the automotive market
- Brazil's auto interest rate surged to 39.4% in 2022, reflecting Brazil's response to economic conditions and potential strategies to address inflation, fiscal challenges, and lending sector stabilization
- Rapid growth in Brazil’s EV charging stations marks a promising shift in green mobility landscape
- Brazil's electrification journey from 2024 to 2030 is set to witness a robust uptake in passenger cars and LCVs initially, followed by a steady decline. However, the forecast for medium & heavy-duty trucks indicates no growth, while the trajectory for buses is expected to be more diverse, peaking in 2024
- Due to an abrupt increase in global oil prices, the average gasoline prices increased by 16.3% in Brazil
- Brazil's economic rebound, fueled by diverse exports and domestic consumption, highlights its ambition in sectors like technology and green energy
- Brazil aims to stabilize inflation as it navigates economic challenges for long-term growth and stability
- The shared rides segment in Brazil, a key player in South America, had demonstrated resilience despite hurdles and was poised for a robust rebound in 2022-2023. With urbanization, technological progress, and a focus on sustainability as key drivers, the market is projected to witness steady growth from 2024 to 2030
- The rise of Brazil's electric vehicle market: Battery costs drop, and alliances take center stage
- Brazil's used car sales market is poised for steady growth despite economic challenges
- South America's hybrid and electric vehicle production shows Brazil leading with Chevrolet, Honda, and VW as major contributors and a notable rise in Toyota's production
Brazil Alternative Fuel Vehicles Industry Overview
The Brazil Alternative Fuel Vehicles Market is fairly consolidated, with the top five companies occupying 93.11%. The major players in this market are Anhui Jianghuai Automobile (JAC), Bayerische Motoren Werke AG, BYD Auto Co. Ltd., Nissan Motor Co. Ltd. and Renault do Brasil S/A (sorted alphabetically).
Brazil Alternative Fuel Vehicles Market Leaders
Anhui Jianghuai Automobile (JAC)
Bayerische Motoren Werke AG
BYD Auto Co. Ltd.
Nissan Motor Co. Ltd.
Renault do Brasil S/A
Other important companies include Audi AG, Chery Automobile Co. Ltd., Dr. Ing. h.c. F. Porsche AG, Toyota Motor Corporation, Volvo Group.
*Disclaimer: Major Players sorted in alphabetical order.
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Brazil Alternative Fuel Vehicles Market News
- August 2023: BYD introduced the new all-electric BYD SEAL D-segment sedan to European consumers. Deliveries of the BYD SEAL will commence in Q4 2023, and final prices will be announced later.
- August 2023: Toyota Argentina announced that as it begins production of the Hiace in 2024 at its plant in Zárate, it will continue and enlarge the mission of the Conversions area, dedicated to designing and producing vehicles adapted to the specific needs of multiple customers.
- August 2023: BYD announced that it will present 6 electric vehicles alongside a display of new technologies at the IAA Mobility 2023. It will also present its luxury sub-brand, DENZA, to European audiences for the first time.
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For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
Brazil Alternative Fuel Vehicles Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Shared Rides
- 4.7 Impact Of Electrification
- 4.8 EV Charging Station
- 4.9 Battery Pack Price
- 4.10 New Xev Models Announced
- 4.11 Used Car Sales
- 4.12 Fuel Price
- 4.13 Oem-wise Production Statistics
- 4.14 Regulatory Framework
- 4.15 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Vehicle Type
- 5.1.1 Commercial Vehicles
- 5.1.1.1 Buses
- 5.1.1.2 Heavy-duty Commercial Trucks
- 5.1.1.3 Light Commercial Pick-up Trucks
- 5.1.1.4 Light Commercial Vans
- 5.1.1.5 Medium-duty Commercial Trucks
- 5.1.2 Two-Wheelers
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5.2 Fuel Category
- 5.2.1 BEV
- 5.2.2 FCEV
- 5.2.3 HEV
- 5.2.4 PHEV
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 Anhui Jianghuai Automobile (JAC)
- 6.4.2 Audi AG
- 6.4.3 Bayerische Motoren Werke AG
- 6.4.4 BYD Auto Co. Ltd.
- 6.4.5 Chery Automobile Co. Ltd.
- 6.4.6 Dr. Ing. h.c. F. Porsche AG
- 6.4.7 Nissan Motor Co. Ltd.
- 6.4.8 Renault do Brasil S/A
- 6.4.9 Toyota Motor Corporation
- 6.4.10 Volvo Group
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- BRAZIL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- BRAZIL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- BRAZIL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- BRAZIL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- BRAZIL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 8:
- BRAZIL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 9:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 10:
- BRAZIL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 11:
- BRAZIL MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 12:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 13:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, VALUE IN USD, 2017 - 2030
- Figure 14:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY VEHICLE TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 15:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY VEHICLE TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 16:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 17:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 18:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 19:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 20:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 21:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 22:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY BUSES, BY VOLUME IN UNITS, 2017 - 2030
- Figure 23:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY BUSES, BY VALUE IN USD, 2017 - 2030
- Figure 24:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 25:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 26:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 27:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 28:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 29:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 30:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 31:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 32:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2017 - 2030
- Figure 33:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 34:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 35:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 36:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 37:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY TWO-WHEELERS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 38:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY TWO-WHEELERS, BY VALUE IN USD, 2017 - 2030
- Figure 39:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 40:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 41:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 42:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 43:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 44:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 45:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 46:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 47:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 48:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 49:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 50:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 51:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 52:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 53:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 54:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 55:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 56:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 57:
- BRAZIL ALTERNATIVE FUEL VEHICLES MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Brazil Alternative Fuel Vehicles Industry Segmentation
Commercial Vehicles, Two-Wheelers are covered as segments by Vehicle Type. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category.
- Due to its diverse range of EV technologies that cater to various consumer needs and environmental goals, Brazil is emerging as a significant player in the global shift toward electrification. Among these technologies, BEVs stand out as the prominent form of electric driving, solely relying on electric batteries rather than internal combustion engines. In Brazil, the BEV market is witnessing growth, propelled by rising consumer awareness, government incentives, and the expanding charging infrastructure. Notably, urban areas are at the forefront of this trend, driven by a shared goal of curbing pollution and enhancing air quality. Yet, challenges such as high import taxes and the upfront costs of BEVs hinder their widespread adoption.
- HEVs are seen as an appealing option for consumers looking to improve fuel efficiency and reduce emissions without the need for charging infrastructure. The Brazilian market for HEVs is expanding, with several automakers offering hybrid models across different segments. While the potential for FCEVs in Brazil is significant, especially considering the country's commitment to clean energy, the development of hydrogen infrastructure and the high costs associated with fuel cell technology are significant barriers to immediate growth.
- PHEVs are becoming increasingly popular as a transitional technology, offering a practical solution for consumers concerned about the range and the availability of charging stations. Government incentives, such as reduced IPI (tax on industrialized products) for hybrid and electric vehicles, are supporting this trend.
| Vehicle Type | Commercial Vehicles | Buses |
| Heavy-duty Commercial Trucks | ||
| Light Commercial Pick-up Trucks | ||
| Light Commercial Vans | ||
| Medium-duty Commercial Trucks | ||
| Vehicle Type | Two-Wheelers | |
| Fuel Category | BEV | |
| FCEV | ||
| HEV | ||
| PHEV |
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Market Definition
- Vehicle Type - The category includes passenger cars, commercial vehicles, and two-wheelers.
- Vehicle Body Type - TUnder Passenger Cars, the category includes Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles; for Commercial Vehicles, it covers Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses; and for Two-Wheelers, it encompasses Scooters and Motorcycles.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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