South America Automotive High Performance Electric Vehicles Market - Growth, Trends, and Forecasts (2020 - 2025)
発行: Mordor Intelligence LLP
ページ情報: 英文 80 Pages
The South America automotive high-performance electric vehicles market is anticipated to register a CAGR of more than 20%, during the forecast period, 2020 - 2025.
Increased performance of BEV is boosting the sales of Electric Vehicles
Geographies around the world are witnessing an increase in demand for fuel-efficient and low emission vehicles. A limited range of electric vehicles is a major factor that is restraining the growth of the market. OEMs are now manufacturing electric cars with a higher mobility range that goes beyond 200 miles in a single charge. Tesla leads the market when it comes to producing high-performance vehicles. Tesla automotive revenue stood at USD 5.35 billion at the end of the third quarter of 2019. Tesla's profit from the automotive division was recorded at 1.19 billion dollars which was 29% more than the previous quarter. Model S, Model 3, Model X, Model Y, and Roadster, all have mobility range greater than 300 miles. Other high-performance models from key players include Hyundai Kona (258 miles), Kia Niro Electric (239 miles) and Chevy Bolt (257 miles). Since the cost of ownership of electric and hybrid vehicles is higher, OEMs are now opening their manufacturing hubs in developing economies like China and India to bring down the cost of the vehicles. Tesla opened its Gigafactory in Shanghai. Leading electric bus manufacturer BYD has partnered with Olectra India to produce high-performance electric buses in India.
Growing Demand for High-performance Electric Commercial Vehicles
Truck manufacturers, such as Daimler, Tesla, and Navistar International Corp. are racing to overcome the challenges of replacing diesel engines with batteries, as international organizations have been improving and implementing stringent exhaust emissions and fuel economy norms. As a result, commercial vehicle manufacturers and logistics companies are manufacturing their battery-based commercial vehicles. For instance,
Tesla, Daimler (Mercedes-Benz), BMW, Hyundai, Nissan, and Chevrolet are the most prominent players in the high-performance electric vehicles market. OEMs are focusing on developing cost-effective electric vehicles that have a better range.
Tesla is the pioneer of the EHPV (electric high-performance vehicle) concept and is supporting and encouraging the concept's development. The company is developing cost-effective, but high-performance electric vehicles to leverage the adoption of electric vehicles. The company hopes that the initiative may spur consumer acceptance and create a network of supporting businesses, such as EV charging stations and service centers. The high cost of ownership, coupled with the lack of adequate charging infrastructure in many countries, is one of the challenges that the market may face in the forecast period.