Plug-in hybrid electric car sales in the first quarter increased by around 75% year-on-year in China, compared to just 15% for battery electric car sales, though the former started from a lower base. In Europe, the first quarter of 2024 saw year-on-year growth of over 5%, slightly above the growth in overall car sales and thereby stabilising
The Electric Vehicles market in Chile is projected to reach a revenue of US$79.9m by 2024. It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 7.16%.
This comprehensive legislation will set about a rapid change in the electric vehicle market in Chile as car manufacturers will be forced to provide only electric cars to the Chilean...
The Chilean market is significant, averaging over 20,000 light vehicle sales a month, which means that market share wise, the country is still behind many of its peers.
The 2.1 million electric car sales in 2019 represent a 6% growth from the previous year, down from year-on-year sales growth at least above 30% since 2016. Three underlying reasons explain this trend:
The infrastructure for electric-vehicle charging continues to expand. In 2019, there were about 7.3 million chargers worldwide, of which about 6.5 million were private, light-duty vehicle slow chargers in homes, multi-dwelling buildings and workplaces. Convenience, cost-effectiveness and a variety of support policies (such as preferential rates, equipment purchase incentives, and rebates) are the main drivers for the prevalence of private charging.
Publicly accessible chargers accounted for 12% of global light-duty vehicle chargers in 2019, most of which are slow chargers. Globally, the number of publicly accessible chargers (slow and fast) increased by 60% in 2019 compared with the previous year, higher than the electric light-duty vehicle stock growth. China continues to lead in the rollout of publicly accessible chargers, particularly fast chargers, which are suited to its dense urban areas with less opportunity for private charging at home.
About half a million electric buses are in circulation, most of which are in China. Although the number of new registrations in 2019 was lower than in previous years due to a gradual subsidy phase-out from 2016 and a decline in the overall bus market, the bus fleets in a number of city centres in China are near-fully or fully electrified and contribute to improve the air quality. Driven by similar air quality concerns, bus electrification is also gaining ground in many other regions: the City of Santiago de Chile is home to the largest electric urban bus fleet outside of China.
Case studies of electric bus deployment in Helsinki (Finland), Shenzhen (China), Kolkata (India) and Santiago de Chile (Chile) highlight the unique nature of each public transit system, the roll-out of electric buses facing context-specific challenges related to network size, ridership, degree of sector privatisation and the availability of funding streams other than fare revenues.
The vast majority of car markets offer some form of subsidy or tax reduction for the purchase of an individual or company electric car as well as support schemes for deploying charging infrastructure. Provisions in building codes to encourage charging facilities and the "EV-readiness" of buildings are becoming more common. So too are mandates to build charging infrastructure along road corridors and fuel stations.
Other countries with increasing policy activity to support electric vehicles are Canada, Chile, Costa Rica, India and New Zealand. For example, Chile seeks to establish energy efficiency standards for new vehicles sold by car manufacturers or importers, including multipliers for electric and hybrid vehicles in the calculation of the sales average car efficiency.
In addition to new regulations, in order to transition from internal combustion engines to electrified vehicles in the transport sector governments need a long-term vision and a diversified and adaptive portfolio of policy measures, including new fiscal schemes. For instance, governments will need to anticipate and adapt taxation approaches early to replace lost fuel tax revenues, such as taxation based on vehicle activity (e.g. distance- or congestion-based pricing).
About Chile china electric vehicle market
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